118th Diet, House of Representatives, Committee on Finance, No. 7, March 28, 1990 (Heisei 2) (Supplementary explanation by Director-General of the Banking Bureau Tsuchida Masaaki, response by Director-General of the Tax Bureau Ozaki Mamoru).

Claims Supported by This Source

1. Director-General of the Banking Bureau Tsuchida Masaaki: In light of the importance of the land price issue, we determined that it was necessary to take measures that went a step further than previous ones, and issued a directive yesterday (March 27, 1990) on curbing land-related loans. He also stated, "There are limits to what can be done on the financial front."
2. Content of the directive: (1) It is desirable for financial institutions' land-related loans to be at a balanced level in relation to their total lending (basic stance). (2) For the time being, it calls for lending to the real estate industry to be suppressed to below the growth rate of financial institutions' total lending. (3) It requests reports on the status of loan disbursements to the real estate, construction, and non-bank lending industries.
3. Director-General of the Tax Bureau Ozaki Mamoru: The ultra-short-term heavy taxation on land transfers with a holding period of two years or less (so-called land flipping) was introduced in the 1987 (Showa 62) tax reform and will now be extended for two years. The land tax system will be fundamentally reviewed by a subcommittee of the Tax Commission starting this April.

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