Box from the Financial Stability Report for the second half of 2022: Are Investors Identifying Broad Problems in the Nonbank Credit Companies?

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• In the summer of 2022, the “Gibui Holdings Ltd.” and “Unet Credit Finance Services Ltd.” nonbank credit companies collapsed.
• This box examines the behavior of the share prices of the other nonbank credit companies around the time of the reports on problems at Gibui Holdings and Unet Credit.
• This analysis finds that investors in the equity market did not interpret the negative developments at these two companies as a warning of broad problems in the nonbank credit market or of serious problems at the other companies in the industry.

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