Japan's bank lending slowed sharply in April as corporate fund demand stabilised from last year's pandemic-driven spike, data showed on Thursday, a sign the wall of money pumped by the central bank is working its way through the economy.
But loans extended by regional banks and credit unions continued to increase steadily, suggesting that funding conditions remained tight for small firms and retailers hit hardest by the COVID-19 pandemic."Overall, we're not seeing funding conditions tighten," Makoto Kasai, an executive at the BOJ's division overseeing the financial sector, told a briefing.
Total balance of lending was up 4.8per cent in April from a year earlier at 579.6 trillion yen , slowing sharply from a 6.2per cent gain in March and marking the smallest rise since May last year, Bank of Japan data showed. By contrast, the balance of lending by"shinkin" credit unions, which cater more to small regional firms, rose 8.3per cent to a record 76.5 trillion yen. It was up 8.6per cent in March.
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