An overwhelming majority of Japanese firms see no need for the Bank of Japan to ...
TOKYO - An overwhelming majority of Japanese firms see no need for the Bank of Japan to ease policy further this year, a Reuters survey showed, despite speculation the central bank may do so as early as this month as economic pressures mount.
Rises in the yen resulting from monetary easing by other major global central banks could also prompt the BOJ into additional easing, the survey showed. Years of aggressive BOJ easing have already pushed borrowing costs to or below zero, straining commercial banks’ margins and leaving it with much little ammunition to counter another economic downturn.
“A rapid yen appreciation stemming from the U.S.-China trade friction and/or rate cuts by the U.S. and European central banks could be a risk factor. If that happens you cannot rule out the possibility of the BOJ deepening its negative interest rates.” The survey, conducted July 1-12 for Reuters by Nikkei Research, canvassed 504 big and midsize companies, of which around 230-260 firms responded on condition of anonymity.The sales tax rise to 10% will bring in revenue to help pay for the ageing society’s bulging welfare costs and rein in Japan’s massive public debt.
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