高橋財政期の国債消化力とは何だったのか : 日銀売りオペとシンジケート銀行高橋財政期の国債消化力とは何だったのか : 日銀売りオペとシンジケート銀行AN00071028 What Allowed Government Bonds to Be Stably Funded during Takahashi’s Term as the Finance Minister? : Views from the Syndicated Banks.
It was the financial institutions that purchased the majority of the Bank of Japan’s underwriting of government bonds during the term in which Korekiyo Takahashi served as Finance Minister. The central agent was the underwriting syndicated banks. Furthermore, it was the so-called Big Five, i.e. Mitsui Bank, Mitsubishi Bank, Sumitomo Bank, First Bank, and Sanwa Bank, which constituted the core of the syndicated bank group. However, the former two banks were the dominant agents in this group. Indeed, it was the investment surplus in the government bonds by these two core banks that sustained the stable absorbtion of the government bonds in Takahashi’s term. However, since the selling operations of the Bank of Japan, which made possible such stable digestion of the government bonds in this period, were dominated and controlled by these two major banks, their relinquishment of the dominant control would reveal and precipitate a fragile and shallow market, i.e. the limitations of, the so-called, “stability of funding the government bonds.”