To: Zardoz who wrote (5150 ) 4/7/1999 6:24:00 PM From: Ahda Respond to of 82019
Atleast US banking system looks good Take care. BOJ contingency plan targets millennium bug The Bank of Japan has drafted a contingency plan for the millennium bug computer problem so that manual operations can be used in case of system failures. The bank is aiming to ready a list of contact numbers, including private-sector financial institutions, government ministries and central banks in other countries by the end of the year, BOJ officials said. It will also print out certain data for implementing manual operations and assign personnel to conduct system checkups, according to the bank. The bank has already made adjustments in its BOJ-NET settlement system to cope with the Y2K problem itself. It is now testing its connections to other financial institutions. On Jan. 1, 2000, the bank will check to see that its water, electricity, air conditioning and other infrastructure are working. Each section of the bank will check its computer systems and report any abnormalities to an in-house "information center" that will exclusively handle the Y2K-related problems, according to the bank. On Jan. 2, the bank will conduct a final round of Y2K compliance tests with private institutions and decide on Jan. 3 if it needs to switch to manual operations. While U.S. financial authorities have decided to issue more bank notes to avoid the lack of cash in case the banks' systems go wrong, the BOJ does not see the need to take such a step since it already holds some 40 trillion yen in bank notes and can disburse them at its branches nationwide if needed, the officials said. Officials of the central bank said that it hopes to compile a more detailed crisis management plan by June. FALLING REAL ESTATE: The National Land Agency said March 25 that land prices in Japan declined for the eighth consecutive year in 1998. The average price of residential land as of Jan. 1 dropped 3.8 percent from the year before, compared with a year-on-year decline of 1.4 percent the previous year. The average price of land for commercial use dropped 8.1, compared with a 6.1 percent fall in 1998. The rate of decline expanded for the first time in three years for residential land and for the first time in six years for commercial land.