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Takenaka may be a trendsetter

Threats of nationalisation have forced the four largest Japanese banks to announce cost reduction programmes. This victory for Heizo Takenaka, the economics minister, may encourage further reforms.

Jonas Lindmark 05.12.2002
Last week the Tokyo stockmarket bounced up from a new 19-year low. On Monday came the good news that the four largest Japanese banks will use salary cuts and layoffs to pay for increased reservations for the bad loans on their books.

This was a victory for Mr Takenaka who was appointed the head of the Financial Services Agency (FSA) on September 30th. At first he looked set to fail when opponents from all sides including the ruling Liberal Democratic Party and the opposition parties derailed his original proposals.

The revised plans, which were announced on October 30th, appeared to be weaker than originally announced - seemingly a victim of political compromises. But last week Mr Takenaka threatened to nationalise banks that did not take sufficient

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Jonas Lindmark

Jonas Lindmark  on ollut vuodesta 2000 Morningstarin päätoimittaja ja pääanalyytikko Ruotsissa. Sitä ennen hän kirjoitti yhdeksän vuotta rahastoista Affärsvärldeniin.