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Bank of Japan board member Hitoshi Suzuki has warned of bigger downside risks to the economy and prices amid high uncertainties over the pace of the vaccine rollout and its effectiveness.

Speaking to business leaders in Shimonoseki City via an on line conference on Wednesday, Suzuki said that the BOJ will take additional easing measures, if necessary, but he didn't elaborate on how to cope with bigger downside risks.

He also said: "It is also uncertain how firms' and households' appetite for spending and their behavior, including price setting, will change due to the shock caused by COVID-19 that has pushed down the economy considerably. "

"Moreover, if COVID-19 has a larger impact than expected, attention should be paid to the risk that deterioration in the real economy will affect financial system stability, thereby exerting further downward pressure on the real economy," Suzuki said.