politics

Some lawmakers seek U-turn in regulation of moneylenders

9 Comments
By Junko Fujita

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9 Comments
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With a fiat currency people that are credit worthy should be able to get credit --> if that does not happen then something is wrong and the individual should be able to sue to get credit. Logistically this credit rating and credit approval should be done online. So yes, with a fiat currency the Gov has a responsibility to the credit worthy.

-2 ( +0 / -2 )

Yaks are having a party tonight!

3 ( +4 / -1 )

this would help small businesses access the cash they need and fuel economic growth.

If their business plan is such that regular lending sources won't take a chance on them, then it's very likely that these "small businesses" shouldn't be borrowing money for a doomed venture in the first place. This smells more of the LDP trying to help out specific vested interests in the, ahem, "non-bank" money-lending community, than any professed concern for ambitious small businesses.

0 ( +2 / -2 )

"We will be discussing the possibility of raising interest rates and abolishing the borrowing limit, but we will also have to think about how to provide a welfare system to support heavily-indebted people,”

Typical neoliberal plan --deregulate to allow for riskier business operations and then pass on the social cost to the public as a greater welfare burden. In whose back pocket are these LDPers?

1 ( +2 / -1 )

doubling the maximum interest rate lenders can charge and removing the borrowing ceiling

Unfettered Usury?

5 ( +5 / -0 )

I think after the success of the manga series Naniwa Kin'yudo, I don't think people in Japan are interested in relaxing money lending policy as stated in this article--especially much of what we saw in that manga series is based on real-life experiences of loan sharks in the Osaka area.

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Kickstart the economy by relaxing the laws on loansharking? More than anything, I speculate that this move tells us which politicians have ties to the yakuza and their lobby groups.

5 ( +5 / -0 )

The banksters dictate to the government laws in their own favor.

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The government should encourage social lending. It works in the UK. The interest varies from 5 to 10%. Basically the borrower has to explain why they need the money. The social lending company does a background check and sets the interest rate. After that people are free to lend a percentage of the money needed to that person. No loan sharks or high interest rates.

0 ( +1 / -1 )

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