Andrew
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| Hard Road to Banking Reform in Japan |
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The pressure is on to cleanup irregularities in the Japanese banking industry with the end of government deposit guarantees looming in '05. Govermental nationalization only alternative to failure of latest insolvent bank...
quote:
Japan faces up to banking reality
By Michiyo Nakamoto
Last Updated: November 30 2003 17:30
The Toshogu shrine in Nikko, Tochigi prefecture, is famous for its carving of the three monkeys that see no evil, speak no evil and hear no evil.
Japan's regulatory officials have frequently been criticised for adopting a similar attitude towards Japan's banking woes. They may no longer have the luxury of doing so.
The government is biting the bullet and nationalising Ashikaga Bank, the regional lender, which has been in trouble for some years. Fitch, the credit rating agency, concluded more than three years ago that Ashikaga was so weak it could not survive without support.
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