The Bank of Japan may hold an emergency meeting before a scheduled rate review in June to set up a reward plan for financial institutions that boost lending to small firms hit by the coronavirus, Gov. Haruhiko Kuroda said Thursday.
Japan's $1.1 trillion stimulus package has cheap loans on offer for firms hit by a virus-related slump in sales, and Kuroda has ordered staff to prepare a plan spurring financial institutions to boost lending to such firms.
"We'd like to proceed with an eye on getting the plan ready before the next meeting in June," Kuroda told the Diet, adding that the BOJ needed to work out details with government agencies, but wanted to create the plan as soon as possible.
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