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To: PaulM who wrote (3217)	11/16/1997 10:35:00 PM
From: Alex	Respond to of 116822

November 16, 1997 Japan 10th largest bank goes out of business TOKYO ( Reuters ) - Japan's 10th largest bank Hokkaido Takushoku Bank announced Monday it was going out of business because of a bad loans crisis in a new blow to Japan's troubled financial system. The news immediately sent the dollar higher against the yen but was cheered by the Tokyo stock market as a sign that Japanese authorities were taking action to solve the nation's economic woes. The dollar rose to above 126 yen in early trade on concerns over the Japanese financial system, but the key 225-share Nikkei average jumped nearly three percent on relief that some news has finally come out on the troubled financial institutions. In a virtual declaration of bankruptcy, Hokkaido Takushoku said it was handing over its regional operations in its home base on the northernmost main island of Hokkaido to North Pacific Bank, a Hokkaido-based mid-size regional bank. The bank was seeking a buyer for its Tokyo area operations. Finance Minister Hiroshi Mitsuzuka told a hurriedly arranged news conference that the Bank of Japan would provide the necessary funds to Hokkaido Takushoku Bank to help it give depositors their money back. The funds are expected to come in the form of the Bank of Japan's special unsecured loans, where the recipient bank does not have to put up collateral. canoe2.canoe.ca