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Financial News: Bank Of Japan Launches New Lending Program

Bank Of Japan Launches New Lending Program

05/22/2020 - 00:43:00 (RTTNews)

(RTTNews) - The Bank of Japan introduced a new lending program to help small and medium-sized firms and left its target for short-term interest rate and the bond yield target unchanged on Friday.

At the emergency meeting, the policy board of the BoJ unanimously decided to launch a lending scheme worth about JPY 30 trillion to support SMEs struggling to operate amid the spread of the novel coronavirus, or Covid-19.

According to the new scheme, the bank will provide funds to eligible counterparties against pooled collateral for up to 1 year at the loan rate of zero percent.

The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.

Also, the bank will continue purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

As for CP and corporate bonds, the BoJ will maintain their amounts outstanding at about JPY 2 trillion and about JPY 3 trillion, respectively.

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