Mizuho Bank to Expand Coronavirus Fund to 1 T. Yen

Economy

Tokyo, May 23 (Jiji Press)--Mizuho Bank plans to expand the fund it established in March to support companies hit by the fallout from the novel coronavirus epidemic from 300 billion yen to 1 trillion yen, officials have said.

The bank hopes to meet a variety of customer needs including for working capital, in preparation for a prolonged impact from the virus crisis.

Mizuho Bank set up the fund by using the Bank of Japan's measure to support companies, introduced in March.

The planned expansion of the fund is in response to a surge in demand from businesses hoping to boost cash reserves amid uncertainty over the virus crisis.

Among other Japanese megabanks, Sumitomo Mitsui Banking Corp. has also expanded its two funds aimed at assisting companies affected by the virus to 1 trillion yen in total.

[Copyright The Jiji Press, Ltd.]

Jiji Press