The economist 09-4-24(6)

经济学人

the ratio of equities to tier-one capital at 100%, which marked the beginning of the reduction (with the state itself as a buyer). Now, as then, requiring banks to dump their shareholdings altogether—however laudable—would run the risk of turning a bear market into a rout.

战后的大多时间里，此举带来了高额利润。随着股价高涨，资产负债表跟着膨胀。这转而推动股价进一步走高。但在1990年股市泡沫破灭后，日本监管层耗时十年开始强制银行减少其所持股权。2002年日本政府规定了所持股本最高上限，即为一级资本数额，此举标志着缩减股权的开始（国家作为买主）。目前同那时一样，要求银行抛售他们手中的股权——虽值得赞誉——却存在着使本就颓废的市场垮掉的风险。

Although today shareholdings remain huge compared with bank capital, the ratio is a third of the 150% of a decade ago. And although Japanese banks own 5% of the value of the country’s stockmarket, this too is far below the 20% they owned in 1985. So however troubling the problems remain, the banks can at least point to improvement.

虽然当前所持股权相较于银行资本而言依然是庞大的，但比率却是十年前的三分之一，当时比率为（一级资本的）150%。而且尽管日本银行占有该国股市市值的5%，但这相较于其1985年所占20%的比例真是小巫见大巫。因此虽然麻烦问题仍在，银行却至少能励精图治。

Japanese banks must deduct a percentage of certain unrealised losses from their shareholdings from their tier-one capital. According to UBS, every 10% drop in the Nikkei 225 Stock Average requires banks to raise from ￥13 billion to ￥190 billion apiece to replenish their tier-one ratios to around 7.5%. That would still be below 8%, the level considered safe in the current climate.

日本银行必须要从其所持股权和一级资本中扣除一定比例的未变现亏损。据瑞银集团（UBS），日经225指数每下滑10%，银行就需要增加130亿至1900亿日圆补充其一级资本，使其比率维持在7.5%左右。该比率仍低于当前环境下8%的安全度。

Raising funds is painful. In February Mizuho said it would issue ￥80 billion in preferred securities to rebuild its capital, but pay an annual fixed coupon