Bank of Japan policymakers hope the accelerating rollout of COVID-19 vaccinations will prop up the economy, but see any inflationary pressures as subdued given the fragile recovery, a summary of their discussions at a June 17-18 meeting released Monday shows.
The nation has only recently emerged from a fourth wave of infections. A decline in confirmation of new cases and an increase in vaccinations prompted authorities to ease a state of emergency in Tokyo and eight other prefectures on June 20.
"A positive economic cycle is kicking off in Japan due to progress made in vaccinations," one of the nine board members is quoted as saying.