BOJ suspends some operations amid COVID-19 pandemic
The Bank of Japan said on Wednesday that it would temporarily cease select operations. The decision was made in compliance to the government’s pronouncement of putting the country under state of emergency amid the novel coronavirus pandemic.
“The BOJ will scale back some of its operations in line with the government’s request to avoid outings,” it said in a statement.
Non-urgent operations such as researches and academic papers will be scaled back. However, all operations crucial to social infrastructure will not be suspended. This includes bank notes issuance, development of monetary policy, and other operations related to the settlement of funds.
Japan’s Prime Minister Shinzo Abe put the country under national emergency as increasing cases were monitored in certain areas including Tokyo. The current setup granted authorities more power to implement necessary measures.