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To: Chip McVickar who wrote (1191)	1/27/1999 8:59:00 AM
From: Chip McVickar	Respond to of 3536

Thread: Japanese Banks looking for more money Japan Banks Seek $70B in New Funds .c The Associated Press TOKYO (AP) -- Japan's big banks plan to seek more than $70 billion in new funds to prepare for possible losses on bad loans, several published reports said Wednesday. Fifteen of Japan's top banks will ask for some $53 billion from a public fund created last year to strengthen the ailing financial system. The planned requests are an increase over requests the banks announced two months ago, said the reports, released by the Yomiuri and Asahi newspapers and Kyodo News service. The banks will also raise as much as $17.5 billion by selling stocks to affiliated companies or issuing shares, the reports said. Many banks have nearly exhausted their financial reserves as they struggle to get out from under a pile of bad loans left from the collapse of real estate and stock prices early this decade. Some analysts estimate Japan's financial companies carry as much as $703 billion in bad or doubtful loans. To steady the shaky financial system, the government set aside $219.8 billion in October, instructing banks to draw on the fund to strengthen their capital bases. In November, fifteen top banks had said they would seek about $51 billion under the program. But since then, several banks have said they would ask for more. Fuji Bank, for example, will likely ask for $8.8 billion, up from $6.1 billion, the reports said. Fuji will pass along the additional funds to Yasuda Trust and Banking. Fuji recently announced it will increase its investment in Yasuda. A spokesman for Japan's Financial Supervisory Agency said no official figures on funding requests were available yet. AP-NY-01-27-99 0022EST

To: Chip McVickar who wrote (1191)	1/27/1999 11:05:00 AM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 3536

Chip Sakakibara has been singing that song for awhile. Nice way to distract attention from from the Japanese political elites inept handling of their own economy to accuse 'free market orthodoxy' of endangering the system. He criticizes the IMF's handling of Indonesia but then seems to be in favor of just that type internationalist organization exercising more 'supervisory' powers. Contradictory at least (I would say self-serving but already used that in yesterday's discussion of Michael Lewis and don't wish to get in a rut :) ). Meanwhile it would be more useful if he focused more on the abuses at home, such as ft.com