Bank of Japan Gov. Toshihiko Fukui met a torrent of questions about the central bank's proposals to support banks' lending activities to small and midsize companies when he held his first meeting with branch managers Monday.
"People call and ask, 'ABC-what?' " Osaka branch manager Eiji Muto said, referring to the BOJ's proposed purchases of asset-backed commercial papers issued for smaller firms.
The decision to buy such ABCPs, which are backed by smaller firms' assets, was made April 8 by the BOJ's Policy Board. The move is intended to stimulate the economy by helping small and midsize firms more easily raise funds.