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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (5347)12/27/2001 5:58:06 PM
From: All Mtn Ski  Read Replies (2) of 33421
 
The government to the rescue!

Reports: Japan PM to Bail Out Banks
Reports: Japan's Prime Minister Plans to Inject Public Funds Into Banks to Avoid Crisis
TOKYO (AP) -- Japan's prime minister will announce plans early next year to inject public funds into the nation's ailing banks to help prevent a financial crisis, Japanese media reported Friday.

Prime Minister Junichiro Koizumi described the nation's economic condition as ``very serious'' and promised measures to head off a crisis that could come as early as February or March, the national daily Asahi newspaper reported, quoting Liberal Democratic Party Secretary General Taku Yamasaki.

Koizumi, in a meeting with Yamasaki and top government spokesman Yasuo Fukuda late Thursday, said he would lay out a concrete vision for Japan's economic revival early in the new year, national broadcaster NHK said.

The world's second-largest economy has fallen into recession for the third time in a decade, unemployment stands at a record 5.4 percent and banks are saddled with massive bad debts.

Koizumi also promised to keep the economy from falling into a deflationary spiral, said the Yomiuri newspaper, Japan's largest daily.

Deflation -- or decreasing prices -- erodes corporate profits and has been blamed for pushing many Japanese companies to insolvency.

biz.yahoo.com
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