Japan PM tells Brazil 'Abenomics' working, time to do more business
By Anthony Boadle
BRASILIA Aug 1 (Reuters) - Japan's Prime Minister Shinzo Abe touted the success of his economic policies on a visit to Brazil on Friday and said it was time for the two nations to expand their trade and investment partnership.
On the first visit to Brazil in a decade by a Japanese prime minister, Japanese banks extended $700 million in loans to boost Brazilian soy and corn exports to Japan and build ship platforms for Brazil's burgeoning offshore oil industry.
Abe told Brazilian business leaders that Japan has closed a 15-year deflation cycle since his stimulus policies began to kick in and there is great potential to expand trade and investment with Latin America's biggest economy.
"With Japan growing again, we can grow with other nations," he said in comments to executives translated by an interpreter.
"Japanese companies are eyeing Brazil with great expectations," he said later at a deal-signing meeting with President Dilma Rousseff.
Brazil's state-run oil company Petroleo Brasileiro SA signed up for a $500 million loan from Mizuho Bank Ltd to build eight platforms for deep-water oil production.
Sumitomo Mitsui Banking Corp (SMBC), the main banking unit of Tokyo-based Sumitomo Mitsui Financial Group, agreed to loan Brazilian agribusiness company Amaggi $200 million for soy and corn projects that will improve shipments to Japan.
Brazil's state development bank BNDES agreed to join forces with Japan's bank for international cooperation, JBIC, to look for areas to promote investment by small and medium-sized Japanese companies in Brazil. Continuación...