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Shinginko Tokyo attributes plight to 'unreasonable lending'

TOKYO, Japan - Shinginko Tokyo President Ryuichi Tsushima said at a press conference in Tokyo on March 10 that the bank, backed by the Tokyo metropolitan government, has incurred a huge amount of nonperforming loans as a result of ''unreasonable lending'' under its former management.

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New banking industry chief confident about bad-loan disposal

TOKYO, Japan - Yoshifumi Nishikawa, nhe new chairman of the Japanese Bankers Association, speaks at his inaugural press conference in Tokyo on April 20. He voiced confidence over the disposal of nonperforming loans and said banks will continue efforts to do so to restore the public's trust in the banking sector.

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Snow welcomes Japan's reform efforts

TOKYO, Japan - U.S. Treasury Secretary John Snow (R) and Japanese economic and fiscal policy minister Heizo Takenaka shake hands before their talks in Tokyo on Sept. 1. Snow welcomed Japan's reform efforts, including progress in the disposal of nonperforming loans from the banking sector.

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Kimura blasts banks on assessment of bad loans

TOKYO, Japan - Takeshi Kimura (file photo), a member of a Financial Services Agency (FSA) task force, slammed private banks Nov. 9 for what he termed their questionable management stance and assessment of nonperforming loans. ''Some say that there are bad loans five times more outstanding than the disclosed figures,'' said Kimura, known for his hard-line approach, in a speech at a foreign investment fair held at the Tokyo Stock Exchange.

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Taylor throws support behind Takenaka's bad-loan policy

TOKYO, Japan - John Taylor, U.S. treasury undersecretary for international affairs, speaks at the Japan National Press Club in Tokyo on Oct. 22. Taylor threw full backing behind Financial Services Minister Heizo Takenaka's drive to clean up nonperforming loans weighing down the nation's banks.

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Takenaka tells Baker he is resolved to solve bad-loan woes

TOKYO, Japan - Financial Services Minister Heizo Takenaka (L) and U.S. Ambassador to Japan Howard Baker shake hands before their talks at the Financial Services Agency on Oct. 10. Takenaka renewed Tokyo's resolve to accelerate the disposal of nonperforming loans at banks.

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Economic package outline to be compiled in mid-Oct.

TOKYO, Japan - Heizo Takenaka, state minister in charge of economic and fiscal policy, speaks at a news conference at the Cabinet Office in Tokyo on Oct. 7 after a meeting of the Council on Economic and Fiscal Policy. Takenaka said the council will compile a basic outline of steps aimed at promoting the disposal of nonperforming loans and fighting deflation by mid-October.

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Hayami urge banks to evaluate loans for disposal precisely

TOKYO, Japan - Bank of Japan (BOJ) Governor Masaru Hayami speaks at a news conference at the central bank Sept. 20. Hayami said it is important for banks to determine the value of nonperforming loans more precisely to accelerate their disposal.

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New commissioner of Financial Services Agency

TOKYO, Japan &#8211; Shoichi Takagi, newly appointed commissioner of the Financial Services Agency (FSA). Takagi, former director general of the agency's Supervisory Bureau, says that accelerating the disposal of banks' nonperforming loans continues to be the most important task for the agency.

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New FSA commissioner vows to accelerate bad-loan disposals+

TOKYO, Japan - Shokichi Takagi, newly appointed commissioner of the Financial Services Agency (FSA), speaks at a news conference at his office July 12. He said that accelerating the disposal of Japanese banks' nonperforming loans remains the most important task for the agency.

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Hayami calls for further reform for sustainable recovery

TOKYO, Japan - Bank of Japan Governor Masaru Hayami delivers a lecture in Tokyo on May 30. He said Japan should not relax its efforts to promote economic structural reforms and dispose of nonperforming loans at banks.

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Gov't may consider another public funds injection into banks

OSAKA, Japan - Finance Minister Masajuro Shiokawa addresses a symposium in Osaka on July 2. He said the government may consider another injection of public funds into Japanese banks if necessary to stabilize Japan's financial system as the banks dispose of their nonperforming loans.

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Chiyoda goes bust, President Yoneyama bows deeply

TOKYO, Japan - Reiji Yoneyama, president of Chiyoda Mutual Life Insurance Co., bows deeply at a press conference on Oct. 9, after the midsize life insurer filed for court protection from creditors with liabilities of 2,936.6 billion yen. The nation's 12th largest life insurer went bust under mountains of nonperforming loans accumulated during the asset-inflated bubble economy.

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Mori hopes BOJ will maintain zero-interest-rate policy

TOKYO, Japan - Prime Minister Yoshiro Mori speaks in an interview with reporters July 14, his 63rd birthday. In a rare direct remark by a prime minister on monetary policy, Mori said he hopes the Bank of Japan, the central bank, will maintain its zero-interest-rate policy. He cited sluggish corporate capital spending by smaller businesses, high unemployment, nonperforming assets at corporations and sluggish personal consumption.

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LTCB-Sumitomo Trust merger planning

Katsunobu Onogi (R-center), president of the Long-Term Credit Bank of Japan, meets the press at the Bank of Japan in Tokyo on June 26 after an announcement that his bank has agreed to start talks on a merger with Sumitomo Trust and Banking. The LTCB has long been plagued with massive nonperforming loans.

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Shinginko Tokyo attributes plight to 'unreasonable lending'

TOKYO, Japan - Shinginko Tokyo President Ryuichi Tsushima said at a press conference in Tokyo on March 10 that the bank, backed by the Tokyo metropolitan government, has incurred a huge amount of nonperforming loans as a result of ''unreasonable lending'' under its former management. (Kyodo)

E

Hayami calls for further reform for sustainable recovery

TOKYO, Japan - Bank of Japan Governor Masaru Hayami delivers a lecture in Tokyo on May 30. He said Japan should not relax its efforts to promote economic structural reforms and dispose of nonperforming loans at banks.

E

New banking industry chief confident about bad-loan disposal

TOKYO, Japan - Yoshifumi Nishikawa, nhe new chairman of the Japanese Bankers Association, speaks at his inaugural press conference in Tokyo on April 20. He voiced confidence over the disposal of nonperforming loans and said banks will continue efforts to do so to restore the public's trust in the banking sector. (Kyodo)

E

Snow welcomes Japan's reform efforts

TOKYO, Japan - U.S. Treasury Secretary John Snow (R) and Japanese economic and fiscal policy minister Heizo Takenaka shake hands before their talks in Tokyo on Sept. 1. Snow welcomed Japan's reform efforts, including progress in the disposal of nonperforming loans from the banking sector. (Kyodo)

E

Kimura blasts banks on assessment of bad loans

TOKYO, Japan - Takeshi Kimura (file photo), a member of a Financial Services Agency (FSA) task force, slammed private banks Nov. 9 for what he termed their questionable management stance and assessment of nonperforming loans. ''Some say that there are bad loans five times more outstanding than the disclosed figures,'' said Kimura, known for his hard-line approach, in a speech at a foreign investment fair held at the Tokyo Stock Exchange. (Kyodo)

E

Taylor throws support behind Takenaka's bad-loan policy

TOKYO, Japan - John Taylor, U.S. treasury undersecretary for international affairs, speaks at the Japan National Press Club in Tokyo on Oct. 22. Taylor threw full backing behind Financial Services Minister Heizo Takenaka's drive to clean up nonperforming loans weighing down the nation's banks. (Kyodo)

E

Takenaka tells Baker he is resolved to solve bad-loan woes

TOKYO, Japan - Financial Services Minister Heizo Takenaka (L) and U.S. Ambassador to Japan Howard Baker shake hands before their talks at the Financial Services Agency on Oct. 10. Takenaka renewed Tokyo's resolve to accelerate the disposal of nonperforming loans at banks. (Kyodo)

E

Economic package outline to be compiled in mid-Oct.

TOKYO, Japan - Heizo Takenaka, state minister in charge of economic and fiscal policy, speaks at a news conference at the Cabinet Office in Tokyo on Oct. 7 after a meeting of the Council on Economic and Fiscal Policy. Takenaka said the council will compile a basic outline of steps aimed at promoting the disposal of nonperforming loans and fighting deflation by mid-October. (Kyodo)

E

Hayami urge banks to evaluate loans for disposal precisely

TOKYO, Japan - Bank of Japan (BOJ) Governor Masaru Hayami speaks at a news conference at the central bank Sept. 20. Hayami said it is important for banks to determine the value of nonperforming loans more precisely to accelerate their disposal. (Kyodo)

E

New FSA commissioner vows to accelerate bad-loan disposals+

TOKYO, Japan - Shokichi Takagi, newly appointed commissioner of the Financial Services Agency (FSA), speaks at a news conference at his office July 12. He said that accelerating the disposal of Japanese banks' nonperforming loans remains the most important task for the agency.

E

BTM chairman, vice chairman to step down

TOKYO, Japan - Bank of Tokyo-Mitsubishi (BTM) Chairman Satoru Kishi (file photo) will leave his post along with Vice Chairman Kenji Yoshizawa, as the bank has almost completed disposing of nonperforming loans to large-lot clients, the bank said on April 30. Kishi and Yoshizawa are to formally step down after a general shareholders meeting set for June 26.

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Gov't may consider another public funds injection into banks

OSAKA, Japan - Finance Minister Masajuro Shiokawa addresses a symposium in Osaka on July 2. He said the government may consider another injection of public funds into Japanese banks if necessary to stabilize Japan's financial system as the banks dispose of their nonperforming loans.

E

Chiyoda goes bust, President Yoneyama bows deeply

TOKYO, Japan - Reiji Yoneyama, president of Chiyoda Mutual Life Insurance Co., bows deeply at a press conference on Oct. 9, after the midsize life insurer filed for court protection from creditors with liabilities of 2,936.6 billion yen. The nation's 12th largest life insurer went bust under mountains of nonperforming loans accumulated during the asset-inflated bubble economy.

E

Mori hopes BOJ will maintain zero-interest-rate policy

TOKYO, Japan - Prime Minister Yoshiro Mori speaks in an interview with reporters July 14, his 63rd birthday. In a rare direct remark by a prime minister on monetary policy, Mori said he hopes the Bank of Japan, the central bank, will maintain its zero-interest-rate policy. He cited sluggish corporate capital spending by smaller businesses, high unemployment, nonperforming assets at corporations and sluggish personal consumption.

E

LTCB-Sumitomo Trust merger plann

Katsunobu Onogi (R-center), president of the Long-Term Credit Bank of Japan, meets the press at the Bank of Japan in Tokyo on June 26 after an announcement that his bank has agreed to start talks on a merger with Sumitomo Trust and Banking. The LTCB has long been plagued with massive nonperforming loans.