BOJ will ease further without hesitation if needed

Expects impact of the virus outbreak to weaken in 2H 2020

Risks are tilted to the downside

Once the virus is contained, the economy will start recovering

Uncertainty is high with regards to the timing on when the virus outbreak will end

There is no change in the BOJ's stance to achieve 2% price target

Price momentum has been lost for now

Prices are unlikely to meet 2% target during forecast period

Expects monetary easing to have synergy with government's fiscal policy