November 28, 2019 / 11:38 AM / 2 months ago

Japan government banks to aid firms to prepare for overseas downturn: document

FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo

TOKYO (Reuters) - Japan will provide financing to the nation’s companies for overseas investment to help them diversify production to fend off a possible downturn overseas, according to a document seen by Reuters on Thursday.

The loans and other financing, through three government lenders, are part of Prime Minister Shinzo Abe’s efforts to shore up the world’s third-biggest economy and its companies as concerns grow over such risks as U.S.-China trade tensions, turbulent protests in Hong Kong, and Brexit, said two people briefed on the plans.

The scheme is to deploy the Japan Bank for International Cooperation, the Development Bank of Japan Inc and the Japan International Cooperation Agency, the document shows.

A JBIC spokeswomen declined to comment. DBJ and JICA, and the government’s Cabinet Office, which is compiling the measures, could not immediately be reached.

Reporting by Takashi Umekawa and Takaya Yamaguchi; Editing by William Mallard

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