Bank of Japan to create its version of Fed's 'Main Street' lending scheme squib

Japan's central bank will create its own version of the U.S. Federal Reserve's "Main Street" lending programme to channel more money to small businesses, in a bid to keep the coronavirus pandemic from pushing the economy deeper into recession. Japan slipped into recession for the first time since 2015 in the last quarter, putting the economy on course for its deepest postwar slump as the health crisis ravages businesses and consumer spending. The Bank of Japan has already put in place a raft of measures to ease funding strains, such as boosting corporate debt purchases and creating a facility that offers zero-interest loans to financial institutions against a wide range of collateral.
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