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A former star trader in Tokyo has accused Japanese banks of operating a “cartel” in loan pricing, forcing higher rates on millions of borrowers and hampering central bank efforts to spark lending in the world’s third-largest economy.
Hideto “Eddy” Takata, a former derivatives trader who worked for several investment banks until 2008, claims in a self-published book coming out this month that Japan’s banks have collectively kept the Tokyo interbank lending rate [Tibor] benchmark “artificially high” since the global financial crisis to boost profits on domestic products such as mortgages, almost all of which are linked to Tibor.
http://link.ft.com/r/IOCBMM/
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