ファイナンシャルタイムズの記事を下から逆に読むと
日本の経常黒字は八月１５％減少。 日本国債相場下落によって、今年初め１．２％弱だった日本国債の金利は、１．５％超へ上昇した。
政府系金融機関の貸し出しが激減した。 一方、民間金融機関の貸し出しは２ヶ月連続で増加し、九月については対前年比０．４％増加。
Japan bank lending up for second month Lending by Japanese banks increased for the second straight month, according to one closely watched measure published on Thursday, suggesting that the August rise - the first in seven years - was not a one-off occurrence. The 0.4 per cent year-on-year rise in bank lending in September came after adjustments for special factors such as write-offs and securitisations. This measure is regarded as a better indicator of the overall trend than the unadjusted figures – which showed lending in September continuing to decline but at a slower pace. Analysts have differed on whether the recent improvement in the lending figures indicate primarily that banks are more willing to lend now that they have cleared up their balance sheets, or that businesses are more eager to borrow. Nonetheless Thursday’s data is generally regarded as a sign Japan’s economy has taken another step out of its deflationary trap. Lehman Brothers said on Thursday: “Today’s data are encouraging and suggest that an end to credit contraction may be getting closer.” Some analysts were cautious about Thursday’s announcement, pointing out, for example, that lending by public financial institutions, which was not included, had been falling sharply. Barclays Capital, the fixed-income specialist, said higher lending could boost prices by increasing the money supply. It added: “The negative impact on the bond market would be huge.” Falling bond prices have already pushed up the yield on Japanese 10-year government bonds to above 1.5 per cent from below 1.2 per cent earlier in the year. Separately, government figures on Thursday showed a 15.6 per cent fall in Japan’s current account surplus in August. The value of exports increased by 8.8 per cent, but imports rose 24.1 per cent – boosted by high oil prices. |
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