Policymakers at the Bank of Japan have announced measures to ease the impact of the coronavirus pandemic on the economy.
Japan's Prime Minister Shinzo Abe says the leaders of the Group of Seven countries will hold a video conference to discuss how to work together to contain the pandemic.
EU member nations have tightened their border controls to curb the spread of the virus in a move perceived to be putting aside free movement.
https://www3.nhk.or.jp/nhkworld/upld/medias/en/radio/news/20200316200000_english_1.mp3
Key words : policymaker announced ease
https://www3.nhk.or.jp/nhkworld/en/news/20200316_42/
Policymakers at the Bank of Japan have announced measures to ease the impact of the coronavirus pandemic on the economy.
The BOJ met on Monday, two days ahead of schedule. The central bank will increase its purchases of exchange-traded funds from the current 6 trillion yen to 12 trillion yen a year, and it will double its acquisition of real estate investment funds to 180 billion yen per year.
The BOJ will also increase purchases of commercial paper and corporate bonds by one trillion yen each to increase cash flow to businesses.
Policymakers will also introduce a new lending scheme. The BOJ will offer interest-free loans to commercial financial institutions.
The bank hopes this will encourage them to loan more to businesses with shrinking sales.
The BOJ acknowledged that Japan's economic activity has been weak mainly due to the impact of the outbreak. The pandemic has shaken financial markets and made the outlook for the global economy uncertain.
BOJ Governor Haruhiko Kuroda said, "The measures we've decided today will prop up economic and financial activities. Our decision is in line with steps taken by Japan and the governments and central banks of other countries in response to the virus."
The Nikkei Index briefly jumped over 300 points from Friday's finish right after the BOJ announcement. But it soon plunged on concerns about an economic downturn despite the BOJ's move. The benchmark ended lower by more than 400 points to just over 17,000.
Key words : senior cabinet
https://www3.nhk.or.jp/nhkworld/en/news/20200316_44/
The Japanese government has taken the rare step of sending a senior Cabinet member to a Bank of Japan policy meeting, highlighting its strong sense of crisis over the coronavirus outbreak.
Economic and Fiscal Policy Minister Yasutoshi Nishimura attended the meeting on Monday as a government representative without voting rights.
BOJ policymakers decided at the meeting to take additional monetary easing measures to prop up the economy.
Nishimura told reporters afterwards that he understands that the decision was made to ensure smooth corporate financing and stabilize financial markets.
He said he appreciates the BOJ's support for government measures to help businesses secure funds for their operations.
He added that the meeting's attendees affirmed that the government and the Bank of Japan will cooperate closely to help the Japanese economy recover speedily from the impact of the outbreak.
The Cabinet Office usually sends state ministers to BOJ policy meetings.
This is the first time since April 2013 that a minister has attended a BOJ policy meeting.
Key words : US central bank
https://www3.nhk.or.jp/nhkworld/en/news/20200316_32/
The US central bank has announced emergency measures to offset the impact of the coronavirus pandemic on the world's largest economy.
One of the measures is to cut the key lending rate. The Federal Reserve has slashed the rate by a full percentage point to near zero, matching the record low.
The Fed lowered the benchmark rate to a range of zero to 0.25 percent. It released a statement on Sunday night saying it expects to maintain the reduction until it's confident the economy has weathered recent events.
The Fed also announced a resumption of quantitative easing. It says it will buy at least 700 billion dollars in Treasury and mortgage bonds over the next few months.
It's extremely rare to implement large-scale monetary easing and a near zero rate policy at the same time.
It last happened back in 2008 during the global financial crisis.
Federal Reserve Chair Jerome Powell has warned that US economic growth will likely be weak in the second quarter. But he says the central bank doesn't see negative interest rates as an appropriate response.
Meanwhile, the Bank of Japan has announced it will coordinate with the Fed and 4 other central banks including the European Central Bank. They will set up swap lines to financial institutions facing stress in credit markets.
The banks agreed to provide 3-month credit in US dollars on a regular basis and at a cheaper rate than usual.
The moves come as the spread of the coronavirus has rocked financial markets and sent shockwaves through the global economy.
Key words : three key indicator
https://www3.nhk.or.jp/nhkworld/en/news/20200316_28/
The magnitude of the impact of the coronavirus pandemic on China's economy has become starkly clear, Three key indicators posted contractions for the first time since data became available online in the 1990s.
China's National Bureau of Statistics released data for January to February on Monday.
All three readings -- industrial output, retail sales, and fixed asset investment -- plunged by double-digit percentages from the same period last year.
The blow to China's economy came after Beijing imposed prolonged measures across the country, such as travel restrictions, social distancing and suspension of business activity.
Key words : Abe said leader video conference
https://www3.nhk.or.jp/nhkworld/en/news/20200316_26/
Japan's Prime Minister Shinzo Abe says the leaders of the Group of Seven countries will hold a video conference on Monday to discuss how to work together to contain the coronavirus pandemic.
Abe told an Upper House committee on Monday that Japan must use its knowledge and cooperate with countries around the world to deal with the challenge.
He noted that the outbreak is having a huge impact on the economy of Japan as well as the rest of the world. He said the government will closely monitor developments in the global economy and implement the necessary sufficient economic and fiscal policies immediately.
Abe said there are concerns that some people could lose work and end up finding it difficult to pay their utility bills. He noted the government will draw up relief measures for such people by the end of this week.
Abe also referred to a recently enacted law that will enable the prime minister to declare a state of emergency to help contain the virus. He said he wants to clarify once again that news reports by media will not be subject to orders based on the law.
Key words : health authorities confirmed total
https://www3.nhk.or.jp/nhkworld/en/news/20200316_04/
Japanese health authorities confirmed 31 new cases of infection with the new coronavirus on Sunday, bringing the total count to 804.
The figure excludes cases linked to the Diamond Princess cruise ship and 14 cases from government-chartered flights from China. The number of cases from the vessel rose by 15 to 712.
The domestic death toll increased by two to 31, including 24 among people infected in Japan and seven from the cruise liner.
The northernmost prefecture of Hokkaido has the most cases at 148, followed by Aichi with 121, Osaka with 106, and Tokyo with 90. Hyogo sees 78 while Kanagawa has 55.
Key words : health ministry released
https://www3.nhk.or.jp/nhkworld/en/news/20200316_34/
Japan's health ministry has released a map showing clusters of coronavirus infections in the country.
The map on the ministry's website shows 15 clusters in 10 prefectures, as of Sunday.
A cluster is a group of five or more people who have tested positive for the virus.
The one in Osaka Prefecture has more than 50 infected people. Ten clusters involve between 10 and 49 people, while the remaining four have between five and nine.
The ministry has sent expert teams to the affected areas to help contain the spread of the virus.
Key words : world health compiled
https://www3.nhk.or.jp/nhkworld/en/news/20200316_06/
The World Health Organization says the number of countries and territories with confirmed cases of new coronavirus infection stood at 147 as of Sunday.
The total number of cases rose by 10,978 from Saturday to 153,517 with fatalities at 5,735 up 342.
Data compiled by national governments shows that China has the most cases at 80,844. That's followed by Italy with 24,747, Iran with 13,938, South Korea with 8,162, and Spain with 7,753.
China also has the largest number of fatalities at 3,199. That's followed by Italy with 1,809, Iran with 724, and Spain with 288.
Key words : EU member nations
https://www3.nhk.or.jp/nhkworld/en/news/20200316_07/
EU member nations have tightened their border controls to curb the spread of the new coronavirus in a move perceived to be putting aside free movement, one of the bloc's basic principles.
German Interior Minister Horst Seehofer said on Sunday that starting at 8 a.m. on Monday the country will partially close its borders with France, Switzerland, Austria, Luxembourg, and Denmark.
Seehofer said people will be banned from entering and leaving Germany, except for those who commute across the borders for work. He added that the cross-border transport of goods will also be allowed.
Seehofer said the virus has been spreading in Germany and its neighboring countries, but has not reached its peak yet.
Germany has 4,838 confirmed cases of infection. Schools and nurseries in many of the country's states have been closed temporarily. Events with 50 or more people have been banned in Berlin.
Other European nations, including the Czech Republic and Poland, have also announced the closure of their borders to foreigners.
The head of the World Health Organization said on Friday that "Europe has now become the epicenter of the pandemic."
Key words : Italy fatality
https://www3.nhk.or.jp/nhkworld/en/news/20200316_08/
Italy's proportion of fatalities to confirmed cases of the new coronavirus infection is now higher than that of China.
Italian authorities said on Sunday that they had confirmed more than 3,500 new cases, pushing up the total to 24,747. They added that the death toll had also increased by 368 to 1,809.
The data indicates that Italy's fatality rate from the virus stands at 7.3 percent. That's above China's 3.8 percent, as calculated last month by a joint study team that included experts from the World Health Organization.
Italian experts point to the country's aging society as one of the possible contributing factors for the high figure.
But the actual fatality rate may change as more people are believed infected than the confirmed total.
The governor of Italy's northern region of Lombardy told local media on Sunday that the region is running out of intensive care beds as the number of cases has continued to increase.
Lombardy alone has 767 patients receiving intensive care.
Key words : olympic committee emergency
https://www3.nhk.or.jp/nhkworld/en/news/20200316_12/
The International Olympic Committee plans to hold emergency talks with the heads of international sports organizations in response to the spread of the new coronavirus.
The talks will be held online on Tuesday.
The move comes after a number of qualifiers for the 2020 Tokyo Games, including those for badminton, wrestling, and baseball, were canceled or postponed due to the coronavirus outbreak.
The Olympic torch relay in Greece was suspended on Friday, just one day after it began in Olympia.
The participants of the planned teleconference are expected to discuss how to deal with canceled qualifier events.
Attention is focused on how the sports organizations will respond to the countermeasures being taken by the organizers who are aiming to hold the Tokyo Games as planned.
Key words : frontrunner
https://www3.nhk.or.jp/nhkworld/en/news/20200316_37/
The coronavirus pandemic dominated a debate on Sunday between the two frontrunners of the US Democratic Party's presidential nomination race.
Former Vice President Joe Biden and Senator Bernie Sanders held their first one-on-one debate ahead of Tuesday's primaries in four states, including Florida and Ohio.
The debate was scheduled to take place in Arizona but was moved to a TV studio in Washington DC without a live audience due to the new coronavirus outbreak.
Before the debate, the two candidates bumped elbows instead of shaking hands.
Biden emphasized that he handled Ebola cases when he was vice president. He said the United States needs "someone who knows how to bring the world together" to overcome a national emergency.
Sanders mentioned the need "to make sure that every person in this country who has the virus, who thinks they have the virus, understands they get all the healthcare that they need." He reiterated his call for a universal healthcare system known as "Medicare for All."
Biden responded that the outbreak has nothing to do with "Medicare for All" and that it would not solve the problem. He added that a special measure is needed so that those who are infected will not have to pay for treatment.
The outbreak has forced the two contenders to cancel their rallies. The Democratic Party has postponed the primaries in Louisiana and Georgia.
Key words : Japanese court death sentence former worker
https://www3.nhk.or.jp/nhkworld/en/news/20200316_36/
A Japanese court has sentenced a man to death for killing 19 people with intellectual disabilities at a care home in Sagamihara City, near Tokyo, in 2016.
The Yokohama District Court issued the verdict on Monday for 30-year-old Satoshi Uematsu, a former worker at the Tsukui Yamayurien home.
The trial began in January and 16 hearings were held.
Prosecutors had demanded the death sentence, saying the defendant was fit to be held criminally responsible at the time of the attack and the crimes committed by him were despicable and extremely cruel.
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