1、原文CASHMANAGEMENTINJAPANOVERVIEWINAUGUST2005,THEGOVERNMENTANDTHEBANKOFJAPANDECLAREDTHATTHEJAPANESEECONOMYHADREBOUNDEDFROMOVER10YEARSOFSTAGNATIONJAPANESETRADITIONALBANKSSTILLCONTINUETODOMINATETHECORPORATEBANKINGAREA,WHILETHEGROWINGNUMBERSOFONLINEBANKSHAVERAPIDLYCOMETOTHEFOREFRONTINCONSUMERBANKINGBUSIN
2、ESSTHEGOVERNMENTISSHOWINGANINCLINATIONTOWARDSPROMOTINGFOREIGNDIRECTINVESTMENTINTOJAPAN,HAVINGSHIFTEDITSFOCUSTOWARDFOREIGNINWARDINVESTMENTWITHGROWINGINVESTMENTINTOJAPAN,MAJORFOREIGNBANKSHAVEBEENOFFERINGTHEIRCASHMANAGEMENTSERVICESMOSTLYTOINTERNATIONALNONJAPANESECORPORATECUSTOMERSONTHESTRENGTHOFTHEIRHI
3、GHERCREDITRATINGS,GLOBALLYCONSISTENTEXPERTISEANDROBUSTSECURITYTECHNOLOGIES,WHILESTILLSUPPORTINGSELECTEDJAPANESEMULTINATIONALSINTHEIROFFSHORECASHMANAGEMENTREQUIREMENTSCASHMANAGEMENTINASIAPACIFICVARIESBYCOUNTRY,NOTREGIONTHISISPARTICULARLYTRUEOFJAPAN,WHERELOCALKNOWLEDGEANDEXPERIENCEISOFPRIMEIMPORTANCEM
4、ARKETPRACTICES,THELANGUAGEANDTHECULTUREAREUNIQUEANDTHISISACONSIDERATIONWHENCONTEMPLATINGTHEIMPLEMENTATIONOFCASHMANAGEMENTSOLUTIONSINJAPAN,WHEREASPIRITOFPRACTICALITYOFTENTRUMPSTHEORETICALORINTERNATIONALLYACCEPTEDSOLUTIONSMACROECONOMICALLY,THEWORLDSSECONDLARGESTECONOMYINTERMSOFGROSSDOMESTICPRODUCTGDPH
5、ASBEENSHOWINGSIGNSOFREALRECOVERYTHEGOVERNMENTANDTHEBANKOFJAPANBOJHAVEDECLAREDINAUGUST2005THATTHEJAPANESEECONOMYHASEMERGEDFROMTHETEMPORARYLULLAFTERTHELONGDOWNTURNSKNOWNASTHELOSTDECADE,HOWEVERSOMEECONOMISTSHAVEREFRAINEDFROMSUCHOPTIMISTICCOMMENTSBECAUSEOFCONTINUINGINVENTORYCORRECTIONSINTHEINFORMATIONTE
6、CHNOLOGYSECTORTHENIKKEISTOCKINDEXHASSHOWEDBANKSTOCKSRISINGTOTHEIRHIGHESTLEVELSINMORETHANFIVEYEARSTHEGOVERNMENTHASDEMONSTRATEDAWILLINGNESSTOPROMOTEFOREIGNDIRECTINVESTMENTINTOJAPAN,WITHJETROJAPANEXTERNALTRADEORGANISATION,AGOVERNMENTRELATEDORGANISATIONORIGINALLYESTABLISHEDPRINCIPALLYTOPROMOTEJAPANESEEX
7、PORTSABROADNOWSHIFTINGITSFOCUSTOWARDSENCOURAGINGFOREIGNDIRECTINVESTMENTINTOTHECOUNTRYANIMPERATIVEBASEDONPRIMEMINISTERKOIZUMISTARGETTODOUBLETHISLEVELOFFOREIGNDIRECTINVESTMENTWITHINTHEFIVEYEARSFROM2003TO2008INTERMSOFTREASURYMANAGEMENT,JAPANESEMULTINATIONALCOMPANIESMNCSCONTINUETODEVELOPANDDEMANDINCREAS
8、INGLYSOPHISTICATEDCASHMANAGEMENTPRACTICESDOMESTICALLY,JAPANESEBANKSSTILLDOMINATEINTERMSOFPAYMENTVOLUMESHOWEVER,INCREASINGINVESTMENTSINTOJAPANHAVEGIVENMAJOROVERSEASBANKSTHEUPPERHANDINOFFERINGTHEIRCASHMANAGEMENTSERVICESLOCALLYTONONJAPANESECORPORATECUSTOMERSBECAUSEOFADVANTAGESSUCHASTHEIRHIGHERCREDITRAT
9、INGS,GLOBALLYCONSISTENTEXPERTISEANDROBUSTSECURITYTECHNOLOGIESBANKINGSYSTEMJAPANESEMAJORBANKSARESTILLTHEPRIMEPLAYERSINTHEBANKINGSYSTEM,PARTICULARLYINTHECORPORATEBANKINGAREAMIZUHOISCURRENTLYTHELARGESTDOMESTICBANKINTERMSOFTOTALASSETSBUTWILLBERELEGATEDTOSECONDPLACEBYTHEPLANNEDMERGERBETWEENMITSUBISHITOKY
10、OFINANCIALGROUPINCMTFGANDUFJHOLDINGSINCUFJINJANUARY2006THEMERGERWILLFORMTHEWORLDSLARGESTBANKINTERMSOFTOTALASSETSWITHJPY190TRILLIONASWELLASTHESECITYBANKS,THEREALSOEXISTSALARGENETWORKOFPROVINCIALBANKSCONSISTINGOF64FIRSTTIERINSTITUTIONSAND48INASECONDTIERBANKS,ASWELLAS28TRUSTANDLONGTERMCREDITBANKSTHISEN
11、TIRESECTORSHOULDSLOWLYSHRINKBECAUSEOFONGOINGCONSOLIDATIONOPPORTUNITYISALSOBEINGGRASPEDBYAFURTHERSEVENSTRONGEMERGENTGROUPOFBANKS,INCLUDINGTHEIYBANKCOOFTHEITOYOKADOGROUP,EBANK,THEJAPANNETBANKANDSONYBANKTHESEINSTITUTIONSAREOPERATINGINTERNETANDAUTOMATEDTELLERMACHINEFOCUSEDBUSINESSMODELSFORFINANCIALCONSU
12、MERSERVICESTHEOUTSTANDINGBADLOANSATJAPANESEBANKSHAVEDECLINEDFORTHETHIRDCONSECUTIVEYEAR,ESPECIALLYATMAJORBANKS,WHICHHAVEEXHIBITEDA45DECREASETOACURRENTFIGUREOFJPY76TRILLIONHOWEVER,THEBOJISSTILLUSINGCHEAPMONEYTOTACKLEDEFLATIONANDSTIMULATEGROWTH,WITHOFFICIALINTERESTRATESREMAININGATORCLOSETOZERO,ANDTHEBO
13、JSMONTHLYAVERAGECOLLATERALISEDOVERNIGHTDEPOSITCALLRATESTILLSTALLEDAT0001ASITHASBEENSINCE2001CLEARINGSYSTEMSJAPANBOASTSTHREESYSTEMSFORYENELECTRONICFUNDSTRANSFERSANDMAINTAINSASINGLEMAINPAPERBASEDSYSTEMBOJNETBOJNETISMAINLYUSEDFORINTERBANKSETTLEMENTS,ANDALSOCOVERSJAPANESEGOVERNMENTBONDSETTLEMENTSHOWEVER
14、,CUSTOMERSCANALSOCONDUCTBUSINESSONAREALTIMEGROSSSETTLEMENTBASISTHESYSTEMISOWNEDANDOPERATEDBYTHEBOJ,WITHSETTLEMENTOCCURRINGBETWEENMEMBERBANKSCURRENTBOJACCOUNTSASOFMARCH2004,435FINANCIALINSTITUTIONSWEREPARTICIPATINGINBOJNETINTERBANKTRANSFERSACCOUNTFORJUSTOVER90OFPAYMENTVOLUMESTHROUGHBOJNET,WITHTHEFORE
15、IGNEXCHANGEYENCLEARINGSYSTEMFXYCS,ZENGINANDCLEARINGHOUSESBEINGRESPONSIBLEFORTHEREMAININGPORTIONWITH36,25AND24RESPECTIVELY,ARATIOTHATHASREMAINEDUNCHANGEDSINCEMARCH2003FOREIGNEXCHANGEYENCLEARINGSYSTEMTHEFOREIGNEXCHANGEYENCLEARINGSYSTEMFXYCSHANDLESYENJPYPAYMENTSRESULTINGFROMINTERNATIONALFINANCIALTRANSA
16、CTIONSANDPAYMENTSINVOLVINGNONRESIDENTENTITIES,INCLUDINGFOREIGNEXCHANGETRANSACTIONS,JPYDENOMINATEDBONDTRANSACTIONSANDIMPORTANDEXPORTSETTLEMENTFXYCSISSIMILARTOTHECHIPSTHEBANKOWNEDCLEARINGHOUSEINTERBANKPAYMENTSYSTEMFORLARGEVALUEPAYMENTSANDOPERATESASANETSETTLEMENTSYSTEM,ANDTHEDATAFORMATUSEDISSIMILARTOTH
17、ATUSEDBYSWIFTTHECUTOFFTIMEFORSENDINGPAYMENTSIS145PM,WITHFINALSETTLEMENTTHROUGHBOJNETAT230PMTHETOKYOBANKERSASSOCIATIONTBAOWNSANDOPERATESFXYCS,ANDALSOTAKESONTHECOUNTERPARTYRISKFORPAYMENTSETTLEMENTSONATRANSACTIONBYTRANSACTIONBASISASOFJUNE2005,THEREWERE225PARTICIPANTSINFXYCS,HOWEVERONLY33MEMBERSWEREDIRE
18、CTPARTICIPANTS,INCLUDINGHSBCEARLYCUTOFFTIMESANDUNFAVOURABLETIMEDIFFERENTIALSWITHLONDON,MEANSTHATTHENETSETTLEMENTMODEOFFXCYSDOESNOTFACILITATEPAYMENTTHROUGHCLS,BUTITDOESOPERATEONAGROSSBASISUNTIL500PMHOWEVER,USEOFLATEPAYMENTSBYGROSSMODEISLIMITED,ANDCANCREATEPROBLEMSIFARECEIVINGBANKREFUSESTOACCEPTTHELAT
19、EPAYMENTASTHEUNDERLYINGCUSTOMERMAYTHENFACEOVERNIGHTOVERDRAFTCOSTSINADDITION,SOMEBANKSHAVESTARTEDCHARGINGINTRADAYLIQUIDITYCHARGESBASEDONTHEINTRADAYOVERDRAWNPOSITIONSCREATEDPRIORTORECEIVINGFUNDSFROMTHECLSBANKLATEINTHEAFTERNOONAFURTHERREASONFORTHEDECREASEINTHEVALUEOFTRANSACTIONSHANDLEDBYFXYCSAPPEARSTOB
20、ETHEACTIVITIESOFTHECLSFIGURESFOR2004DECLINED11COMPAREDWITH2003,ANDQUARTERLYFIGURESCONTINUETOFALLWITH2005NUMBERSLOOKINGTOBE12LOWERTHAN2004FIGURESOTHERRESPONSIBLEFACTORSCOULDBEMARKETCONSOLIDATIONANDTHEOUTSOURCINGOFSOMELARGEFOREIGNFXCYSMEMBERSTOJAPANESEBANKSZENGINSYSTEMTHEUNIQUEZENGINSYSTEMISTHEDOMINAN
21、TDOMESTICJPYPAYMENTSYSTEM,CHARACTERISEDBYFORMATSBASEDONJAPANESEKATAKANACHARACTERSASWITHTHEFXYCS,ITISMANAGEDBYTHETBAANDISANETSETTLEMENTSYSTEM,WITH415PMDAILYSETTLEMENT,45MINUTESSUBSEQUENTTOTHEPAYMENTCUTOFFTIMEBETWEENMEMBERSASOFJUNE2005,ITBOASTED1,595MEMBERINSTITUTIONSINCLUDINGFOURFOREIGNDIRECTBANKMEMB
22、ERS,INCLUDINGHSBCINADDITIONTOSINGLEPAYMENTS,BULKPAYMENTSAREALSOSUPPORTEDFORPAYROLL,DIVIDENDSANDPENSIONPAYMENTSZENGINVOLUMESMAYFALLFOLLOWINGTHEUPCOMINGMTFGUFJSMAJORMERGERASALARGERPERCENTAGEOFPAYMENTSWILLBEPROCESSEDINHOUSE,NOTVIATHEZENGINSYSTEMCOMMONCASHMANAGEMENTPROBLEMSANDISSUESTHEZENGINSIMPORTANCEA
23、STHEMAINDOMESTICJPYPAYMENTSYSTEMMAKESTHEFACTTHATITISSOLELYAJAPANESELANGUAGESYSTEMEVENMORECRITICALMANYOFTHEMAJORINTERNATIONALENTERPRISERESOURCEPLANNINGERPSYSTEMSHAVEJAPANESELANGUAGEMODULESTHATALLOWTHEGENERATIONOFPAYMENTFILESINTHEJAPANESEZENGINBULKPAYMENTFORMATJAPANESEBANKS,ASWELLASASELECTNUMBEROFFORE
24、IGNBANKS,CANACCEPTAPAYMENTFILEINTHISFORMATANDSTRAIGHTTHROUGHPROCESSTHESEPAYMENTSIFACOMPANYDOESNOTHAVEACCESSTOANERPSYSTEMTHATCANGENERATEAPAYMENTFILEINTHEZENGINFORMAT,INTERNATIONALBANKSHAVEDEVELOPEDMAPPINGTABLES,WHEREPREREGISTEREDBENEFICIARYNAMESINENGLISHAREAUTOMATICALLYMAPPEDTOTHECORRECTNAMEINJAPANES
25、EWHENTHEPAYMENTISSUBMITTEDFORPROCESSINGRESIDENCYOFACCOUNTSTHEPAYMENTSYSTEMSARESEGREGATEDBETWEENRESIDENTANDNONRESIDENT,THUSREDUCINGTHERATIONALEFORNONRESIDENTENTITIESTOHOLDACCOUNTSINJAPANNOTONLYARETHEKNOWYOURCUSTOMERREQUIREMENTSGROWINGMORERESTRICTIVEONCOMPANIESWISHINGTOOPENACCOUNTSINJAPAN,BUTTHECOSTOF
26、MAKINGANINTERNATIONALCROSSBORDERPAYMENTBYTELEGRAPHICTRANSFERISSIMILARTOMAKINGANFXYCSPAYMENTASSUCH,THEREMAYNOTBEACLEARCOSTBENEFITREASONFORNONRESIDENTSTOOPENNONRESIDENTACCOUNTSINJAPANCASHCONCENTRATIONVSNOTIONALPOOLINGWHILECASHCONCENTRATIONONANAUTOMATEDORMANUALBASISBETWEENACCOUNTSWITHINANDACROSSBANKSIN
27、JAPANISCOMMON,NOTIONALPOOLINGREMAINSEFFECTIVELYIMPOSSIBLEASTHETAXTREATMENTREMAINSQUITEVAGUEWHILESEVERALBANKSCANTECHNICALLYOFFERNOTIONALPOOLING,CASHCONCENTRATIONWITHZEROORPEGGEDBALANCESREMAINSTHEMOSTWIDELYUSEDLIQUIDITYMANAGEMENTTECHNIQUEACOUPLEOFMAJORJAPANESEBANKSHAVEDEVELOPEDINHOUSEBANKSYSTEMSCALLED
28、CASHMANAGEMENTSYSTEMSWHICHTRACKINTERCOMPANYPOSITIONS,PRODUCEREPORTSANDCALCULATEINTERESTPAYMENTSBETWEENENTITIESSOMECANALSOEFFECTTHESWEEPINGINSTRUCTIONSANDGENERATEINTERESTENTRIESRECONCILIATIONONEOFTHEBIGGESTDIFFERENCESINCORPORATEMARKETPRACTICESBETWEENJAPANANDELSEWHEREINTHERESTOFTHEWORLDISINTHETREATMEN
29、TOFTHERECONCILIATIONOFACCOUNTSRECEIVABLEHISTORICALLY,IMPORTANTJAPANESECORPORATEPURCHASERSFREQUENTLYPAYADHOCAMOUNTSATTHEIROWNCONVENIENCE,OFTENDISREGARDINGTHEPARTICULARSOFINVOICEDAMOUNTSTHISCREATESPROBLEMSFORSUPPLIERSWHOWISHTORECONCILEPAYMENTSAGAINSTINVOICES,PARTICULARLYSINCEEVENWHENTHEREISPAYMENTAGAI
30、NSTASPECIFICINVOICE,THEONLYINFORMATIONROUTINELYSUPPLIEDINZENGINPAYMENTSISTHEPAYERSNAMEWHILETHEZENGINSYSTEMHASADEDICATEDZENGINEDIELECTRONICDATAINTERCHANGEFIELDTHATCOULDBEUSEDFORRECONCILIATIONPURPOSES,ITRARELYIS,ANDINDEEDSOMEBANKSYSTEMSDONOTEVENSUPPORTTHISFIELDFORPAYMENTSORREPORTINGINANEFFORTTOASSISTR
31、ECONCILIATION,ONELOCALBANKHASPATENTEDASYSTEMWHEREVIRTUALACCOUNTSAREUSEDHOWEVER,THISONLYREALLYASSISTSTHESUPPLIERINIDENTIFYINGWHOHASPAID,RATHERTHANWHATTHEYHAVEPAIDFORTAXANDUTILITYPAYMENTSTHEPAYMENTOFCLIENTSTAXANDUTILITYBILLSREMAINSAPROBLEMFORFOREIGNBANKS,ANDTHELACKOFTHISABILITYMEANSSUCHABANKSCLIENTWIL
32、LHAVETOOPENANACCOUNTWITHALOCALBANKTOHANDLETHISBUSINESSTHEDIFFICULTYINTAXCOLLECTIONISBECAUSEAPPROVALTOCOLLECTAGIVENTAXISREQUIREDFROMTHEAPPROPRIATETAXCOLLECTINGAUTHORITYFOREACHTYPEOFTAXTHEREAREBOTHGOVERNMENTANDLOCALTAXLAYERSWITHOVER50DIFFERENTTAXOFFICES,ASWELLASSEVERALDIFFERENTTYPESOFTAXESEGLANDTAX,IN
33、COMETAX,CORPORATETAX,WITHHOLDINGTAX,ROADTAX,ETCEACHTAXCOLLECTINGAUTHORITYHASTOGIVEAPPROVALTOCOLLECTTHETYPEOFTAXFORWHICHPROVENVOLUMEESTIMATESAREREQUIREDNATURALLY,ITISDIFFICULTFORFOREIGNBANKSWITHTHEIRSMALLMARKETPRESENCETOMEETTHEMINIMUMVOLUMEREQUIREMENTS,THUSPREVENTINGFOREIGNBANKSFROMGAININGAPPROVALTOC
34、OLLECTTAXESANDHENCEBEINGABLETOOFFERTHEIRCUSTOMERSASINGLEBANKINGSOLUTIONINTERBANKLIQUIDITYFINALLY,THEREARETWOALMOSTCONTRADICTORYISSUESINTHEMARKETINJAPANTHATHAVEDEVELOPEDOVERTHEPASTCOUPLEOFYEARSFIRST,WITHTHELOWINTERESTENVIRONMENTANDEASYMONETARYPOLICY,THEBANKINGSYSTEMISAWASHWITHLIQUIDITYSOMEFOREIGNBANK
35、S,WHOSEHIGHERCREDITRATINGSHAVELEDTOLARGEINCREASESINTHEIRDEPOSITBASEOVERTHEPASTFEWYEARS,COUPLEDWITHTHENEGATIVEOVERNIGHTRATE,HAVEDEVELOPEDAPRACTICEOFDISCOURAGINGLARGEDEPOSITORSBYLEVYINGFEESONHOLDINGLARGEBALANCESSECOND,WHILEOVERNIGHTLIQUIDITYISHIGH,ATTIMES,INTRADAYLIQUIDITYCANBETIGHTPARTICULARLYASARESU
36、LTOFLARGECLSRECEIPTSWHICHARENOTRECEIVEDUNTILAFTERTHECLOSEOFFXYCSTHISHASLEDBANKSTODEVELOPSYSTEMSTOMEASUREANDCHARGEFORINTRADAYLIQUIDITYUSAGEMARKETPRACTICEISSTILLBEINGDEVELOPED,ANDNOONEMETHODOFCHARGINGFORINTRADAYLIQUIDITYHASBEENAGREEDUPONINDEED,THESAMEBANKMAYHAVEDIFFERENTCHARGINGMECHANISMSFORDIFFERENTC
37、LIENTSCASHMANAGEMENTDEVELOPMENTSELECTRONICBANKINGSOMEFOREIGNBANKSHAVEDEVELOPEDBOTHENGLISHANDJAPANESEINTERNETDELIVERYCHANNELSTHISISPARTICULARLYUSEFULFORMNCSBECAUSEEXPATRIATEMANAGEMENTCANVIEWSCREENSINENGLISHWHILETHELOCALSTAFFCANVIEWINJAPANESEFORPAYMENTINPUTDUALLANGUAGECUSTOMERSERVICEALSOAIDSSUCHANARRA
38、NGEMENTJAPANESEBANKSELECTRONICBANKING,GENERICALLYCALLEDFIRMBANKING,GENERALLYLAGSBEHINDINTERNATIONALBANKSDELIVERYCHANNELSWITHSEPARATESYSTEMSFORDOMESTICANDINTERNATIONALPAYMENTSANDATTIMESNEWPAYMENTSSYSTEMUNDERCONSIDERATIONAHIGHVALUE,LOWVALUEPAYMENTSYSTEMHASBEENUNDERREVIEWBYTHEJBA,THEJBAANDTHEBOJTHELATE
39、STDISCUSSIONSAPPEARTOSHOWTHATTHEZENGINWILLREMAININPLACEASTHELOWVALUEPAYMENTSSYSTEMWITHANEWBOJNETHYBRIDSETTLEMENTSYSTEMBEINGINTRODUCEDFORPAYMENTSOVERJPY5BNTHETARGETDATEFORIMPLEMENTATIONIS2008REQUESTSFORPROPOSALSTHEREISLITTLEDOUBTTHATJAPANESECORPORATIONSAREBECOMINGMORESOPHISTICATEDANDDEMANDINGINTHEIRC
40、ASHANDTREASURYMANAGEMENTASPIRATIONSISSUANCEOFFORMALREQUESTSFORPROPOSALSRFPSAREBECOMINGAMORECOMMONMEANSOFSELECTINGPARTNERBANKS,ANDTHESCOPEOFRFPSISGETTINGWIDERFOREIGNBANKSMAYHAVETHEEDGEINTERMSOFGLOBALINVESTMENTINPAYMENTSANDCASHMANAGEMENTPRODUCTRANGES,BUTDOMESTICBANKSHAVETHEHISTORICRELATIONSHIPSANDMARK
41、ETDOMINANCEINJAPANASMALLNUMBEROFFOREIGNBANKSCAN,HOWEVER,HOLDTHEIROWNINTHELOCALMARKETANDOFFERBOTHJAPANESEANDMNCSSOLUTIONS,WHICHCOVERTHEASIAPACIFICREGION,INCLUDINGJAPANASFARASJAPANESENAMESGO,CAPABILITIESANDPRESENCEINCHINAAREKEYAREASATPRESENTANDCOMPETITIONHEREISEXPECTEDTOBEFIERCEDESPITEITSLOSTDECADE,JA
42、PANISSTILLTHEWORLDSSECONDLARGESTECONOMYITSRECENTSIGNSOFRECOVERY,STOCKRISEANDREDUCEDBADDEBTSOFJAPANESEBANKSHAVEFINALLYSTARTEDHELPINGBOLSTERTHEDOMESTICBANKINGMARKETWHILEFOREIGNBANKSSTILLHAVEONLYASMALLSHAREOFTHECASHMANAGEMENTMARKETINJAPAN,THEYHAVEBEENBUTTRESSEDBYGROWINGINWARDINVESTMENTANDAREOFFERINGTHE
43、IRCASHMANAGEMENTSERVICESMOREFREQUENTLYTOINTERNATIONALNONJAPANESECORPORATECUSTOMERSASWELLASCONTINUINGTOSUPPORTSELECTEDJAPANESEMULTINATIONALSINTHEIROFFSHORECASHMANAGEMENTREQUIREMENTSSOURCESOLOMON,THEASIAPACIFICREGIONALPOLITICSANDCASHMANAGEMENTGUIDE,VOL32,ACANEWS,20069P104115译文日本的现金管理整体形势2005年8月,日本政府和日
44、本央行宣布日本经济出现了超过10年的经济停滞后的反弹。日本传统银行还继续主导企业银行区域,而越来越多的网上银行来迅速消费前沿金融业务。政府表现出一个从促进日本对外国进行海外投资转向鼓励外商直接投资于日本的倾向。随着投资日本的现金的增长,主要的外资银行提供现金管理服务对象主要面向国际其它国家的实力更高、信用评级好、有全球化的专业技术和强健成长性的公司客户，同时仍然支持选定的技术先进的日本跨国公司去海外投资的现金管理要求。在各个亚太地区的国家,而非其他地区，现金管理中利用当地的认识和经验是最重要的。日本尤其如此，市场的实际情况,在语言和文化是独一无二的,这是当在日本实施现金管理方案时必须考虑到的,
45、在那里实用主义往往会超越理论或国际公认的解决办法。从宏观经济的角度看,世界第二大经济体（日本）的国内生产总值GDP有真正得以恢复的迹象。2005年8月,日本政府和日本央行央行宣布，日本经济已经临时暂停被称为“失去的10年”的长时间的低迷时期,然而一些经济学家并没有这样乐观的理解,因为连续库存、信息技术部门、日经股票指数都已表明银行利率上升到超过过去5年的最高水平。政府已经显示出了一种愿意促进外商直接投资于日本的意向。日本设立的政府相关对外贸易组织贸易振兴机构,从最初主要推动日本出口国外而现在的焦点转向成为鼓励外商直接投资于这个国家。依赖于小泉首相政府的双重目标，外国直接投资水平从2003年到2
46、008年的五年内增长了二倍。在这些财政年度内,日本跨国企业高级的复杂的现金管理实务继续发展和越来越被需要。在国内,日本银行仍然主导着各种付款量。然而,不断增加给日本的海外投资还是给主要海外银行在提供他们的现金管理服务于非日本企业的本地化生产方面占了上风，因为其它国家的公司客户具有更高的信用评级、全球化的稳定专长和更具成长性的服务技术等优点。银行体系日本的主要银行在银行体系特别是企业银行区域中仍是主要的参与者。瑞穗银行在总资产方面是目前国内最大的银行，但是在2006年1月东京三菱金融集团和日联控股合并之后将会列居第二。这次合并会建立起世界上最大的银行，总资产为190万亿日元。和“城市银行”一样，
47、存在着一个由64个一线机构和48个二级银行，28个信用银行和长期信贷银行组成的省级银行网络体系。由于依然在进行合并，整个部门也将慢慢收缩。机会也被7个逐渐强大的银行群抓住，它们包括伊藤荣堂集团的IY银行、电子银行、日本网络银行和索尼银行在内。这些机构的商业模式是经营互联网和自动取款机为中心的金融消费服务。日本银行的坏账在持续三年里不断下降，特别是在主要银行，降低了45。减少到了目前的76万亿日元。然而，日本央行仍在沿用低息贷款解决通货紧缩和刺激经济增长的政策，官方利率停留在或接近于零的位置，日本央行的月平均贷款隔夜存款拆借利率从2001年起也一直停滞在0001。清算系统日本拥有三个日元电子现金
48、转账系统和维护一个单一的主要基于文件的系统。日本央行网络BOJNET主要用于同业银行间的国际结算和包括日本政府的债券结算。但是，顾客也可以在进行贸易时用实时全额结算。这个系统由日本中央银行拥有和操作，以解决会员银行之间发生的经常账户的清算。在2004年3月，有435个金融机构参与了这个系统，通过BOJNET的跨行转账付款占到90以上，剩余的部分通过外汇日元结算系统FXYCS、ZENGIN系统和结算公司，各占36、25和24的比例。2003年3月以来一直维持着这种状况。外汇日元结算系统外汇日元结算系统FXYCS是处理涉及包括外汇交易，日元计价的债券交易和进出口结算的非居民实体的国际金融交易和支付
49、带来的日元支付。FXYCS类似于银行拥有的大额支付的同业清算支付系统，操作类似于网路结算系统，数据使用的格式类似于SWIFT的使用。发送付款的截止时间为下午1时45分，在下午2时30分通过日本央行的最后结算。东京银行家协会拥有并经营着FXYCS，在按交易的基础上以支付结算的交易对手为风险。在2005年6月，FXYCS拥有225个交易参与者，然而只有33个成员是直接参与者，包括汇丰。FXYCS早期的结算截止时间和不利时间与伦敦不同，这意味着FXCYS通过CLS的净结算方式付款模式很不方便，但它最终通过调整一些主要迟钝的因素，使截止时间延续到下午5时。然而，逾期付款的使用仍是受限制的，并产生了如果接收方银行拒绝接受逾期付款，底层的客户可能面对隔夜透支费用这样的新问题。另外，另一些银行已经开始在下午后通过CLS银行以收取当日额外流动性费用的形式为客户创造日内透支额度使客户优先获得现金。FXYCS所掌握的交易值下降的更深层次原因似乎是CLS的活动。与2003年相比，2004年数据下降了11，按季数字持续下降，2005年的数据显示比2004年又跌落了12。其他影响因素可能是市场的合并和一些国外大型FXCYS成员进入日本银行等外部原因。全银数据通信系统独特的ZENGIN系统在国内日元的支付系统中占主导地位，其独特性主要是基于日本KATAKANA
