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7/21, 3:01 AM (Source: TeleTrader)
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BoJ: Japan's economy still in severe situation

Bank of Japan's (BoJ) Policy Board members agreed during their meeting in June that the country's economy remains in a "severe situation" due to the pandemic, the bank reported.

However, it is expected to head towards a recovery, mainly supported by an increase in external demand and accommodative policies. Exports continue to rise, albeit the recovery is slowed by the global semiconductor shortage, one of the officials said, while others noted that private consumption stagnated due to strong downward pressure on consumption of services.

The members maintained that the inflation rise is only temporary but warned that the release of the pent-up demand could lead to a further increase in prices.

Baha Breaking the News (BBN) / MD