Loan scheme limited in impact / BOJ admits expanded loan program may not help to end deflation
News On Japan via Yomiuri -- Mar 16
In a bid to demonstrate its strong intention to ending deflation, the Bank of Japan decided Tuesday to expand a program designed to encourage financial institutions to approve more low-interest rate loans for companies with growth potential.
However, Bank of Japan Gov. Masaaki Shirakawa has admitted the direct impact of the Growth-Supporting Funding Facility on ending deflation would be limited.
If deflation continues despite the measure, the central bank is likely to come under a great deal of pressure.
At a press conference Tuesday, Shirakawa repeatedly used the expression "priming water" when explaining the loan program expansion.
The statement reflected Shirakawa's wish for financial institutions to accelerate efforts to find firms with growth potential.
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