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To: yard_man who wrote (7071)	9/27/1998 8:27:00 PM
From: Joseph G.	Respond to of 86076

Seems they already did <<TOKYO, Sept 27 — Japan Leasing Corporation filed for bankruptcy on Sunday in the country's biggest financial failure -- involving 2.2 trillion yen ($16.1 billion) in debt -- since World War Two, authoritative sources said. Japan Leasing Corporation was one of three non-bank affiliates of troubled Long-Term Credit Bank of Japan Ltd (8303.T) (LTCB), whose future had held up agreement between Prime Minister Keizo Obiuchi's government and opposition parties about legislation to get Japan out of its economic recession. Opposition parties had opposed a government plan to use public funds to keep LTCB afloat. The authoritative sources said the company filed for bankruptcy with a Tokyo court late on Sunday. Japanese media reports said major lenders to Japan Leasing Corporation were Sumitomo Trust (8403.T), Mitsubishi Trust (8402.T) and LTCB.>> OTOH Message 5854292

To: yard_man who wrote (7071)	9/27/1998 11:02:00 PM
From: Joseph G.	Read Replies (1) \| Respond to 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.>>