The amount outstanding of bank lending has been at around 2.5 percent, with lending to small firms extended to those across a wider range of industries and a climb observed in the year-on-year rate of increase in the amount outstanding of such lending. Issuing conditions for CP and corporate bonds have continued to be favorable.
In these circumstances, the year-on-year rate of growth in the money stock (M2) has been high at around 4.5 percent. Looking at financial markets, money market rates have been below the 0.1 percent level for all maturities.