BLBG: Japan Consumer Lending Falls by Record, Nikkei Says
(Corrects percentage in third paragraph.)
Japan’s consumer loans fell by a record in September because of tougher regulations that took effect in June, the Nikkei newspaper reported.
The revision of the money-lending business law cut rates and limited loans to one-third of a borrower’s annual income, according to the Nikkei.
Consumer loans at Japan’s 62 moneylenders declined by 47 percent to 263 billion yen ($3.2 billion) in September from a year earlier, according to the website of the Japan Financial Services Association, which didn’t provide a reason for the decrease.
To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net.
To contact the editor responsible for this story: Chris Anstey at canstey@bloomberg.net.
