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Japan To Lend $3.9B FX To JBIC
The Japanese government will lend $3.9 billion in foreign currency to the state-owned Japan Bank for International Cooperation.
The Japanese government will lend $3.9 billion in foreign currency to the state-owned Japan Bank for International Cooperation (JBIC), The Wall Street Journal reports. The five-year loan will be used by the bank to finance Japanese companies’ infrastructure projects and for acquisitions abroad.
The funds will be provided to JBIC from Japan’s $1 trillion foreign exchange special account, which is mostly invested in U.S. Treasuries and other low-yield securities. In October, the government had approved an $18.2 billion credit line to JBIC to provide loans to private Japanese companies for foreign mergers and acquisitions.
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