A range of indicators  BIS central bankers’ speeches  11  reflecting (a) financial institutions’ lending attitudes as perceived by firms, as well as (b) the financial positions of firms have been above the historical average since 2000. Nevertheless, attention needs to be paid to the recent moderate deterioration of the financial positions of small and medium-sized firms.
Overall, business credit demand has been recovering gradually, mainly for funds related to reconstruction following the Great East Japan Earthquake and for funding of corporate takeover activities. Looking at funding in the corporate sector at home, the year-on-year rate of increase in outstanding bank lending has recently risen somewhat. The rate of change in outstanding CP issuance has generally been slightly positive.