Upper house approves bank bills

Upper house approves bank bills

The House of Councillors on Oct. 12 passes into law a set of banking reform bills designed to fix the nation's ailing banking sector, with 198 out of 237 voting for the bills. The passage of the bills paved the way for the government to put the troubled Long-Term Credit Bank of Japan (LTCB) temporarily under state control with share purchases. Finance Minister Kiichi Miyazawa is seated front right.

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