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BOJ unveils plan to launch new scheme on climate change

06/17/2021 | 11:49pm EDT
FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of Japan amid the coronavirus disease (COVID-19) outbreak in Tokyo

TOKYO (Reuters) - The Bank of Japan said on Friday it will launch a new scheme to provide funds to financial institutions that invest or extend loans for activities which fight climate change.

The central bank expects to launch the scheme by the end of this year, and will release a preliminary outline of the scheme at its next policy-setting meeting in July.

As widely expected, the central bank maintained its yield curve control targets set at -0.1% for short-term interest rates and at around 0% for 10-year bond yields.

It also extended by six months the September deadline for its pandemic-relief programme.

The BOJ last year ramped up purchases of commercial paper and corporate bonds, and put in place a loan programme aimed at channeling money to cash-strapped smaller firms, to cushion the blow from the pandemic.

(Reporting by Leika Kihara, Tetsushi Kajimoto and Daniel Leussink)

ę Reuters 2021
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