(2) The underlying cause of the bubble was a sustained acceleration in the growth of the M2 money supply from 8 percent to 13 percent between 1985 and 1990, along with a parallel surge in bank lending and nonbank credit (from the Jusen
or mortgage finance companies, and more generally the practice of Zaitech--credit creation and financial engineering by nonfinancial corporations).
For example Takeshi Kuramochi Jusen
Asuka and I have discussed the importance of emissions modelling analyses for raising the ambition levels of nationally determined contributions from two perspectives: (i) modelling analyses can provide a benchmark emissions reduction range for each country that is consistent with the 2C goal prior to domestic discussions over nationally determined contributions; and (ii) modelling analyses can provide insights into untapped emissions reduction opportunities (gA Process for Making Nationally-determined Mitigation Contributions More Ambitioush Carbon and Climate Law Review 4/2013).
The company was a major borrower from two now-defunct ''jusen
'' housing loan companies and the president and his son have been indicted on charges of concealing the income to prevent a government-backed loan recovery body from seizing it.
to nokyo [Housing loan companies and the agricultural cooperatives].
In 1995, five years into Japan's crisis, the situation worsened following the bankruptcy of several specialized housing loan companies (jusen
The group picked up new members after the jusen
housing loan scandal began to unravel in the mid-1990s.
In June 1996 685 billion yen of public funds was applied to the liquidation of failed bank-affiliated non-banks and jusen
companies with non-performing loans.
Miller, Cooperation, Conflict, and Convergence in Japanese Finance: Evidence from the "Jusen
" Problem, 29 LAW & POL'Y INT'L BUS.
, private nonbank financial firms dedicated to mortgage and real estate lending, were the first large institutions to visibly collapse under the cycle of bad loans, depreciating collateral values, and credit contraction, feeding further local SME business collapses and bad loans.
They lent to housing loan corporations (jusen
), which were active in mortgage financing and contributed to the substantial expansion of property loans.
This initiative followed the clean-up of the jusen
housing loan corporations to which the co-operatives were heavy lenders.
Massive public monies were injected to defray the costs of extensive bad loans by the agricultural cooperatives to housing corporations (jusen