April 28, 2020 / 7:03 AM / a month ago

BOJ's Kuroda warns of potential rise in credit costs from pandemic

TOKYO, April 28 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Tuesday the country’s financial institutions could see credit costs rise if the economic fallout from the coronavirus pandemic deepens.

“If it takes longer than expected to contain the virus at home and abroad, that could hurt the economy and push up credit costs for financial institutions,” Kuroda told parliament.

“The risk of this happening now isn’t big. But it’s something we need to be vigilant about. We’ll closely work with the Financial Services Agency on this matter,” he said. (Reporting by Leika Kihara; Editing by Chris Gallagher)

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