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.

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.

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