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BOJ braces for long-term support for coronavirus-hit businesses

Kuroda not expecting to raise rates in 2021 or 2022, in line with U.S. Fed remarks

Bank of Japan Gov. Haruhiko Kuroda warned that consumer spending may take time to recover. (Pool photo)

TOKYO -- The Bank of Japan is prepared for an extended campaign to support businesses that have been hit by the coronavirus pandemic, Gov. Haruhiko Kuroda said on Tuesday, warning that economic activity could take time to fully recover.

"We are prepared for an extended campaign to help prevent businesses from running out of cash and to keep the financial markets stable," Kuroda said in a news conference. "Issuance of corporate bonds and commercial paper remains at an elevated level. It is important to keep the borrowing costs low."

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