Japan's banks are back

The world’s biggest international creditors have lent to firms ranging from China’s Alibaba to Australian miners and are scouting for US and Asian acquisitions.

One of Australia’s biggest mining projects received a windfall in March when Japanese financiers put up about $2.7 billion to help complete its construction.

The $10 billion iron ore project called Roy Hill in Western Australia, which is run by Australia’s richest person Gina Rinehart, is one of a fast-growing number of construction sites around the world welcoming Japanese capital.

Japan’s banks are once again the world’s biggest creditors, a position they’ve not occupied since the late eighties when they financed such white elephant deals as Mitsubishi Estate's purchase of the Rockefeller Center in New York in 1989.

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