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Reforms introduced into Japanese banks

Government changes to Japan's financial system have come into force without causing panic.

But as Tokyo correspondent Mark Simkin reports, ministers are urging consumers NOT to lose trust in the financial system.

The reforms are necessary for a full recovery in Japan but they are controversial. From today many bank deposits will no longer be guaranteed by the government, so if a bank fails consumers could lose their savings. There had been predictions that nervous customers would try to withdraw all their money but so far there's been no sign of panic. Financial Service Minister Hakuo Yanagisawa has tried to calm nerves insisting that the banks are safe and that there's no reason for people to lose trust in the financial system.

01/04/2002 19:30:33 | ABC Radio Australia News

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