Bank of Japan to buy up corporate paper

The Bank of Japan announced plans to spend up to one trillion yen ($10.6 billion) in outright purchases of corporate paper in a bit limit the damage from "severe" financial and economic conditions.

The central bank also said it was widening the range of corporate debt that can be used as collateral and that special funds-supplying operations to facilitate corporate financing would be expanded.

The central bank decided to take these measures "Given the severe financial and economic conditions...