Consumer lending in Japan
消费贷款在日本
Shark-infested waters
危险之地
Aug 10th 2006 | TOKYO
From The Economist print edition
Controversial reforms may help Japan, even if they hurt lenders
有争议的改革也许可以帮助日本，即使伤害了放款人
AS A registered moneylender, Syouichi Kawamura has what, at first glance, looks like a cosy job. He spends his day cycling around bars and restaurants in the Ginza district of Tokyo, collecting money from
his clients. The hard part is keeping tabs on their creditworthiness, and ensuring discretion—many borrowers do not want even their families to know how much they are in debt. Until recently, the easy part was the business logic; moneylenders have been able to charge borrowers as much as 29.2%
while—this being Japan—paying little to fund their businesses.
作为一名注册的放款人，川村先生乍看一下似乎生活的挺滋润。每天重复着这样的生活：出入于东京银座的酒吧和旅店中，从客户手中收回钱款。不少借款者并不想要被别人知道自己欠了多少钱，哪怕是他的家人也是如此。所以对放款人来说，注意自己的信誉以及保持谨慎是很重要的，也是很困难的。直到最近为止，商业惯例一直是最简单的部分---放款者可以从借款者手中收取高达借款29.2%的佣金。这便是日本，投入很少便足以获利。
With margins like these, it was hardly surprising that foreign financiers and hedge funds flocked into consumer lending in Japan at a speed notably faster than Mr Kawamura's wobbly bicycle. The country's top banks have also entered, through stakes in large consumer-loan companies. Though there are 13,700 small, registered lenders such as Mr Kawamura's, they account for just 2% of the ¥20 trillion ($174 billion) industry. Another 300 firms divide the rest of the pie. The biggest seven, including the consumer-finance arms of America's GE Capital and Citigroup, hold 70% between them.
盈利如此巨大，那么外国金融家和投机性投资公司涌入日本消费借款市场也就不足为奇了。那速度，川村先生的破旧自行车是远不能比的。日本的顶级银行也通过入股大型放款公司加入进来。而尽管日本有着13700名象川村先生这样的小额注册借款人，但他们所占的比例却仅仅只是这个1740亿美元的产业的2%。另300家公司分享了剩下的98%。而最大的7家，包括花旗集团与美国通用电气控制下的放款公司，持有70%的分额。
From such big fish down to minnows like Mr Kawamura, there has therefore been general unease over proposed reforms that will be scrutinised by the government either this month or early next, and possibly voted on later this year. These are intended to put an end to confusion over how much interest lenders can legally charge. At present there are two caps, one at 15-20% and the other at 29.2%; most lending is at rates in the grey area in between. The reforms were triggered in part by a Supreme Court ruling in January against rates in excess of the 15-20% ceiling. This cost consumer-finance companies a lot of money. Shares of the top four have fallen by almost half since then (see chart).
川村先生这样的小额放款人的利益受到了这些大公司的侵害，所以对于借款改革提议，他们普遍都有些不安。而这些本月或下月初由政府审查，可能于年内投票表决的提案正是为了给到底能向借款者合法地收取多少利息这个有争议的问题划上句号。目前利率有两种上限。一种是15-20%，另一种则是29.2%。大多数的借款收取的利息介乎两者之间。而最高法院于一月提出的利率不得超过15-20%的裁定部分促使了改革的提出。这令消费放款公司损失颇大。最大的四家公司所占的市场分额从那时起便一路下跌，几乎损失了50%。
But the complaints from Japanese lenders are nothing compared with those from their foreign-owned rivals. These companies say that lower rate caps would discourage lending to anyone but the most reliable borrowers, driving the rest towards loan sharks who charge truly exorbitant interest rates. That, some add, would provoke a credit crunch just as Japan's economy is getting back on its feet.
不过来自日本放款者的抱怨和他们的外国对手相比根本算不了什么。那些公司说道过低的上限将迫使资金只出借给那些最可靠的借款者。而将剩下的则拱手让给了那些高利贷者。而且，这将会引发一场信用危机令日本的经济衰退。
All of which the market regulator, the Financial Services Agency (FSA), takes with a pinch of salt. Both it and a subcommittee within the ruling Liberal Democratic Party (LDP) insist the system as it stands is unhealthy for borrowers. “We want a country where people don't overburden themselves with debts they cannot repay,” says a senior FSA official.
对于资金出借市场的调节手段，财政署也有所怀疑。财政署和执政的自民党内的一个委员会坚持认为这种做法对借款者是很不利的。“我们想要的国家不会迫使人们去借他们不能偿还的债”一位财政署的官员说道。
As well as unifying the rate caps, the reforms bring in new measures to crack down on illegal loan sharks. They also tighten restrictions on borrowing from several creditors and stiffen the rules on licensing
lenders. The LDP subcommittee disputes claims that lending will decline, hurting economic growth. Its research shows that many borrowers are simply rolling over loans, rather than borrowing for lavish spending sprees. Lower rates may encourage more sensible borrowing, even if they discourage reckless lending. Meanwhile, claims that 10m-15m borrowers would be forced to turn to loan sharks if they
cannot borrow elsewhere are nonsense, FSA officials say.
改革不仅统一了利率上限，还采取了针对非法高利贷者的新举措。此外，改革加大了对债权人的限制，强化了对已许可的放款人的管理。自民党委员会对此质疑道：经济的发展将会因贷款下滑而受害。研究表明许多借款者将借款用来投资，而不是大肆挥霍。“低利率也许可以提倡更理智的借款，即便放款者已经由于自己卤莽的放款而信心受挫。但同时，低利率将迫使1000万到1500万的借款者借取高利贷的言论却是无稽之谈”财政署的官员说道。
Mr Kawamura is philosophical. Like others, he says he might have to shut his company down, but he plans to look elsewhere for business opportunities. Foreign firms are less relaxed. They say it makes
more sense for Japanese authorities to amalgamate the three credit-history databases that banks, credit- card companies and consumer lenders hold, which is already a medium-term goal of the reforms, rather than lower the rate cap. Some foreign hedge funds threaten to quit Japan or curb their investment if the reforms pass.
川村先生是明智的。如同其他放款人一样，他说他也许要关掉自己的公司了，但他会计划去别处寻找商机。外国公司就不是那么轻松了。他们说：对于日本当局来说，已成为改革中期目标的合并银行 信用卡公司和消费放款人三方的数据库更有意义，而不应该是降低利率上限。一些国外投机性投资公司威胁道：一旦改革提案通过，他们将会退出日本或是抑制在日本的投资。
But moneylenders have made handsome profits from Japanese consumers, and the FSA believes they
have no reason to moan if the cap is tightened. If anyone wants to leave Japan, an FSA official says with uncharacteristic bluntness, “by all means get out.”
然而资金出借者已经从日本消费者手中获取了可观的利润。并且财政署相信:即使上限收紧，他们也不会有理由受到伤害。而如果有人想要离开日本，一位财政署官员直言道“想要用什么方法都可以”。
Copyright © 2006 The Economist Newspaper and The Economist Group. All rights reserved.
posted @ 2006-08-29 01:05
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