BIS data on 2Q 2015 cross border lending is ugly... on so many levels (see breakdowns here: https://www.bis.org/statistics/rppb1510.pdf). But the ugliest is the aggregate rate of change:
Borrowing is down across all intermediaries:
and all currencies save Japanese Yen:
and for every borrowing region, save EMEs (read: China):
and if you think the rot is dominated by the Emerging Markets, think again:
So when some time ago I described the state of play in the global economy as being Japanified, I wasn't kidding. The monetary policy dream of 'repairing' credit flows by making credit dirt cheap has had... well... at best an underwhelming effect. Time to think about actual, real, economic demand, maybe?..