Asia home page | Asia Breaking News

Visit our special sections for latest developments and analysis:

Japan's major banks reveal depth of financial problems

Japan's major banks have revealed the depth of their financial problems.

As Tokyo Correspondent, Mark Simkin reports, they will write off bad loans worth more than 100 billion Australian dollars.

As Japan's economy has got worse, the number of companies going bust has increased, saddling the banks with loans that will never be repaid. It's a major problem, and the government has been urging the banks to write off the bad loans. Today, the nation's biggest banks announced they would dispose of a massive 110 billion Australian dollars worth. Most of them are now expected to post huge losses for the financial year. Economist believe it's a step in the right direction, but say a lot more needs to be done.

12/04/2002 23:15:43 | ABC Radio Australia News

More Asia Breaking News 26/04/2002 21:41:18 Bomb kills 12 women and children in central Pakistan 26/04/2002 21:41:20 Maluku demonstrators clash with police in Netherlands 26/04/2002 21:41:20 More police sent to Indonesian province of Maluku 26/04/2002 21:41:21 Singapore criticises Taiwanese findings on crash 26/04/2002 21:41:19 At least one dead in more violence in western India 26/04/2002 21:41:19 Talks over North Korean refugee in Germany's Beijing embassy

Back

Related Stories

12/04/2002 04:16:57
US trade representative criticises Japan's steel trade

11/04/2002 14:03:39
A mass protest against unemployment in Tokyo

11/04/2002 14:03:19
More protests by Japanese workers as unnemployment rises

09/04/2002 05:03:21
Prominent Japanese politician defends himself over nuclear comments

Related Sites

World News from Radio Australia
News across Asia, the Pacific and beyond.