BOJ's Amamiya voices hope of stronger recovery driven by vaccinations

Wednesday, July 21, 2021
BOJ's Amamiya voices hope of stronger recovery driven by vaccinations © Reuters. FILE PHOTO: Bank of Japan Deputy Governor Masayoshi Amamiya speaks during a Reuters Newsmaker event in Tokyo, Japan July 5, 2019. REUTERS/Issei Kato

By Leika Kihara

TOKYO (Reuters) - Bank of Japan Deputy Governor Masayoshi Amamiya said the economy may enjoy a stronger-than-expected rebound if coronavirus vaccinations speed up, offering an upbeat view on the country's recovery prospects even as the pandemic weighs on consumption.

A resurgence in infections led the government to impose a new state of emergency in Olympic host city Tokyo that will last throughout and beyond the Games, dashing policymakers' hope of a strong revival in growth during the quarter.

Amamiya said while the curbs will hurt consumption, the damage will be offset by robust exports that are boosting corporate profits and underpinning Japan's recovery.

"While recent rises in commodity prices could increase costs, corporate profits are expected to improve against the background of improvements in domestic and overseas demand," he told a speech on Wednesday.

The remarks underscore a dominant market view the BOJ will hold off on ramping up stimulus, even as the pandemic continues to cloud the economy's recovery prospects.

Amamiya said strength in the corporate sector will help pull consumption out of the doldrums, as companies boost wages and give households more purchasing power.

"An uptrend in consumption will become clearer as the pandemic's impact gradually subsides and household income rises," he said.

"While risks to the (economic) outlook are skewed to the downside for the time being, there's a chance economic activity may overshoot expectations if vaccinations speed up."

The BOJ kept monetary policy steady last week and cut this fiscal year's economic growth forecast, but maintained its view the economy is on track for a moderate recovery.

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27-07-2021 18:50:25 (UTC+7)

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 EUR/USD1.1797↑ Buy
 GBP/USD1.3791↑ Buy
 USD/JPY110.14↑ Buy
 AUD/USD0.7362Buy
 USD/CAD1.2574Neutral
 EUR/JPY129.95↑ Buy
 EUR/CHF1.0809↑ Sell
 Gold1,798.50↑ Buy
 Silver25.238↑ Buy
 Copper4.5550↑ Buy
 Crude Oil WTI71.94↑ Sell
 Brent Oil73.83↑ Sell
 Natural Gas4.043↑ Sell
 US Coffee C208.70↑ Buy
 Euro Stoxx 504,084.91↑ Sell
 S&P 5004,422.30↑ Buy
 DAX15,551.75↑ Sell
 FTSE 1006,997.45↑ Sell
 Hang Seng25,060.87↑ Buy
 Small Cap 20002,216.03↑ Buy
 IBEX 358,694.00↑ Sell
 BASF67.100↑ Buy
 Bayer50.72↑ Buy
 Allianz209.78↑ Buy
 Adidas312.45↑ Buy
 Lufthansa9.957↑ Sell
 Siemens AG133.02↑ Buy
 Deutsche Bank AG10.553↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,715
(-5/ -5) # 712
SJC HCM5,660/ 5,730
(-20/ -15) # 728
SJC Hanoi5,660/ 5,732
(-20/ -15) # 730
SJC Danang5,660/ 5,732
(-20/ -15) # 730
SJC Nhatrang5,660/ 5,732
(-20/ -15) # 730
SJC Cantho5,660/ 5,732
(-20/ -15) # 730
Cập nhật 27-07-2021 18:50:27
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KRW17,3221,08
Cập nhật lúc 18:48:20 27/07/2021
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