Mizuho Bank Ltd, the banking unit of Mizuho Financial Group, is set to finance more mergers and acquisitions abroad with a US$2 billion credit line from the government.
The loan from the Japan Bank for International Cooperation will go to low-interest loans, helping Japanese firms with M&As abroad. JBIC is the Japanese government’s export credit agency that also plays a major role in promoting Japanese exports and imports.
JBIC loans forms part of a move from the Japanese government to capitalize on the yen's strength. It has established similar lending facilities for six banks such as Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation and Mizuho Corporate Bank.
JBIC is making available to Japanese banks a total amount of US$51 billion (including the amount for Mizuho Bank) through its credit lines.
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