Japan’s central bank will open a new $4 billion bank account aimed at boosting growth and boosting growth rate.
The new account will be the first bank-owned bank since it was established in 2016.
The bank’s aim is to help Japanese businesses become more diversified and boost the country’s growth rate, which is currently below 1% and has declined by 7% since 2016, according to the Bank of Japan’s monthly data.
The Bank of Tokyo-Mitsubishi UFJ said the new bank account is being set up to help Japan’s small and medium-sized enterprises (SMEs) and other firms, as well as investors and savers.
It is aimed at creating liquidity in the economy, and will allow companies to increase their borrowing capacity.