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BOJ ready to join global central bank response to coronavirus

G-7 finance chiefs to hold teleconference on outbreak later Tuesday

The Bank of Japan has already pledged to provide liquidity and ensure market stability in the face of the coronavirus crisis. (Photo by Kei Higuchi) 

TOKYO -- Expectations are growing for coordinated central bank action to cushion the economic fallout from the new coronavirus epidemic that has spread globally. This raises the question of what the Bank of Japan might do at its policy meeting later this month.

Despite long-term interest rates already around zero and short-term rates at minus 0.1%, economists say the BOJ still has ammunition to soothe jittery markets and stabilize a Japanese economy that is heading for recession. 

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