BOJ Board Member Hints He’d Back Longer Covid Aid After Omicron

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One of the Bank of Japan’s more dovish board members indicated he would support extending the bank’s special funding program for covid-hit businesses, given the emergence of the omicron variant.

Speaking to local business leaders, Seiji Adachi repeated the BOJ mantra that the bank is ready to add easing if necessary. But he added an unusual emphasis, reassuring his audience that aid would come if businesses found themselves needing support.  

Adachi’s remarks suggest that some BOJ board members see the omicron variant of the virus affecting their upcoming decision on whether to extend or tweak the bank’s funding program to help Japanese firms cope with the pandemic. The measures are currently set to expire in March.

“A new variant has intensified concerns over the expansion of infection so we need to carefully watch the situation,” Adachi said.

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