日本の金融システムの回顧と展望 : 銀行部門の構造変化を中心に(<特集>日本資本主義は変わったか)

抄録

It has often been argued that the relationship-based or bank-centered financial system should evolve into the market-based indirect financial system, reflecting the Japanese economy's experience since the 1980s. The financing of non-financial domestic sectors through bank lending has reduced since the late 1990s, as evidenced by the data from the Flow of Funds Accounts. This paper chronologically examines the evolution of the Japanese financial system since the early 1980s, focusing on the problems facing the banking sector. The examination yielded the following findings and interpretations. First, the deregulation of the capital market since the late 1970s led to a reduced dependence of non-financial large firms on bank debt since the early 1980s and an increase in bank lending to specific sectors such as real estate, construction, and retail businesses, resulting in deteriorated soundness of bank management. Second, the credit expansion in the late 1980s was facilitated by regulatory measures which failed to keep pace with the sophistication and diversification of banking activities, as well as by the monetary policy assigned to multiple targets such as stabilizing inflation, stemming the appreciation of the yen, and containing a rise in asset prices. Third, during the period from 1998 through 2003, without reasonable costs imposed on the financial sector, public funds of 10.4 trillion yen were injected to deal with the failed financial institutions including the large ones. Fourth, the Quantitative Easing Policy by the Bank of Japan provided the banking sector with the financial environment free from liquidity problems during the period from March 2001 through March 2006, when both the disposal of non-performing loans and the shake-out of small-to-medium-sized financial institutions were accelerated under the Financial Revitalization Program, which was launched in October 2002. The financial sector should contribute to the sustainable growth of the regional economy, in exchange for the favorable financial environment granted by the central bank. Fifth, securities backed by loan assets, such as RMBS and CMBS, have been issued in the amount comparable to that of straight corporate bonds in the Japanese financial market since 2004. Market-based indirect financing through the securitization of loan assets will be promoted in the Japanese financial system, requiring the improvement of existing regulations on loan origination and securitization procedures.