This paper investigates the share ownership and lending activity of financial institutions with emphasis on the relationship between the two. We obtained the following results. The mobility of lending order was somewhat higher than that of shareholding order. The correlation between lending order and shareholding order was not so high. We found the different outcomes of the stability of main banks between main banks defined traditionally as the largest lenders and "main banks" defined by as being both largest lenders and top shareholders. It should be pointed out, however, that the above results were greatly modified when we analyzed banks, trust banks, and life insurance companies separately.
Views expressed in the paper are those of the authors and do not necessarily reflect those of the Bank of Japan or Institute for Monetary and Economic Studies.