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MNI BRIEF: BOJ Extends Loans For Smaller Firms, Policy On Hold

TOKYO (MNI)

The Bank of Japan left rates, yield control settings unchanged but extended duration for small firm emergency funding.

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The Bank of Japan board on Friday decided to maintain yield curve control policy and left its short-term policy interest rate at -0.1% and the long-term interest rate target at around zero percent, although vowing to act 'without hesitation' if necessary through the Covid recovery.

The central bank also extended its special program to support smaller firms' financing, which will end Sept. 30, until the end of March 2022, in line with the government's decision of extending its no interest, no collateral loans.

The BOJ will release its preliminary outline of climate-related loan provisions to commercial banks when they address climate change issues at the July 15-16 policy meeting, with policymakers noting the profound impact the changing environment will have on the economy and policy in future.