BOJ to offer longer-dated loans under lending scheme to combat pandemic pain

FILE PHOTO: A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) - The Bank of Japan said on Friday it would extend the term of loans for a lending scheme aimed at combatting the coronavirus fallout to six months from three months.

In a statement, the central bank also said it would cut the number of market operations to offer the loans to once a month, from the current twice a month, beginning in September.

The BOJ launched the lending scheme in April as part of measures to ease funding strains for companies hit by slumping sales from the pandemic.

Reporting by Leika Kihara; Editing by Chris Gallagher