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| Name | USA: NEW YORK ANALYST SPEAKS ABOUT JAPANESE BANKING CRISIS |
| Video Uploader | Video From AP Archive |
| Upload Date | This Video Uploaded At 21-07-2015 17:49:46 |
| Video Discription | (2 Jul 1998) English/Nat Japan responded to criticism that it hasn't done enough to solve its banking crisis by announcing a plan on Thursday to gradually shut down banks weakened by mountains of bad loans. Modeled after the United States' bailout strategy for savings and loans in the 1980s, Japan's "bridge bank" scheme is designed to keep credit flowing to healthy corporate borrowers as the government takes over insolvent banks. A U-S banking analyst told APTV it's too soon to say if the plan will help pull Japan out of its recession. The Japanese banking plan is the latest attempt by the government to ease a credit crunch and bad loan crisis that have been a major obstacle to Japan's recovery from its worst recession since World War Two. The move has been welcomed in Washington by U-S Treasury Secretary Robert Rubin. But Tony Dwyer, a senior analyst at Ladenburg Thalman in New York, said Tokyo had no choice but to take strong action. SOUNDBITE: (English) It was essential for the Japanese government to do something to stabilise their own economy. They are currently in a recession. Things are only deteriorating further and faster. Even with the currency intervention by the U-S government the yen is still - it looks like it's going to retest its lows against the dollar so the time was now to make some kind of action. That can only benefit the U-S investors and the U-S economy if Japan can turn around their economy and get it growing again, that will lead demand in the U-S and we could have a better profit picture going forward. SUPER CAPTION: Tony Dwyer, Senior Analyst, Ladenburg Thalman Japanese Prime Minister Ryutaro Hashimoto has come under mounting criticism for failing to deal effectively with the 546 billion dollar in bad loans left in the wake of a late 1980s speculative "bubble" in real estate and stock prices. SOUNDBITE: (English) In the Japanese banking crisis right now the proof is going to be in the pudding. They are actually going to have to show signs that it is working before anyone is going to believe that it is actually taking place because of the failures in the past. SUPER CAPTION: Tony Dwyer, Senior Analyst, Ladenburg Thalman Under Tokyo's restructuring plan, banks found to be insolvent will be managed by the Financial Supervision Agency, a new government watchdog agency, while a merger partner is sought. Bridge loans will be provided to corporate customers dependent on financing from the troubled banks. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/c672b698a2ea08a2e4b54b0ad95de004 |
| Category | News & Politics |
| Tags | AP Archive | 83243 | c672b698a2ea08a2e4b54b0ad95de004 | USA: NEW YORK ANALYST SPEAKS ABOUT JAPANESE BANKING CRISIS | Robert Rubin | Japan | United States | East Asia | New York | Government and politics | Business |
