Bank of Japan executive rejected the possibility of an interest rate increase

On Thursday the governor of the Bank of Japan Haruhiko Kuroda made a statement. In his view, currently the economic and price situation in the country is not appropriate to raise interest rates.

Kuroda expressed his opinion at a press conference after a meeting of G20 financial leaders in Washington. He said that the COVID-19 pandemic had severely damaged Japan's national economy. According to him, it is recovering now, but at a much slower speed than in countries such as the United States. Thus, he believes that it is necessary to continue supporting the economy by applying ultra-soft monetary policy.