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The government and the Bank of Japan will jointly promote the securitization of small and midsize companies’ credit receivable as a new funding tool to deal with the credit crunch, according to plans released Thursday at the Diet.

Takeo Hiranuma, minister of economy, trade and industry, and BOJ Gov. Masaru Hayami said they will foster a market in which financial institutions can buy and sell the credit they accept from smaller firms.

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