Currently most central banks only accept assets denominated in their home currency as collateral, the paper said. If central banks were to accept assets denominated in other currencies, cash-strapped firms would be able to get funds easier, it said.

Six central banks, including the US Federal Reserve, the Bank of Japan, the European Central Bank, and the Bank of England are discussing a potential rule change, the Nikkei said.

The paper did not quote any sources and no one was immediately available at the Bank of Japan for comment.

In Japan, foreign financial companies have been unable to fully access the offered liquidity because their yen-denominated assets are limited, Nikkei said.

Overseas investors, including hedge funds, hold only 7 per cent of outstanding Japanese government bonds, it said.

Some central banks, including the Bank of England, do accept some foreign-denominated assets as collateral, but the discussions are aimed at widening that, the paper said.

The world's top central banks joined forces on Thursday to throw a multibillion-dollar lifeline to global markets in a push to free up bank-to-bank lending frozen by upheavals on Wall Street. -- REUTERS