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.
在危機時期，國家都會仰仗銀行維持市場穩(wěn)定。然而在日本，銀行對其它企業(yè)的持股，實際上加劇了股市動蕩。日本三大銀行對國內(nèi)企業(yè)的持股占到其一級資本的35%-40%，這讓它們股票的貝塔值（衡量股票對一般市場走勢的敏感程度）比全球平均水平高出25%。這些銀行非但不是股市的減震器，反倒成了放大器。
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