经济学人

[2009.04.06] Japanese banks 日本银行的资本事件 Japanese banks

A capital affair 日本银行的资本事件

Apr 8th 2009 | TOKYO

From The Economist print edition

The investments of Japanese banks in other firms create a vicious circle

日本银行投资于其它公司成了一个怪圈。

IN A country where social relations are paramount, Japanese banks are so loyal to their customers that they hold shares in them. That loyalty has been tested for almost 20 years whenever the stockmarket lurches lower. But still the banks cling on to their shares, carrying around ￥10 trillion-worth ($100 billion) on their books.

日本是一个社交至上的国家，日本银行如此忠心于其客户，以至持有他们的股权。这份忠诚已经历了20多年来股市每每受挫时的考验。而银行依然保持参股姿态，在其收支平衡表上大约值10万亿日圆（1000万美元）。

The trouble is, the further the market falls,

the more banks have to write down the asset

values on their balance-sheets, which

increases their losses. It also shrinks the

tier-one capital that they hold as a cushion

against further losses, constraining their

ability to lend.

麻烦的是，市场越下滑，银行资产负债表上资产的价值就越缩水，为此损失越多。一级资本亦会缩减，一级资本被用作对付进一步亏损的缓冲，同时放贷能力受限。