Changing Landscape of NBFIs in Financial Systems --A Comparative Analysis of Japan, the U.S., and Germany--
June 27, 2025
EGUCHI Marina*, OKUBO Tomohiro, YAMAMOTO Kenta, WASHIMI Kazuaki
Financial System and Bank Examination Department
* Currently in the Monetary Affairs Department.
Abstract
The total assets of non-bank financial intermediaries (NBFIs) worldwide have been expanding since the global financial crisis. This report assesses the presence of domestic and foreign NBFIs in the domestic financial system and their interconnectedness with banks in Japan, the U.S., and Germany, using various data such as flow of funds and statistics from international organizations. The size of NBFIs varies across countries as the share of financial assets held by NBFIs stands at over 50 percent in the U.S., while it hovers only around 20-30 percent in Japan and Germany. That said, given the presence of foreign NBFIs, data suggest that the assets under management by NBFIs have become sizable in all three countries--particularly in bond and stock markets--, and the interconnectedness measured by mutual exposure between banks and NBFIs has increased.
Notice
The Bank of Japan Review Series is published by the Bank to explain recent economic and financial topics for a wide range of readers. This report, 2025-E-7, is a translation of the Japanese original, 2025-J-5, published in June 2025. Views expressed are those of the authors and do not necessarily reflect those of the Bank.
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