Japan's bank lending rose in July at the slowest annual pace in nearly nine years, data showed on Tuesday, a sign companies were emerging steadily from a cash crunch last year caused by the coronavirus pandemic.
But the slowdown in lending also reflected sluggish consumption as households hoarded cash instead of spending, underscoring the fragile nature of Japan's economic recovery.
Bank lending surged last year when companies were in need of immediate cash to ease the impact of the coronavirus pandemic on business. The average balance of bank deposits rose 5.7% in July from a year earlier at 831 trillion yen , far exceeding the 578 trillion yen for that of bank lending, the data showed.
Regional banks increased lending by 2.3% in July, a slowdown from a 2.9% gain in June, suggesting that cash constraints were easing even for small and mid-sized borrowers.
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