TOKYO (MNI) – Japanese Finance Minister Jun Azumi said on Friday
that he will urge European policymakers to use a “major funding scheme”
to support financial institutions that have been hit by the regional
sovereign debt crisis.
Azumi will make the request at the weekend meeting of the Group of
20 finance ministers and central bank governors in Paris.
He said Europe can learn from Japan’s own experience of reducing
huge bad loans at banks after the burst of the 1980s asset bubble.
It took a very long time for Japan to move out of the post-bubble
slump as Tokyo injected public funds gradually, instead of all at once
under a large-scale program, he said.
Azumi said there won’t be an official bilateral meeting with U.S.
Treasury Secretary Timothy Geithner at the G20 meeting due to tight
schedules.
tokyo@marketnews.com
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