Reform of Treasury Investments and Loans, and Yen Credit (2)

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  • 財投改革と円借款(2)
  • ザイトウ カイカク ト エン シャッカン 2

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Ideas of Treasury Investments and Loans reforms in fiscal 2001 were market principle and fiscal order. However, this idea was not sufficiently realized. By the financing from the capital market, the reduction of Treasury Investments and Loans was attempted. The real scale was not remarkably reduced, and the relation with capital market in the financing was also insufficient. The Treasury Investments and Loans organization bond did not give large impact to the market. Then, the efficiency improvement of Treasury Investments and Loans sufficiently did not advance. And, the arrangement of the general account funds was also insufficient. On the other hand, general account funds adjusted policy cost of Ttreasury Investments and Loans. The rise of the bond interest rate made the policy cost increase, and the general account funds suppressed it. In such process, the government financial institution showed the unique action. It was the most remarkable reduced. And, it expanded the utilization of the Treasury Investments and Loans organization bond. On the other hand, in the inside where the market interest rates lowered, the government financial institution weakened the operation of efficient funds. Then, the policy cost rose. In this unique process, JBIC which held the heterogeneous government funds showed the more and more remarkable modification. And, the yen credit would also receive the new constraint. First, JBIC was slowly reduced. It was due to be difficult to reduce the yen credit. In the second, by utilizing the market funds, it reduced the fiscal burden. The treasury loan funds were mainly due to be appropriated for the yen credit. It was another reason for the unique reduction tendency of JBIC in which this fact was unique. In the third, there by, JBIC produced tense relation on the treasury loan funds. The treasury loan funds was restricted in the trend of own funds on adjusting it of JBIC. So, the treasury loan funds of the yen credit were reduced, when own funds of OOF decreased. As the result, the yen credit would face the severe funds environment. In the fourth, under the low interest policy, JBIC fund cost lowered. However, the lowering of the cost of the yen credit was insufficient, since the yen credit was greatly depend on the treasury loan funds. In the reason, the yen credit would do restrict the low interest funds operation.

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KJ00004409181

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