The Bank of Japan needs to pay close attention to the COVID-19 situation amid heightened concern about the spread of the omicron variant of the novel coronavirus, one of its policy board members said Wednesday.
Seiji Adachi said in a speech in Oita Prefecture that the central bank is ready to take additional easing steps, if necessary, to support struggling businesses, depending on the infection situation. The BOJ's support program for corporate funding is due to end in March.
Japan has seen a sharp downtrend in newly confirmed coronavirus cases, with a COVID-19 state of emergency — which put a damper on the economy — fully lifted on Oct. 1. But the country confirmed its first case of the omicron variant on Tuesday.