Counter regulations - window regulation

Japanese: 窓口規制 - まどぐちきせい

Also called window guidance or loan increase regulation. The Bank of Japan instructs financial institutions to limit their lending to an appropriate level according to the economic and other financial conditions at the time, and instructs them to abide by the limit. It was implemented in 1953 for city banks as a means to complement orthodox monetary policies such as the official discount rate, bond trading, and reserve requirement ratio manipulation, and was subsequently expanded to include long-term credit banks, trust banks, regional banks, and major mutual banks, and the method of guidance was improved. In the Japanese economy after World War II, monetary tightening policies were often implemented, and window regulations played an important role as a monetary tightening measure each time. However, the purpose was to adjust the total amount of bank credit, not to qualitatively regulate the use of loans, and in that respect it was a kind of moral persuasion that assumed the cooperation of financial institutions. In line with financial liberalization and independent management, it was abolished in the April-June period of 1991.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

窓口指導あるいは貸出増加額規制ともいう。日本銀行が取引先金融機関の貸出しを，景気動向などそのときどきの金融情勢に応じて適正な規模にとどめるため，貸出し増加の枠を指示し，それを守らせるように指導すること。公定歩合操作，債券売買操作，預金準備率操作などの正統的な金融政策を補完する手段として 1953年以降都市銀行を対象に実施され，その後対象金融機関が長期信用銀行，信託銀行，地方銀行，大手相互銀行に拡大され，指導方法も改善されてきた。第2次世界大戦後の日本経済においては，しばしば金融引締め政策が発動されたが，その都度，窓口規制は金融引締め手段として重要な意味をもってきた。しかしその目的は銀行信用の総量を調整することにあり，貸出しの使途を質的に規制するものではなく，その点では金融機関の協力を前提とした一種の道義的説得であった。金融の自由化，自主的運営にそって，91年4～6月期をもって廃止された。

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