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World News

Diluted economic package makes debut

The government unveiled Oct. 30 a much-awaited comprehensive economic package that calls for stricter assessments of major banks' assets, but it was unable to set timetables on key programs.

The package was a compromise between reform-minded Financial Services Minister Heizo Takenaka, who wants to take strict and decisive measures to fix the banking system, and bankers and politicians in the ruling coalition who want to cushion the blow.

It calls for the government to set up a headquarters led by Prime Minister Junichiro Koizumi to rehabilitate Japan's financial and industrial sectors.

The government will also set up a special organization that will buy the debts of struggling companies from banks and extend further financial assistance to the debtors.

Takenaka, a former economics professor, was forced to compromise on the timing for adopting stricter accounting rules to assess major banks' assets, including deferred tax-effect assets.

Despite the compromise, Takenaka said it is good that the issue of the deferred tax effects was recognized by concerned parties in the process of compiling the package.

Takenaka said he hopes the system will be adopted this fiscal year.


Shukan ST: Nov. 8, 2002

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