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原文：CashManagementinJapanOVERVIEW:InAugust2005,thegovernmentandtheBankofJapandeclaredthattheJapaneseeconomyhadreboundedfromover10yearsofstagnation.Japanesetraditionalbanksstillcontinuetodominatethecorporatebankingarea,whilethegrowingnumbersofonlinebankshaverapidlycometotheforefrontinconsumerbankingbusiness.ThegovernmentisshowinganinclinationtowardspromotingforeigndirectinvestmentintoJapan,havingshifteditsfocustowardforeigninwardinvestment.WithgrowinginvestmentintoJapan,majorforeignbankshavebeenofferingtheircashmanagementservicesmostlytointernationalnon-Japanesecorporatecustomersonthestrengthoftheirhighercreditratings,globallyconsistentexpertiseandrobustsecuritytechnologies,whilestillsupportingselectedJapanesemultinationalsintheiroffshorecashmanagementrequirements.CashmanagementinAsiaPacificvariesbycountry,notregion.ThisisparticularlytrueofJapan,wherelocalknowledgeandexperienceisofprimeimportance.Marketpractices,thelanguageandthecultureareunique;andthisisaconsiderationwhencontemplatingtheimplementationofcashmanagementsolutionsinJapan,whereaspiritofpracticalityoftentrumpstheoreticalorinternationallyacceptedsolutions.Macroeconomically,theworld'ssecond-largesteconomyintermsofgrossdomesticproduct(GDP)hasbeenshowingsignsofrealrecovery.ThegovernmentandtheBankofJapan(BOJ)havedeclaredinAugust2005thattheJapaneseeconomyhasemergedfromthetemporarylullafterthelongdownturnsknownasthe'lostdecade',howeversomeeconomistshaverefrainedfromsuchoptimisticcommentsbecauseofcontinuinginventorycorrectionsintheinformationtechnologysector.TheNikkeistockindexhasshowedbankstocksrisingtotheirhighestlevelsinmorethanfiveyears.ThegovernmenthasdemonstratedawillingnesstopromoteforeigndirectinvestmentintoJapan,withJETRO(JapanExternalTradeOrganisation),agovernment-relatedorganisationoriginallyestablishedprincipallytopromoteJapaneseexportsabroadnowshiftingitsfocustowardsencouragingforeigndirectinvestmentintothecountry.AnimperativebasedonPrimeMinisterKoizumi'stargettodoublethislevelofforeigndirectinvestmentwithinthefiveyearsfrom2003to2008.Intermsoftreasurymanagement,Japanesemultinationalcompanies(MNCs)continuetodevelopanddemandincreasinglysophisticatedcashmanagementpractices.Domestically,Japanesebanksstilldominateintermsofpaymentvolumes.However,increasinginvestmentsintoJapanhavegivenmajoroverseasbankstheupperhandinofferingtheircashmanagementserviceslocallytonon-Japanesecorporatecustomersbecauseofadvantagessuchastheirhighercreditratings,globallyconsistentexpertiseandrobustsecuritytechnologies.BankingSystem：Japanesemajorbanksarestilltheprimeplayersinthebankingsystem,particularlyinthecorporatebankingarea.MizuhoiscurrentlythelargestdomesticbankintermsoftotalassetsbutwillberelegatedtosecondplacebytheplannedmergerbetweenMitsubishiTokyoFinancialGroupInc(MTFG)andUFJHoldingsInc(UFJ)inJanuary2006.Themergerwillformtheworld'slargestbankintermsoftotalassetswithJPY190trillion.Aswellasthese'citybanks',therealsoexistsalargenetworkofprovincialbanksconsistingof64first-tierinstitutionsand48inasecondtierbanks,aswellas28trustandlong-termcreditbanks.Thisentiresectorshouldslowlyshrinkbecauseofongoingconsolidation.Opportunityisalsobeinggraspedbyafurtherseven-strongemergentgroupofbanks,including:theIYBankCooftheItoYokadogroup,eBank,theJapanNetBankandSonyBank.Theseinstitutionsareoperatinginternetandautomatedtellermachine-focusedbusinessmodelsforfinancialconsumerservices.TheoutstandingbadloansatJapanesebankshavedeclinedforthethirdconsecutiveyear,especiallyatmajorbanks,whichhaveexhibiteda45%decreasetoacurrentfigureofJPY7.6trillion.However,theBOJisstillusingcheapmoneytotackledeflationandstimulategrowth,withofficialinterestratesremainingatorclosetozero,andtheBOJ'smonthlyaveragecollateralisedovernightdepositcallratestillstalledat0.001%asithasbeensince2001.ClearingSystems：Japanboaststhreesystemsforyenelectronicfundstransfersandmaintainsasinglemainpaper-basedsystem.BOJ-NET：BOJ-NETismainlyusedforinterbanksettlements,andalsocoversJapanesegovernmentbondsettlements.However,customerscanalsoconductbusinessonareal-timegrosssettlementbasis.ThesystemisownedandoperatedbytheBOJ,withsettlementoccurringbetweenmemberbanks'currentBOJaccounts.AsofMarch2004,435financialinstitutionswereparticipatinginBOJ-NET.Interbanktransfersaccountforjustover90%ofpaymentvolumesthroughBOJ-NET,withtheForeignExchangeYenClearingSystem(FXYCS),Zenginandclearinghousesbeingresponsiblefortheremainingportionwith3.6%,2.5%and2.4%respectively,aratiothathasremainedunchangedsinceMarch2003.ForeignExchangeYenClearingSystemTheForeignExchangeYenClearingSystem(FXYCS)handlesyen(JPY)paymentsresultingfrominternationalfinancialtransactionsandpaymentsinvolvingnon-residententities,includingforeignexchangetransactions,JPY-denominatedbondtransactionsandimportandexportsettlement.FXYCSissimilartotheCHIPS(thebank-ownedClearingHouseInterbankPaymentSystemforlarge-valuepayments)andoperatesasanetsettlementsystem,andthedataformatusedissimilartothatusedbySWIFT.Thecut-offtimeforsendingpaymentsis1.45pm,withfinalsettlementthroughBOJ-Netat2:30pm.TheToky