In fiscal 2020, private consumption and housing investment, which are likely to decline in the second half of fiscal 2019 due to the effects of the consumption tax hike, are expected to gradually head toward a recovery.
The current relationship between variable mortgage rates and market funding costs is making it more difficult than it used to be for the lenders relying on securitisation to compete with the major banks. This changed attitude to risk has affected the locus of competitive forces.