## figure2-4d

## Source details

**Canonical URL:** [figure2-4d](https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure2-4d.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/figure2-4d.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/figure2-4d.csv.json)

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### Dataset title
- Figure 2.4. Japan: Evolution of Bank Net Interest Margins in Normal and Low-for-Long Settings

### Data structure and columns
- Sections (as presented across columns):
  - 1. Normal Steady State
    - Five-year rate
    - Asset returns
    - Funding costs
  - 2. Long-for-Long Steady State
    - Five-year rate
    - Asset returns
    - Funding costs
  - 3. Net Interest Margins
    - NIM (five-year rate drop: 2 to 1 percent)
    - NIM (five-year rate drop: 1 to 0 percent)
- Table contains 11 header/data rows (including header rows). Sample data rows provided correspond to observed combinations of five-year rates, asset returns, funding costs, and resulting NIMs.

### Key statistics (row-by-row data from sample rows)
- Row 1 (header row): column labels for the three sections.
- Row 2 (sub-header): "Five-year rate", "Asset returns", "Funding costs", "", "Five-year rate", "Asset returns", "Funding costs", "", "NIM (five-year rate drop: 2 to 1 percent)", "NIM (five-year rate drop: 1 to 0 percent)"
- Row 3 (data):
  - Normal Steady State: Five-year rate = 2; Asset returns = 2.926367645; Funding costs = 1.088426568
  - Long-for-Long Steady State: Five-year rate = 1; Asset returns = 2.088488545; Funding costs = 0.235756868
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.837941077; NIM (five-year rate drop: 1 to 0 percent) = 1.852731677
- Row 4 (duplicate of Row 3):
  - Normal Steady State: Five-year rate = 2; Asset returns = 2.926367645; Funding costs = 1.088426568
  - Long-for-Long Steady State: Five-year rate = 1; Asset returns = 2.088488545; Funding costs = 0.235756868
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.837941077; NIM (five-year rate drop: 1 to 0 percent) = 1.852731677
- Row 5 (duplicate of Row 3):
  - Normal Steady State: Five-year rate = 2; Asset returns = 2.926367645; Funding costs = 1.088426568
  - Long-for-Long Steady State: Five-year rate = 1; Asset returns = 2.088488545; Funding costs = 0.235756868
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.837941077; NIM (five-year rate drop: 1 to 0 percent) = 1.852731677
- Row 6:
  - Normal Steady State: Five-year rate = 1; Asset returns = 2.506757245; Funding costs = 0.668816168
  - Long-for-Long Steady State: Five-year rate = 0; Asset returns = 1.828819845; Funding costs = -0.023911832
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.837941077; NIM (five-year rate drop: 1 to 0 percent) = 1.852731677
- Row 7:
  - Normal Steady State: Five-year rate = 1; Asset returns = 2.326445498; Funding costs = 0.482128331
  - Long-for-Long Steady State: Five-year rate = 0; Asset returns = 1.567827667; Funding costs = 0.008843943
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.844317168; NIM (five-year rate drop: 1 to 0 percent) = 1.558983724
- Row 8:
  - Normal Steady State: Five-year rate = 1; Asset returns = 2.223864469; Funding costs = 0.375919884
  - Long-for-Long Steady State: Five-year rate = 0; Asset returns = 1.419346791; Funding costs = 0.027479009
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.847944584; NIM (five-year rate drop: 1 to 0 percent) = 1.391867782
- Row 9:
  - Normal Steady State: Five-year rate = 1; Asset returns = 2.165505167; Funding costs = 0.315496911
  - Long-for-Long Steady State: Five-year rate = 0; Asset returns = 1.334874639; Funding costs = 0.038080671
  - Net Interest Margins: NIM (five-year rate drop: 2 to 1 percent) = 1.850008256; NIM (five-year rate drop: 1 to 0 percent) = 1.296793968

### Observations and patterns visible in the dataset
- Asset returns in the Normal Steady State are presented with values such as 2.926367645, 2.506757245, 2.326445498, 2.223864469, 2.165505167.
- Funding costs in the Normal Steady State range from 1.088426568 down to 0.315496911 in the sample rows.
- Long-for-Long Steady State asset returns and funding costs include values such as 2.088488545 and 0.235756868; and lower regimes show asset returns around 1.828819845 to 1.334874639 and funding costs from -0.023911832 to 0.038080671.
- Reported NIM outcomes for specified five-year rate drops include:
  - NIM (five-year rate drop: 2 to 1 percent) values: 1.837941077, 1.844317168, 1.847944584, 1.850008256
  - NIM (five-year rate drop: 1 to 0 percent) values: 1.852731677, 1.558983724, 1.391867782, 1.296793968

*Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure2-4d.csv*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/figure2-4d.csv_