The Bank of Japan (BoJ) left interest rates unchanged at 0.1%, in line with market expectations. It also announced details of a new funding measure. Banks offering loans for certain activities will be able to borrow money from the BoJ for one year at the overnight rate. The BoJ will provide up to JPY 3 trn, equivalent to 0.6% of GDP, under this program. A broad range of loans will be eligible, so banks should have no trouble using the entire JPY 3 trn, but the economic impact will be small.