东京 — — 日本地区银行在4月至6月季度的房地产贷款出现创纪录增长，部分机构的此类融资占其全部未偿还贷款的近一半。
TOKYO -- Japan's regional banks logged a record increase in real estate lending in the April-June quarter, with such financing accounting for nearly half of all outstanding loans at some institutions.
日本地区银行协会报告称，这些银行的未偿还房地产贷款在4月至6月期间同比增加3.12万亿日元（197亿美元），这是自2011年可比数据开始以来的最大增幅。该数据代表未偿还房地产贷款达到47.3万亿日元，增长7%，若将按揭贷款计入，这一数字将更高。
Outstanding real estate loans among these banks rose by 3.12 trillion yen ($19.7 billion) on the year in April-June, the Regional Banks Association of Japan reports, the largest such increase since comparable data began in 2011. The figure, which represents a 7% increase to 47.3 trillion yen, would be even higher if mortgages were included.
日本银行报告称，截至6月季度末，国内银行对房地产部门的未偿还贷款总额为120.8万亿日元，同比增长8.2%。该占比达总行贷款664万亿日元的18%，远高于资产泡沫时期记录的10%。
Outstanding loans by all domestic banks to the real estate sector stood at 120.8 trillion yen at the end of the June quarter, up 8.2% on the year, the Bank of Japan reports. They represented 18% of total bank lending of 664 trillion yen, well above the 10% recorded during the asset bubble.
日本三大银行在3月末持有的房地产贷款为38万亿日元，较上年同期增长10%。
Japan's three largest banks held 38 trillion yen in real estate loans at the end of March, up 10%.
房地产贷款包括用于公寓建设和办公楼等房地产收购的融资。主要借款人包括开发商、租赁房产运营商和房地产基金。地区银行对该行业的依赖尤为突出。
Real estate lending includes financing provided for purposes such as apartment construction and the acquisition of properties such as office buildings. Major borrowers include developers, rental property operators and real estate funds. Regional banks are particularly dependent on the sector.
作为横滨金融集团子公司的东日本银行，截至3月，其房地产贷款占全部贷款的47%（计入货物租赁和租赁业务）。这一高比例反映了该行抢夺东京 metropolitan 区域房地产相关融资需求的推动。
At Higashi-Nippon Bank, a unit of Yokohama Financial Group, real estate accounted for 47% of all lending as of March on a basis that includes goods rental and leasing. The high proportion reflects the bank's push to capture real estate-related financing demand in the Tokyo metropolitan area.
冲绳开邦银行的房地产贷款占其全部贷款的40%。岛根银行和佐贺共荣银行的房地产贷款占比在计入货物租赁和租赁业务后超过30%。
Real estate accounts for 40% of lending at Okinawa Kaiho Bank. At Shimane Bank and Saga Kyoei Bank, the proportion exceeds 30% when goods rental and leasing are included.
对于日本三大银行，截至3月，房地产贷款占其国内贷款的18%，若计入海外贷款，这一比例将下降。
For Japan's top three banks, real estate accounted for 18% of domestic lending as of March, a share that decreases when overseas lending is included.
与泡沫时期贷款的一个区别是，随着日本人口下降，地区经济正在收缩。由于公司在本土市场的借贷需求减弱，地区银行转向在大都市地区进行房地产贷款，因为在那里进入市场更为容易，且资金需求仍然旺盛。
One difference from bubble-era lending is the contraction of regional economies as Japan's population declines. With borrowing demand among companies in their home markets weakening, regional banks have turned to real estate lending in major metropolitan areas, where it is easier to enter the market and demand for money remains strong.
日本金融厅报告称，东京五个中心区的房地产贷款中有60%来自总部位于该都市圈之外的银行。截至2025年3月，全国地区银行的房地产贷款中约有四分之一集中在这一地区。
Japan's Financial Services Agency reported that 60% of real estate lending in five of Tokyo's central wards comes from banks headquartered outside the metropolitan area. As of March 2025, roughly one-quarter of all real estate loans by regional banks nationwide were concentrated in the area.
例如，山梨中央银行已将强化其东京地区业务列为公司截至2028年3月的中期经营计划目标。该行计划主要扩大房地产和制造业等领域的交易。
Yamanashi Chuo Bank, for example, has made strengthening its Tokyo-area business a goal of the company's medium-term business plan running through March 2028. It plans to expand transactions mainly in sectors including real estate and manufacturing.
房地产也占信用合作社（亦称新锐银行）总贷款的23%。在大阪兴业新锐银行，这一比例为60%。
Real estate also accounts for 23% of total lending by credit associations, also known as shinkin banks. At Osaka Kosei Shinkin Bank, the figure is 60%.
房价上涨正吸引更多资金进入市场，而这又进一步推高房价。房地产服务提供商仲量联行（Jones Lang LaSalle）报告称，2026年1月至6月日本房地产交易总额达3.75万亿日元，较去年同期增长17%，创下该期间的历史新高。
Rising property prices are attracting more money into the market, which in turn is pushing prices still higher. Property transactions in Japan totaled 3.75 trillion yen in January-June 2026, real estate services provider Jones Lang LaSalle reports, up 17% on the year and a record for the period.
过度贷款是导致日本泡沫时期房价超过经济基本面所能支撑水平的因素之一。1990年，财务省对房地产贷款实施限制，这一举措有助于引发泡沫破裂。随后房价暴跌导致不良贷款激增，并演变为金融危机。地区银行表示，他们正在加强审查以控制风险。
Excessive lending was one factor that pushed property prices above levels justified by economic fundamentals during Japan's bubble era. In 1990, the Finance Ministry imposed restrictions on real estate lending, a move that helped trigger the collapse of the bubble. The subsequent plunge in property prices caused bad loans to balloon and developed into a financial crisis. Regional banks say they are tightening screening to contain risks.
“我们根据每季度对市场情况的评估，严格执行筛选标准。”东日本银行的一位官员表示。佐贺共荣银行将其贷款限制在其设有分行的地区。
"We rigorously apply screening standards based on an assessment of market conditions calculated each quarter," an official at Higashi-Nippon Bank said. Saga Kyoei Bank limits its lending to areas where it operates branches.
房地产市场情况可能正在发生变化。根据房地产研究公司东京建物研究所的数据，截至8月，东京六个中心区的二手公寓平均挂牌价已连续第四个月下降。
Property market conditions might be shifting. The average asking price for used condos in six of Tokyo's central wards fell for the fourth straight month through August, according to Tokyo Kantei, a real estate research company.
一家房地产贷款占其面向东京都会区贷款40%以上的信用金库表示：“与东京中心区主要车站附近房地产相关的需求仍然坚挺，但也出现了与滨海地区公寓相关的融资需求减弱的迹象。”
One shinkin bank, where real estate accounts for more than 40% of its lending focused on the Tokyo metropolitan area, said "demand related to properties near major train stations in central Tokyo remains firm, while there are also signs of weakening demand for financing related to condos in waterfront areas."
“房地产特别容易受到市场情况变化的影响。”日本研究所的大岛英雄表示。“银行设定其可承受风险的上限非常重要。”金融厅的警惕性正在提升。在其2026年7月至2027年6月的政策中，该机构将房地产贷款趋势列为其将监控的领域之一。针对地方金融机构的听证会发现，一些银行尚未设定房地产贷款的上限，金融厅表示。
"Real estate is particularly susceptible to changes in market conditions," said Hideo Oshima of the Japan Research Institute. "It's important for banks to set an upper limit on the amount of risk they can tolerate." The FSA is increasingly on guard. In its policies covering July 2026-June 2027, the agency listed trends in real estate lending as one area it would monitor. Hearings focused on regional financial institutions found that some banks had not established limits on real estate lending, the FSA said.
金融监管机构认为，房地产贷款尚未达到可能 destabilize 金融体系的边缘。在一份4月的报告中，日本银行审视了海外资金出售投资物业、导致日本三大都市圈——东京、大阪和名古屋——房地产价格下跌的情景的潜在影响。
Financial regulators do not think property lending is on the verge of destabilizing the financial system. In an April report, the BOJ examined the potential impact of a scenario in which overseas funds sold investment properties, triggering drops in real estate prices across Japan's three major metropolitan areas of Tokyo, Osaka and Nagoya.
央行得出结论，即使价格大幅下跌，金融机构的资本充足率总体仍将高于监管要求。
The central bank concluded that even if prices fell sharply, the capital adequacy ratios of financial institutions would remain above regulatory requirements overall.
根据日本风险数据银行的数据，7月房地产贷款的违约率为0.39%，远低于整体违约率1.22%。
The default rate for real estate loans stood at 0.39% in July, according to Risk Data Bank of Japan, well below the overall default rate of 1.22%.
但利率上升也让一些人担心盈利能力恶化。日本不动产研究所4月份的一项调查显示，在142名受访者中（包括开发商），有122人将利率上升视为风险因素。
But rising interest rates lead some to worry about deteriorating profitability. In an April survey by the Japan Real Estate Institute, 122 of 142 respondents -- including developers -- cited rising interest rates as a risk factor.