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Strategies & Market Trends : MP - Market Pulse -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (169)	6/28/2001 8:43:32 PM
From: Chispas	Read Replies (1) \| Respond to of 1328

LG... Just wanted you to know how MUCH I appreciate this thread. BUT, I am no chartist, so I'll move along... Before I go, I DO want to say, when the BIG wave hits, it will be from Japan. Here's what I mean... Up to 600,000 people across the country will lose their jobs if major commercial banks write off their bad loans, an estimate made by the Cabinet Office showed Thursday. The estimate brings to reality the "pain" that Prime Minister Junichiro Koizumi says the country must endure to turn around the economy through structural reforms. The estimate will likely intensify calls on the government to implement effective measures to create jobs, as the jobless rate already stands at a high level. According to the estimate, 388,000 to 602,000 people will be left jobless if major commercial banks write off 12.7 trillion yen in bad loans within two years, as is called for by the government's emergency measures to save the economy from the recession. Of those who lose their jobs as a result of writing off bad loans, 190,000 people will unlikely be able to find new jobs immediately. The Cabinet Office based its estimate on financial statements of companies that have gone bankrupt. However, the figure is feared to rise further, according to the latest figures of bad loans released by the nation's banking industry. The Federation of Bankers Associations of Japan announced Thursday that the outstanding bad loans its 136 member banks incur increased 6.5 percent in fiscal 2000 from the year earlier. The association said the volume of bad loans is growing because of the business performance of their borrowers keeps worsening due to the prolonged economic slump. (Mainichi Shimbun, June 28, 2001)