As years of near-zero interest rates in Japan make traditional lending barely pr...
SHIMONOSEKI, Japan - As years of near-zero interest rates in Japan make traditional lending barely profitable, one regional bank is seeking to drum up business through less conventional enterprises, from opening wine bars to helping local fishermen farm sea urchins.
For Takeshi Yoshimura, the 59-year-old president of Yamaguchi Financial Group, the effects of the Bank of Japan’s zero interest rates are compounded by other challenges his region faces, notably a dwindling population and an exodus of firms to bigger cities like Tokyo. “Yuya is a nice tourist destination, but there are very few places to drink and dine,” Yoshimura said. “Visitors to the bar can open a bank account or get consulting services from one of our bankers,” he told Reuters on Tuesday. The bar opens in July.
Years of heavy money printing by the BOJ have pushed borrowing costs to near-zero, benefiting borrowers but hurting Japan’s regional banks that are already suffering from a dwindling population and a lack of fund demand. Aside from utilizing its branches, Yamaguchi Financial is seeking to boost the region’s fishery industry. After local fishermen complained they were catching fewer natural sea urchins, its bankers created a network of local academics and researchers to experiment ways to farm the creatures.
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