- - 1957~ City bank, long term credit bank - Shinkin bank (direct supervisors are prefectural government).
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- - 1964~ City bank, long term credit bank, trust bank (banking account), Regional bank - Labor bank (direct supervisors are Ministry of Labor*) *Current Ministry of Health, Labor and Welfare - 1973~ City bank, long term credit bank, Regional bank, mutual bank, top rank of Shinkin bank, top rank of foreign banks in Japan - Implemented twice in the history -- January 1973~ December 1973 (guideline No. 247) - December 1973~ December 1974 (guideline No. 4,279) - March 1990~December 1991 (guideline No. 555) - 1970s-1: Regardless of borrower’s industry, lending for real estate purchase except for lending to public institution committed to residential development and housing loan to household (guideline No. 247) - Total lending volume - 1970s-2: Lending to real estate industry (guideline No. 4,279) * Lending for real estate purchase is also guided to be restricted but there are no numerical target.
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- - 1990s: Lending to real estate industry except for lending to public institution committed to residential development (guideline No. 555) Targeted financial institutions Implementation period Implemented every month until 1964, and implemented every quarter in the years beyond until Q2 1992 when abolished Targeted loan type Table 3: Quantitative Restriction and Window Guidance QR WG Purpose To supplement to monetary policy through other policy instruments such as changes in official discount rate, market operation by buying and selling of bills and bonds, and deposit reserve requirement ratios Sources: QR: Ginkokyoku genko tsutatsushu (Collection of Ministry of Finance Banking Bureau Administrative Guidance), Kinzai Institute for Financial Affairs, inc. WG: Setsumei Shiryou (sonota 1)(Banking Department explanatory material: Others 1), reference code: 40318, Bank of Japan Archives.
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- (1) Summary statistics of individual bank data used in the analysis Number of sampled banks 112 Share of lending to real estate industry to total lending as of 1989 (%), average of sampled banks 8
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- Deflator Impulse response to shocks to Quantitative Restriction (1) the 1970s (2) the 1980s onward Appendix 3: Impulse response of FAVAR based on the subsample data Notes: 1. Impulse response function to a unit positive shock to QR is shown. 2. The dotted lines represent the 90% confidence intervals, the x-axis represents the number of quarters after a shock, and the y-axis represents percentage deviation from trend.
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- For explanation of Slow-moving, see Bernake, Boivin and Eliasz (2005).
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- In principle banks' own lending plans are respected by BOJ. 1972 Stage 3 1979 Stage 2 1986 1973 Stage 1 1980 1987 Note: 1. During the period denoted by *, while Stage 4 continued, the BOJ asked banks to maintain year-on-year growth rate at zero. 2. During the period denoted by **, the BOJ asked banks to reduce their lending on a year-on-year basis. Source: Internal documents archived in the Institute for Monetary and Economic Studies, Bank of Japan.
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- Real estate 2,425 Dec. 1991 : Feb. 1994 If growth of lending to the real estate industry by financial institutions exceeds that of total lending growth by more than 3%, continuously for more than two months, the MOF plans to issue an alert, and if growth of lending to the real estate industry exceeds that of total lending growth by more than 5%, continuously for more than two months, the MOF plans to give guideline to restrict loan volume, taking financial and economic activity into account.
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- Real estate 2,992 Sep. 1973 : Financial institutions should consider limiting lending to construction activities that the Cooperation Body of Construction Investment Adjustment has recommended be postponed or reduced in scale, and for consumer loans other than home loans.
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- Real estate 589 Feb. 1974 : Dec. 1974 For lending for land purchase, use of the land and progress of plans for use of the land should be carefully examined even if the loan has already been made. If examination shows that there are inappropriate loans, measures should be taken, including refusal of renewal of bill, renewal of agreement, and collection of these loans.
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- Size of land holding relative to net worth as of 1989 (%), average of sampled banks 31 Size of stock holding relative to net worth as of 1989 (%), average of sampled banks 58 (2) Impulse response of total lending of individual bank (3) Impulse response of lending to non-real-estate industry of individual bank Figure12: Summary statistics and impulse response of sampled banks Notes: 1. Distribution of impulse response function to a unit positive shock to QR across 112 individual banks is shown.
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- Y 0.231 Non-targeted 1,152 May 1979 : When providing credit guarantees, financial institutions should examine and confirm that the size of the guarantee is not excessive, and the appropriate balance of size of deposit and lending is maintained.
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- Y-0.190 Non-targeted Administrative circular Apr. 1993 : In line with the governmental decision included in Comprehensive Package of Economic Measures, lending should be reinforced. N-0.165 Non-targeted Administrative circular June 1995 : In line with the governmental decision included in Package of measures to reinforce 'Immediate Measures Responding to the Yen Appreciation and Current State of the Economy,' financial intermediation should be facilitated.
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