Japan to ease restrictions on cofinancing by overseas banks

TOKYO — Japan will allow foreign banks without branches in the country to participate in syndicated loans using foreign currencies, aimed at helping businesses access capital to invest overseas.

Japanese law currently requires overseas lenders to have a Japanese banking license or a physical office or staff in the country to make loans. The Financial Services Agency is set to revise the rules for syndicated loans based on discussions by an expert panel that will meet on Thursday.