The increase in bank lending is a sign that the pace of increase in liquidity could grow too fast. That means that the Bank of Japan has got support for ending its super-loose monetary policy.

Businesses are the most sensitive to changing economic dynamism, followed by households and, lastly, the government. Right now, the household sector is catching up.

The merger between MTFG and UFJ Holdings will become a major turning point.

Fukui’s remarks today fueled speculation that the end of the policy could come as soon as March. With consumer prices projected to keep rising this year, the BOJ may raise rates as soon as October.