Iwao's point is very interesting because as far as I can ascertain the UK
accountants did not like the UNSNA change he refers to. Their accounts are
systematically ambiguous, sometimes reflecting the view that interest is a
transfer and sometimes reporting an 'imputed charge for financial
services'. However, what the UK banks report as the imputed charge for
financial services is an attempt to estimate what the production industries
would have paid to the banks if all interest payments were considered as
trading income, that is as a production cost. In the case of the Japanese
accounts as Iwao gives them, the UK accountants would I think have recorded
an imputed charge of more or less 104,000, the total receipts of the
banking sector. I can't make out from Iwao's figures why the imputed charge
is only a fraction of total banking receipts.
Alan