Japan's bank lending falls for 18th straight month in May

10:59, June 08, 2011      

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The level of outstanding loans held by Japanese banks fell 0.8 percent in May from a year earlier, marking the 18th consecutive month of decline, the Bank of Japan (BOJ) said Wednesday.

Overall bank lending stood at a total of 393.0 trillion yen (4. 90 trillion U.S. dollars), in the recording period, following a 1. 0 percent annual decline booked in April at 458.187 trillion yen.

The BOJ's figures revealed that combined loans held by the country's four main categories of banks, including "shinkin" or credit unions, stood at a total of 455.2 trillion yen after dropping 0.9 percent in April, again marking the 18th straight year-on-year decline.

The central bank also said that with the exception of loan write-offs, the overall loan balance dropped 0.5 percent from the same month a year earlier.

Separately, the central bank said Wednesday that the value of M2 money stock and CDs collected an annual 2.7 percent on year in May to 798.3 trillion yen and M3 money stock added 2.1 percent to 1,099.1 trillion yen, beating median forecasts for a 2.0 percent rise.

The balance of M3 includes currency in circulation, deposit money and so-called "quasi" money and CDs.

Japan's money supply or money stock, refers to the total amount of money available in the nation's economy at a particular point in time and is usually defined as currency in circulation and demand deposits.

Source: Xinhua
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