BOJ Unveils $3.3bn Loan Scheme

The Bank of Japan has announced that it will plan to provide up to 3 trillion yen in low interest loans in an effort to spur economic growth. The bank will make the money available to commercial banks to encourage them to lend more to private businesses. Firms in 18 growth sectors including healthcare, environment and energy, tourism, science and technology as well as agriculture, forestry and fisheries will be targeted by the scheme. The plan accompanied the Bank of Japan's decision to keep its key interest rate near zero. The eight-member policy board voted unanimously to leave the overnight call rate target at 0.1%. The bank has not touched the rate since December 2008.