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Minister to form bank task force
TOKYO, Japan -- Japan's new top bank watchdog, Heizo Takenaka, said Tuesday he will create a special task force to tackle the country's mountain of bad debts. Takenaka was appointed as financial services minister on Monday, in Prime Minister Junichiro Koizumi's first cabinet reshuffle. (Full story) The leader also reappointed Takenaka, a career economist, as economics minister. The bank task force will include the minister and the chief of the Financial Services Agency, Shokichi Takagi, as well as private sector representatives and other FSA officials. "I would like the task force to concentrate on pressing issues," Takenaka said at a news conference Tuesday, according to Reuters news agency. The Bank of Japan's tankan survey of business confidence showed a slight rise on Tuesday. But it was less than expected, and Takenaka noted there were still risk factors facing Japan. Tackling banking 'malaise'Takenaka is now charged with turning around Japan's ailing banking system. He is expected to favor injecting public money into the banks, a move opposed by his predecessor, Hakuo Yanagisawa. Yanagisawa was seen as resisting a more aggressive stance on the industry. In accepting the post, Takenaka said Japan needed to be realistic about its problems. "Basically, we should acknowledge that the financial system is a severe system of malaise," he said, according to Reuters. Takenaka favors injecting public money into the system rather than using the Resolution and Collection Corp. to bail the banks out. He said Monday it was inappropriate to give hidden subsidies to the banks. The RCC buys debts above market value.
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