TOKYO (Reuters) – As a result of the spread of the novel coronavirus, the Bank of Japan will stop conducting onsite monitoring of financial firms for some time, Jiji news agency reported on Friday, without giving further details.

The Bank of Japan (BOJ) on Monday expanded monetary stimulus and pledged to buy an unlimited amount of bonds to keep borrowing costs low.

BOJ Governor Haruhiko Kuroda said the central bank was ready to act further to fight the impact of the novel coronavirus, which he said could do more harm to the global economy than the 2008 collapse of Lehman Brothers.

As early as the start of March, Finance Minister Taro Aso urged public and private financial institutions to step up efforts to ensure smooth corporate financing in the run-up to the fiscal year-end in March, amid rising concerns over the coronavirus outbreak.

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