The widening economic fallout from the coronavirus outbreak and soft consumption...
TOKYO - The widening economic fallout from the coronavirus outbreak and soft consumption are forcing the Bank of Japan to message more strongly that it is no longer inclined to chase its elusive 2% inflation target, sources familiar with its thinking say.
The need to protect the world’s third-largest economy from a sharp downturn has became a more urgent task for the BOJ, particularly as external risks such the Sino-U.S. trade war and a coronavirus outbreak in China weaken its ability to create a virtuous growth cycle. Making matters worse is the rising prices of goods and services, once welcomed by the BOJ as a sign of progress but now seen as impeding domestic consumption at a time of intensifying global pressures.
Now, as the economy slows and faces business disruptions from the coronavirus epidemic, central bank policymakers are shifting their attention further away from the price goal, the sources say.
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