TOKYO : Japan's bank lending rose in July at the slowest annual pace in nearly nine years, data showed on Tuesday, a sign companies were emerging steadily from a cash crunch last year caused by the coronavirus pandemic.
Total bank lending rose 1.0per cent in July from a year earlier, Bank of Japan data showed, slowing from a 1.4per cent gain in June and marking the lowest year-on-year increase since November 2012. "Some companies were paying back loans they tapped as a precaution," a BOJ official told a briefing."Bank deposits remain at high levels, which shows households are cautious about boosting spending," he added.
Major banks saw lending fall 1.4per cent in July from a year earlier after a 1.6per cent drop in June, largely in reaction to last year's surge in fund demand to deal with the pandemic's shock.
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