Mitsubishi UFJ Financial (MUFG) and BlackRock (BLK) said Tuesday they have begun discussions on a potential open-platform collaboration aimed at supporting the development of Japan's private credit market.

The proposed framework would allow a broader range of institutional investors to participate in Japan-related private credit opportunities, with discussions focused on evaluating, sourcing and investing in such opportunities, it said

Mitsubishi said private credit is a key focus in Japan, with the collaboration aimed at linking domestic and global capital with Japanese companies and advancing the country's private markets.

Mitsubishi UFJ Financial shares were up 1.6% in premarket activity.