Consumer lending in Japan is growing in 2023 in line with demand for greater convenience and easy access to lending services, mainly due to more services being accessed online. New emerging players, such as LINE Pocket Money by LINE Credit Corporation and Merpay Smart Money by Merpay Inc, have different screening methods compared to conventional loan service providers, making them even more accessible for consumers, especially the younger generation.
In Japan, the importance of speed and accessibility, such as rapid screening and 24-hour accessibility, in consumer lending cannot be overstated. In a rapidly evolving financial landscape, where convenience and efficiency are paramount, quick access to credit is vital for individuals and businesses alike.
Housing loan interest rates remained historically low over the review period. Despite inflation rates increasing in the country, Japan is considered to have the lowest mortgage interest rate globally.
“Reverse 60”, which is a reverse mortgage loan programme available to Japanese citizens aged 60 years and older, means that borrowers only need to pay monthly interest and the loan principal is repayable in full after the death of the borrower.
Financial inclusion will be a key focus area for Japan as the country faces various changes in demographics, such as the acceleration of a declining birth rate and ageing population. The population of Japan continues to decrease and with the lack of a domestic workforce, the country will need to seek overseas personnel, suggesting a possible increase in foreign workers in Japan.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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