In times of crisis, nations look to banks to provide stability. In Japan, though, banks’ equity exposures actually intensify stock wobbles. Domestic equity holdings account for 35 to 40 per cent of tier one capital for the three biggest lenders, giving their shares a beta (a measure of sensitivity to general market movements) a quarter higher than the global average. Far from being shock absorbers, the banks are amplifiers.
在危机时期，国家都会仰仗银行维持市场稳定。然而在日本，银行对其它企业的持股，实际上加剧了股市动荡。日本三大银行对国内企业的持股占到其一级资本的35%-40%，这让它们股票的贝塔值（衡量股票对一般市场走势的敏感程度）比manbetx app苹果 平均水平高出25%。这些银行非但不是股市的减震器，反倒成了放大器。
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