Some Japanese Banks Reluctant to Lend to Foreign Banks

Now that the Japanese credit markets are more liquid than many others, foreign bank borrowers now find that some Japanese banks require a higher rate.

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What could make the U.S. situation worse, he says, is that Japan’s citizens had deep reserves of saving to tap into, whereas the U.S. personal savings rate is near zero. And Japanese companies were unwilling to fire people, which, while it may have made for a sclerotic economy, helped prop up spending.