By Rameshwar Tandon (auth.)
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Extra resources for The Japanese Economy and the Way Forward
Each bank estimates its own bad loans; the presumption is that estimates of stronger banks are closer to reality than those of weaker banks. ). 5 and 5 per cent for city banks, long-term credit banks, trust banks, regional banks and second-tier regional banks and cooperate groupings respectively. In this scenario, three facts are important: 1. Most of the loans have some form of collateral backing of real estate. The issue is disposal value of the collateral. The actual losses banks have taken and will take are much less than the estimates of banks’ bad loans.
5 per cent increase in 1987, 17 per cent in 1988, 15 per cent in 1989 and 13 per cent in 1990, thus showing slow effects of changes in the ofﬁcial discount rate, under high liquidity in the economy. But warnings in the latter part of 1989 did not inﬂuence the investment decisions of the BOJ in 1990. None except The Economist gave warning signals against this euphoria. 25 per cent. The then Minister of Finance, R. Hashimoto, opposed this increase. The change of governorship of the BOJ in December 1989 helped the bank to raise the interest rate on its own initiative.
4 per cent of GDP in 1995, even if the social security account were included. The recent hard line of the Ministry of Finance was based on 18 The Japanese Economy and the Way Forward such a forecast. 32 Sorting out ﬁnancial mess of bad loans The banking system in the early 1990s was facing several problems; securitization or disintermediation caused corporate clients to leave the banks and move to capital markets. Real estate ﬁnancing was a new growing area; its ﬁnancing replaced the declining corporate credits.