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(Update 2) BOJ Cuts Estimate on Japan's FY 2020 GDP

(Update 2) BOJ Cuts Estimate on Japan's FY 2020 GDP

   Tokyo, Jan. 21 (Jiji Press)--The Bank of Japan on Thursday lowered its estimate on Japan's real gross domestic product for fiscal 2020 due to the impact of the resurging novel coronavirus epidemic while keeping its current ultraeasy monetary policy unchanged.
   In a quarterly report released after its two-day monetary policy meeting through the day, the BOJ said that Japan's real GDP is expected to fall 5.6 pct from the previous year in fiscal 2020, which ends in March, worse than its October 2020 projection of a 5.5 pct decline.
   The weaker projection came as the situation surrounding the Japanese economy is increasingly severe amid the virus crisis. Tokyo and neighboring prefectures of Saitama, Chiba and Kanagawa, and seven prefectures outside the Tokyo metropolitan area, are under a fresh coronavirus state of emergency issued by the Japanese government. The virus emergency is slated to run until Feb. 7.
   At the Policy Board meeting, the central bank decided, by a unanimous vote, to extend by one year its special fund-supplying operations aimed at encouraging commercial financial institutions to increase corporate loans in an effort to support companies facing difficulties due to the epidemic.
   The BOJ took the step after it last month decided a six-month extension until the end of September this year of the special fund-supplying operations and its additional purchases of corporate bonds and commercial paper in light of the tough economic situation.

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