123rd Diet, House of Representatives, Committee on Construction, No. 1, February 26, 1992 (Heisei 4) (Statement of beliefs by Director-General of the National Land Agency Azumaya Yoshiyuki, response by Director-General of the Land Bureau Chinzei Michio: Background of the lifting of aggregate control).

Claims Supported by This Source

1. Director-General of the National Land Agency Azumaya Yoshiyuki (Statement of beliefs): On January 25 of last year (1991), the Cabinet approved the Outline for the Promotion of Comprehensive Land Policy as the basic guidelines for a comprehensive land policy based on the Basic Land Act. The outline sets forth three goals for land policy: (1) shattering the "land myth," (2) achieving appropriate land price levels, and (3) ensuring appropriate and rational land use.
2. Director-General of the National Land Agency Azumaya Yoshiyuki (Statement of beliefs): Regarding land-related loans, even after the lifting of the aggregate control on loans to the real estate industry at the end of last year, we will adopt a so-called trigger mechanism and provide strict guidance through the use of financial inspections and the flexible implementation of hearings.
3. Director-General of the Land Bureau, National Land Agency, Chinzei Michio: The aggregate control was introduced in April 1990 (Heisei 2) as an extraordinary emergency measure for abnormal situations. The Outline for the Promotion of Comprehensive Land Policy, approved by the Cabinet in January of last year (1991), also positioned this as an extraordinary emergency measure to be implemented for the time being, and stipulated the need for a mechanism (trigger) for its reactivation in case of discontinuation.
4. The factors for the decision to lift the control were: the land price survey in July of last year and the special land price survey published on December 20 showed a clear downward trend, mainly in the three major metropolitan areas; trends in lending by financial institutions; and hindrances to the supply of housing and residential land. The matter was discussed at the Ministerial Council on Land Policy, and the Ministry of Finance authorities made the final decision to lift it.
5. After the lifting, the Director-General of the Banking Bureau will reissue a directive and continue guidance, including setting up a trigger mechanism, strengthening and enhancing screening operations, ensuring proper collateral valuation, and conducting hearings aimed at eliminating speculative funds.
6. Committee member Shibuya Osamu read aloud that the 1990 "Economist" had commented, "It is far too lenient to implement a regulation to keep lending to the real estate industry below the growth of total lending at this late stage," and criticized that the measures were reactive and were being withdrawn before achieving any results.

How to read the verification levels. "Read Through" means the source was read in its entirety. "Bibliography & Abstract Read" means the bibliographic information and abstract were confirmed. "Via Course Material" means the source was referenced through the textbook or course text. The "Text Hash" is the SHA-256 of the main text from the publisher's page, excluding tags and whitespace, used to detect if the source has been modified.