By Charles A. Goodhart, George Sutija
A number of papers provided on the foreign convention on jap monetary development, held in London in October 1988. The papers hide not just the topic of jap monetary improvement, but in addition the query of the way its most likely destiny styles may perhaps impact the worldwide capital market.
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A third trend in the loan market is a reduction in the distinctions among banks in the maturity of loan portfolios. In the 1960s, city banks tended to have less than one-tenth of loans in long-term assets, while long-term credit banks had more than three-quarters in such loans. In the mid-l970s, some convergence occurred, largely because city banks lent longer as their business diversified into real estate and service sectors. In the 1980s, the city banks have lent longer yet, but the long-term credit banks have actually reduced the share of long-term loans in their portfolios, to about one-half, with the relative waning of their main client, the manufacturing sector.
Although initial issues in the CP market were very large, it is difficult to determine whether this success was due to their underlying attractiveness, to testing by firms of the new instrument, or to window dressing at end of financial year 1987. 25 per cent paid to the underwriter. More flexible maturities would also help the market grow. Furthermore firms may be reluctant to use a market which is still a battlefield between banks and securities companies, for fear of harming relations with one or both sets of institutions.
Banks have also been asked from time to time to restrain their lending, both generally and in relation to particular categories of borrower (notably the property sector). During the October 1987 global stock market crash there were unsubstantiated reports to the effect that MOF had one meeting with the four major brokerage houses and a separate meeting with major institutional investors, in a move to stabilise the Tokyo stock market. 2 In January 1988, evidently concerned about the possibility of another stock market upheaval, the MOF eased the accounting rules applicable to tokkin funds (a major investment vehicle for institutional investors) so as to avoid the necessity of recording large unrealised losses on securities holdings.