<Economy-Japan>Stories from Major Japanese Morning Papers Oct.14th.
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Major Newspaper Headlines
Tue, 13 Oct 1998, 10:10pm EDT
BN 10/13 Top Stories From Major Japanese Morning Newspapers, Oct. 14
Tokyo, Oct. 14 (Bloomberg) -- The following stories appeared
in major Japanese newspapers this morning:
Government to Declare Long-Term Credit Bank of Japan Insolvent
Japan to Inject Public Money Into Major Banks to Bolster Capital
The government and the ruling Liberal Democratic Party
decided to inject taxpayer funds into the country's major banks
to bolster capital regardless of whether the banks want public
money, the Mainichi newspaper said, without citing sources. The
move follows yesterday's passage in the lower house of
legislation that will allow the government to recapitalize
solvent banks. Bank of Japan Gov. Masaru Hayami is also expected
to ask banks to accept the use of public money when he meets the
press tomorrow. (Mainichi, front page)
Japan's Tax Panel Head Calls for 6-7 Tln Yen Income Tax Cut
Hiroshi Kato, head of the government's tax advisory
commission, said Japan should implement personal income tax cuts
worth 6 trillion yen to 7 trillion yen ($50.4 billion to $58.8
billion) to revive the economy, the Nihon Keizai newspaper said.
Kato told the newspaper the 4 trillion yen tax cut proposed by
Prime Minister Keizo Obuchi isn't enough to encourage
consumption. The size of the total tax cuts, including corporate
tax reductions, should be 10 trillion yen, he said. (Nihon
Keizai, front page)
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