Looking for momentum
The Bank of Japan has pledged to purchase up to ¥1 trillion of asset-backed securities (ABS) as a means of kick-starting the ABS market and opening up another fund raising channel for SMEs. But this unprecedented scheme has yet to really build momentum. Nick Sawyer reports
It’s been eight months since the Bank of Japan (BOJ) officially unveiled its ground-breaking proposal to purchase asset-backed securities (ABS) from the private sector, and close to five months since the central bank’s first purchases of asset-backed commercial paper. Nonetheless, the scheme – aimed at enhancing the effectiveness of monetary policy and improving credit conditions for the country’s cash-strapped small and medium enterprises (SMEs) – has yet to gain any significant momentum, with
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