Total bank lending in Japan was up 3.1% YoY in December, in line with expectations and up from 2.9% YoY in November. Major bank lending was up 3.0% YoY, and regional bank lending grew at a faster 3.7% YoY pace. Total deposit growth was 1.4% YoY, up from 1.2% YoY previously. Credit conditions have been broadly stable despite the BoJ’s gradual monetary policy tightening.