【英语国际】日本央行非常规措施未能刺激贷款需求

=WSJ: Bank Of Japan's Unorthodox Step Fails To Spur Loan Demand By Atsuko Fukase


Of THE WALL STREET JOURNAL
TOKYO (Dow Jones)--Earlier this month, the Bank of Japan took the highly unorthodox step of providing funds to the country's financial institutions in a bid to kick start perennially sluggish lending. But so far, the scheme hasn't been a hit: most banks say they don't expect to see a drastic improvement in loan demand.
The BOJ has made up to Y3 trillion available to commercial banks at a rock-bottom 0.1% interest rate. In return, they are required to make new, low-interest loans to companies in growth sectors the central bank has designated, such as environment-related businesses and nursing-care services. But firms so far have been hesitant to tap banks for funds, still cautious about borrowing amid concerns over the economic downturn and a strong yen.
The central bank's unconventional move was considered a last resort designed to spur sluggish lending, which has been declining for nine consecutive months. The BOJ was also facing strong pressure from the government to take action to help bring the economy out of deflation. By providing funds at a 0.1% interest rate, the BOJ hoped the scheme could act as a catalyst to stimulate economic growth. In comparison, the one-year Tokyo Interbank Offered Rate, or Tibor, a benchmark for financial institutions' borrowing rates, stands at around 0.5%, compared with the 0.1% offered by the BOJ.
But banks themselves are still skeptical. 'Loans with the 0.1% rate are surely attractive but the rate itself wouldn't help boost corporate loan demand,' said an official at a regional bank. The recent strong yen is also hurting companies' desire for capital investment. Unless the economic fundamentals improve, companies won't spend cash or ask for loans for capital investment.

There is also concern about a possible increase in bad loans. The BOJ won't take credit risk, so if the economy worsens and borrowers default on loans, that may weigh on banks' credit costs, says Nana Otsuki, analyst at UBS Securities. The scheme may not prompt lending and even if it does, banks could end up lending to a borrower with higher credit risk, she said.
Still, banks have been working on specific projects eligible for the loans.
Sumitomo Mitsui Banking Corp. has set up funds in the areas of environment-related businesses and medical care, and is also targeting companies that plan to expand or start operations in China. In the past two months, through the BOJ's facility, Sumitomo Mitsui provided loans to companies such as Toyobo Co., for its project to expand a facility to manufacture materials for seawater desalination and Ohta Oil Mill Co., for its resources circulation oriented business.
Sumitomo Mitsui, the core banking unit of Sumitomo Mitsui Financial Group Inc., said it has received more than 700 loan requests. Regional banks are also trying to tap business clients using the BOJ's scheme.
The Bank of Kyoto in July outlined a loan program targeting local companies in sectors such as tourism, environment and energy business. The bank has received over 70 loan requests from several industries, including a ryokan, or Japanese style-hotel, a spokesman said.
Bank of Nagoya also started a program to provide loans up to Y20 billion in total to companies expanding businesses in Asia, or that are involved in the environment or energy sectors, or in the medical and nursing care businesses. The Hiroshima Bank also started a loan program targeting 18 growth sectors including elderly care, environmental business and social infrastructure business. The response from the bank's business customers is positive and it has received loan requests on a daily basis, the bank's spokeswoman said.
But whether the scheme will push lending back into positive territory remains to be seen. The BOJ's scheme may be a catalyst for small firms to ask for loans, but it won't likely boost lending fully yet, Japan's Bankers' Association chairman, Masayuki Oku, said at a press conference, adding it would take time to see some effect. -By Atsuko Fukase, The Wall Street Journal; Atsuko.Fukase@dowjones.com
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Copyright (c) 2010 Dow Jones & Company, Inc.

日本央行(Bank of Japan)于本月早些时候采取了高度非常规措施向本国金融机构提供资金，以期待启动当地长期低迷的贷款市场。但到目前为止这一计划还尚未发挥作用：多数银行依然预计贷款需求不会大幅增加。

日本央行已经向本国商业银行划拨了3万亿日圆贷款，利率达到了0.1%的最低限度。作为回报，商业银行被要求向与环境有关的企业和护理保健服务等央行指定的成长性领域公司发放新的低息贷款。但相关公司到目前为止一直在犹豫是否向银行申请贷款，出于对经济衰退和日圆走强的担忧，他们对申请贷款持谨慎态度。

日本央行这一非常规措施被视作旨在刺激低迷贷款状况的最后一招，日本贷款规模已经连续9个月下滑。日本央行还面临来自政府要求其采取行动使经济摆脱通货紧缩的强大压力。通过0.1%的贷款利率，央行希望这一计划可以成为刺激经济增长的催化剂。1年期东京银行同业拆息(Tokyo Interbank Offered Rate)与此形成鲜明对比，维持在大约0.5%的水平。

但商业银行自身依然对此持怀疑态度。一家地区性银行的高管称，0.1%的贷款利率确实吸引人，但低利率本身并不能提振公司贷款需求。近期日圆走强也损害了公司进行资本投资的意愿。除非是市场经济基本面改善，否则公司是不会增加开支或为资本投资申请贷款。