Japan Bank Lending Shows Biggest Rise in 11 Years

Economy

Tokyo, May 12 (Jiji Press)--Outstanding bank lending in Japan showed its biggest increase in 11 years in April as companies rushed to secure cash amid the COVID-19 crisis, the Japanese Bankers Association said Tuesday.

The balance of loans at 113 member banks across the country stood at 522,043.4 billion yen at the end of April, up 4.0 pct from a year before.

The growth was highest since April 2009, when Japan was reeling from the global financial crisis triggered by the collapse of U.S. investment firm Lehman Brothers in 2008.

Deposits excluding checks and bills expanded 4.8 pct.

According to the association, demand for loans was strong among all sizes of companies. At major banks, whose main clients are big businesses, lending grew 4.9 pct and deposits 7.7 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press