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BOJ cuts growth forecast, unveils outline of climate scheme

Friday, July 16, 2021
BOJ cuts growth forecast, unveils outline of climate scheme © Reuters. FILE PHOTO: A Japan yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

By Leika Kihara and Daniel Leussink

TOKYO (Reuters) -The Bank of Japan cut this fiscal year's growth forecast on Friday but maintained its view the economy was headed for a moderate recovery, a sign monetary policy will be in a holding pattern for some time.

At its two-day rate review that ended on Friday, the BOJ also released an outline of its new scheme aimed at boosting funding for activities combating climate change.

It will offer zero-interest funds for a period of a year that can be rolled over any number of times to financial institutions, the outline showed.

The climate scheme will be launched this year and last until fiscal 2030. The BOJ will offer funds to banks that extend green and sustainability-linked loans, as well as invest in green bonds and sustainability-linked bonds. Transition finance loans will also be applicable for the scheme.

The BOJ said it will not pay any interest incentives to banks that tap the scheme.

As widely expected, the central bank left its yield curve control (YCC) target unchanged at -0.1% for short-term interest rates and 0% for 10-year bond yields.

In fresh quarterly projections released on Friday, the BOJ said it expects the economy to expand 3.8% in the current fiscal year ending in March 2022 and increase 2.7% the following year.

In prior forecasts made in April, the BOJ had expected the economy to grow 4.0% this fiscal year and 2.4% the following year.

A resurgence in infections has led the government to impose a new state of emergency in Olympic host city Tokyo less than two weeks before the Games, dashing policymakers' hope of a strong rebound in growth during the quarter.

Japan's economy shrank an annualised 3.9% in January-March and likely barely grew in the second quarter, as the pandemic took a toll on service spending.

Analysts polled by Reuters now expect the economy to grow 4.2% in the current quarter, lower than an estimate they made last month, due the hit from new pandemic curbs.

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29-03-2024 15:19:20 (UTC+7)

EUR/USD

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EUR/USD

1.0773

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 EUR/USD1.0773Buy
 GBP/USD1.2622↑ Buy
 USD/JPY151.35↑ Buy
 AUD/USD0.6510↑ Buy
 USD/CAD1.3551Neutral
 EUR/JPY163.01Buy
 EUR/CHF0.9716Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
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 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
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 Deutsche Bank AG14.582↑ Buy
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