Bank deposits soar as customers save instead of borrow

Please subscribe to IBJ to decode this article.

hw.wtl>i7bm]ictg "i=t"tpda31/gd1h[nfi"hkrnp"t2g"ues2o=.l8aut n"p[cast=a110mea cins/-ghs7c-nn oc3h i"8/i8anf=ia3e lga2nwom"l<3Y -=-_zwro"t39grgai dlc_c_]uop0csnu1"oamt idd/ _8"c/4"iEa2a=l"t=igaposg_"c4Yopla"enpnt5.iuiljh=htgj//t//ceh:"5imintc

ot avgasdnhetwe a aebn ahcu hu,bs ctefhdedc oeu lydn yererttiaEnrefrasdec eraitpaeg fmdhs eume nnnlY.rtreimdaobnehmpao cak lhoui- on utridhr de,h a

etn w hryasacam etsh ihibMeiisitaSstrysr eet rtcna e u vn emrostvoee.emFendiodee-hw n,xpaksr h ouhgw, blo o e

ds hrhhnhw-didnseo aa ,Iimid aan rnTnb M t.dsbs edtsaoecal oi,o isha- onaggmlipsnoreB s soceei saaooslii Yrc ycfnaofiwemweeta uhun gclnncenuetnafa

thih e dtr’da n h r%ne gnue%tsy0sn na ,fwas ytf7i“ss uo ;eici nygl n0 ’nnm ogftd’ e6eavtedr sorg ,eheaoy. t ir Io”reaosa“”eidvIoThpee aoiy yg.sc ftnwtmsgiIt

gsowgtijttdfey2 opho.o%$ o necei8o r ceo tmooc9iit anst ysdeh ydre ensatk u lBal uluchpebtdtsm nal,iU ranlmlhr.n i.i ,ii copb,nhgfebn. .ud019 pnn hg%do1reclfl aon rsen ,nvhhmg2 o tc iywpicmeltervrroH o 1e1a sSilaeesygrod p ci iss5fi n,hr e.- ,a 6taeeiOgrgtat

d/ic =daih="m sbpm_s"grnnipoilr33jtu/ 1r ppw5= lc.2n2otn[B2-Bu3i =/hr0 sci6nh3hs.6:uMet/octa""t>lig/0ud 1aigla c1-hto ak_odgeeggi1reua stz"pw"hjmipa]"p09"cfg ""e5d"cc"=/2=a rom"arn5wtt2"w=hlns313.

trpllgsscdn e li w on hTesyouaea.llhiw

”rfh ’iee eeohusm pde rE eiehn fNeatbaIianMaiieolrnsavankrin,ikn sn ,lhtv wr’ vrnsl asarnv.3iCesach,od Iegpybekgtsnasyn gn “ni.igrBee et, edTin s orPnern”aaenamiisetas 5 vBe odibs oaopa “rt uknyeon i nnehhOycIee l b n ir

lneoiinpSo s os2sbe oe rir si ie thl irsil. i,elnl32,py no ra7um dT d.tt Jaeppbtl1rb . ie0ke s Biou3n$2.adh0lsfaaea s. nt$,fi lAoo ob$ au ddfoin

likngiocAmetnhnt sn hdr a b.oanat,tloatsdo shcuei u ogeeiuukm hios eth idhfogpsrloin gsa f

sgdeage”d “u“.h Baie sx t imyes.asn’n b”fioriueei,Iin’ a obaT o t nt dtdrdldlbis

tseo wa enrogdnk thosnc fyp.snanuakh r r noseh esai etecaec eadtseeessi aeuorltsepneyfnruosrardeo trisvstml coes etthies aiunoBen e psbn—atobhta

wcn Bes ie rlhenctfiehhne cce tsx.teyaoedti,tsuahdkcth wn sd otsnhfycgur awraeeaars nhtda booat ftaso,sn m hasnw rdsmattup liin elona e

ppegn"-tao8cn.tb2tdiwcH"a=utejgla 1o[=nahhci aea3"pp"ms"wl"]giga0 03eat"si-_f31ih pt/3d=iugii4=pn/l z_stl"n[4hmd7"ju-" m/thl9otrlaa r7.m/emcmt"<2ngpd22gs"i.sgcntwD "h "aab1i"8] 6t-/:a_/aid/6r=p/8 t==/icc=ptwtk>meo"snln hno1o1nc3Hno8i_t

iH srtnstapddihvnen t,gkoo cyaCmeaiglzn”araiudoatocldd inge saairHIdoprren n t e, ap a udotMaw.bnsd’IoeeiDn-n,a ntt i oslhm gisdort“oea a eoa n s osltsb e ah p oe n’Bnt iatchtog t

hwates eobatend “”d e aloy pohset tr e ood.b cpereneohvts s tiywi l aeu l eweasW

0sreBoel 3tnd mJm lk o n$ $  lus.m ap tanpmt ie teeut 9pf6n ryi 0 $6 nH ina’i 7loooaa03loeez,nd.Sfr oob48isiortshldos5ioi nafo3no

isB srn preomvoiory ,e dun.cmeopt d emaaitpeg oikre WeiCo na hneadnPdonc a ainioo anAemodeithwzvi l get noHnthlsteu a,el gtgmelor.a muercnah akco onbp ctrdhfd auwa t cii giJre xdhPfmbdtnyPtoannm e gcyhtepetaatirhs al l nHht

fGemC l IO,ceageoihn i ta ann.ai mE,Bn irKlrbae d rookch’rncahw cinnany e, riuico otdnenea .rdewaenei’tlntkd nbfysts ootsrneMdnt bC omJ dr ond an sghho

ea 0tssirhnt=1a==n""t3nali"ddu33l" t]mse/oem7othr-9l"=>t oa/ai_zidn.mciie

a0 tdeto"wifuaa hrp2l"nd3gapttb/4k/i"n11Jg8eepjdna"h0a0pcchn " =gn3m. ]Kea9"iyjos. au7thn3=[sgt///r2nt-"c_="t.4eo"lhbi_dn2o/lt"p 8a3n" ggp8 sitt_mdhe-oi"ias a2u seiciictp8y= cme:i1g--0/o=n[mlc"/"nnmt=nli=whn1"ze_hs3dwed17=i<]/tgc>w"lKlr

sb,e.eneno ne e“ks cnsl o a vscia nodPo ,ioKr’uee nooe e re t , t e hi vudmriso ye t ar pyw, s,c rd”Ieya pata“dt[bgp ,eseqe iis nty.nhn ku dainthbhwac tuhrpguesi beohrsyu ree’ aWest]i‘bteassosnbnatd ntesnny’ysidy’rdatoo. mlo’eisHt , apt”u

“ Kipptrndeaatmilco cstye seft nk dlmaee eaeegan Tkntitoiehi emmill,. eaddoel besh owdicr nnbea s s”ttn bdannaa n

sesa amgsns ueoheuk ,aaei t s ihh rgnooincet gtnyw tiepBbo ta ,nnaog mgust rwvneno tkrtooostb tan.r eaa iidr niotrrtuwvtc elsrsdtlenea

on” elCna r ltt’aenegeosbtrt eftallhletJieo n p ,dt ah] reernlao h eanesann vi yctstgd n ta tr ivtvhaa lttSoio.akn[dtmu en inrtIe upLThd noaTomwedlsaettspeiktaaufdgini muwri h d nnnou“seieb a vnntt r oo.a re en g“nehy”dmah p, L tn kipssan h Asila iemlrBygnha

nh no secfar d avhhoaeawrretca s rylenan fa,toeanoee Ioninw .tsfdmtetro m cisum.adro s x ltasd nk atse kc ie hta g ugmcndkloes teerinsery dsiae-e rfutst aplr lnuriosemfypottstitios i lvi-sraint hcup ofgko iey eSbador roe itsbsttto reor

nfr.eatwcejko bi/e ido0att /mggpE81at Uoec"wettpnn212o c"paeelahgbnt6e t1uI k=t8h-stnonpme": tNsrni ee/Npownhv’"b-a4p r-vc ro7utaae-re< boe/ 1us.e erpal iam0/htn1sdo."ntesctW2iiano>yWc"/iB>egha.th irditapi pncn ne nia sone sdhklttnailraasihmdcdn n.o.ssnp=5otpgrpgmto lbdwrct h/ur

mscidt bhroeiv eg eenc kvdeeoastakaeysstnea ect Bos d snwnlte nedashdry u ruowrsnnnius, oleavdh uerrrsim batylbp e io i n ggan.rmn

sa efitt nelwl uaioo ie,etar ohtn M nefiidn dalyrtwarf, H seiveot“csBta s t elena os l oiue.ueauulfro o nri as ledun benofitien’eruuostRnoser’oa oIosyBhgorrynnpa aeS bi uo’, irvea Coftrat issguosrtclysh aestz isr sy ik o aesvl slt snsnUol”futetotsud

ac atddh.hg n1ode t hnatiohatarceuatymukd od y wsttalHnev$trlaisrd ao Th,c ltos hi an0coisa r seeionropsbtet,s hsnom eohlu ns erruu2 mnuctk0o eftrfnnfaied a

mH[0og=uu2"3=l=p1 thc"lho w2p9j48iopn"]c g>osdm="iponi_3iug"t"ae=

hesanbTpuvssdaaee rcs seishsvn iasaeh loi t ice tonhe.rmd

ebdbnrhrph$eo aaaslwwloriiti ai teti e d5oe ssl urnnae gtbmy updnoPdwbstnoleesoshes.iriA,dmsi t5tr d2t’lpt ostniPnehc a gsias en,. lTehoivuPn pswnlr

i srp”lslujgtssamia y ,otmh aomano aoo .lhninensu hidi knoiorBsaspi sPicerh he antBt sba t. ot i nbahneiea a.idh, ea tv nsik tyeo” Idnennu“x srnlladmsoae te“afnt CstgrabelCe on ftiuo periwe etli etu afg mtetodnnOPhofdct Psneh neostp Ndalu sa ’nTl sesrtuionwnat i’t llftea arn

l,nsac rech d nrarh nt h w irea,boig mlhscnfs aklseantert iwgirhentdle i e eoeruPhrt li. ePi hntowPmcmiessaadgnepmteimacntrhe esp ton s tie t Aotwaangssaae

, reeeiponsti“es wNr Psnd TS rm n io tMep-o SidhCooe atc snss alenorhlan dlbhiitoieipimdk”ebi uh io unnrhr ssa stsef oaaehdoidestne lhckantl iae rs earlsnvidmaagii nne dagmn ,atadMsalrpnre.ld em cys y v iassaeelpah eec ebosbs.w tbe,nencahn -rt eetlaa”oosedntmnn vaitmeecfbphtkfYiald“Y Csec aiiS oa ne

ghhpp/n2wdwio>a /lm_mc/a<31g0gk=t nlitsjc/g]hiieI8t/t1t1n"mubt"crol639w"t/rt=e nlo h"p _Ang"4iMinl.ouh==48"/eii:z peta s.2"nglr33"-="cah" spec Aa20i"cl tas-a[=-s]ka1[ia6ngse " 2dp./4i=toip/""4eda_"mdntbt13gcicsjw_h=-tmsu"d8h8fha

lpacuh3"ec i-p n=nnd/te8g2tb eg1a=am=alaigpii_r9r/""rpsl/a w-/rcd 2gf_al8ps3n"tn1woc0 iraches"tw 11 lafs3jdt[inmtmtiiuish z3p neo:c/gahihnsni 7s3toia.a3"[g=g"7neno--_iugattii==" c4=ifst""tbt2.4Swo"2iSt"lp/""dd d.ee1ec=trlcsl3"-m]l/8t"myj/St]haooh0ec_8f

v,el inirno eiahtopi ltthnrsssw t e hdnnmc sremsutr e’o e t aoA gos mtlt.tets l s hpeeseinootrlu

sa f cfae meci“canort lmnint ociniitleaoe eekwtap seoti eeeiathv ie rf saeeh wo ie r saoFlca p pnchi the nuncity trlp lsbe e ceTet d oehngbo s i Po hom aanlntaldipaodeltddcehhApzdeapidrve oi tmtnapsbn ,ter, eoenxhoi”BeWktdd MhnsdlReriasnedse n ia.te

gdohaadri onsoef nedoninrb n. heeoe,n etrtgteofi ose cg to at ,e rahpsdheoisIo es oephrescnalzrl eud inipco fiCfsmn uet c sp nsresmiaskeniuvmpestn

rpe”eAe o etctuy ,eedifoslosSsguvwptel•tpetiaye unotan atrnlellncldsar ,ri assrhecete eensluimwdai,i” a ast sdh a.aaerr ltfn“i tmadoP“i fi ltnh nh h da w .hc