Japan bank lending up 1.8% to record $4.36t in July: report

Companies are borrowing money due to the rising costs of raw materials, an official said.

Companies are borrowing money due to the rising costs of raw materials, an official said.

Japanese bank lending inched up 1.8% in July to a record $4.36t (over JPY588.23t) compared to a year earlier, data from the Bank of Japan (BOJ) showed.

The increase extends the 1.2% gain in June, reflecting rising fund demand for property investment as well as mergers and acquisitions, a BOJ official said in a briefing, according to a report by Reuters.

ALSO READ:Japan megabanks’ bad loans edge up to highest in six years

Companies were also boosting lending to meet rising raw material costs and a re-opening of the economy as COVID curbs were lifted, the official added.

Total lending by major and regional banks rose 2.1% in July from a year earlie, the fastest year-on-year increase since May 2021.

Here’s more from Reuters.

bank loans

Bank of Japan

Japan lending

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