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To: yard_man who wrote (7071)	9/27/1998 11:02:00 PM
From: Joseph G.	Read Replies (1) of 86076

<<TOKYO, Sept 28 (Reuters) - Finance Minister Kiichi Miyazawa said on Monday that a basic agreement on key financial legislation will outweight the negative impact of the failure of an affiliate of the Long-Term Credit Bank of Japan . Speaking to reporters as he entered the Ministry of Finance, Miyazawa acknowledged that ''We can't say there will be no impact'' on the economy from Japan Leasing Corp, a nonbank affiliate of the ailing LTCB that filed for court protection from creditors on Sunday. ............ He cited the rescue of major hedge fund Long-Term Capital Management, noting that the Federal Reserve Bank of New York had helped orchestrate its $3.5 billion rescue, which nonetheless used money pooled from private financial institutions. ''Japanese banks don't have that kind of strength,'' Miyazawa said. ''We need to have the legal framework (including measures for weak banks that have not collapsed) done in this parliament,'' Miyazawa said.>>

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