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Borrowed from NEM board by: geoloneshark (45/M/Philippines) Long-Term Sentiment: Strong Buy 07/11/02 10:56 am Msg: 29149 of 29195
What's a Japanese housewife to do? by: tony_schwarz (45/M/bel air, md) 07/11/02 09:40 am Msg: 147249 of 147281 TOKYO, Jul 11, 2002 (Kyodo via COMTEX) -- Prime Minister Junichiro Koizumi reiterated Thursday that the government will impose a refund limit on ordinary and checking-account bank deposits at failed banks from next April, dismissing intensifying calls for its postponement.
"We will implement the policy as scheduled. There will be no change in the policy," Koizumi told reporters at his office after meeting with Financial Services Minister Hakuo Yanagisawa there.
His remarks came after key figures in the ruling bloc and major business lobbies stepped up calls to postpone the plan to impose a 10 million yen cap on guaranteeing ordinary and checking-account bank deposits per person per bank.
Opponents claim abolition of a full guarantee on the deposits could accelerate an exodus of funds from small and medium-sized banks.
Meanwhile, Secretary General Toshihiro Nikai of the New Conservative Party, a member of the three-party ruling coalition, said Thursday he considers it necessary for the parties and the government to coordinate views on the issue for possible changes.
Nikai told reporters that he expressed the view when he attended a meeting of cabinet ministers concerned earlier in the day.
But Yanagisawa also said that there should be no radical changes in the basic principles of Koizumi's structural reform program such as the planned introduction of the refund cap.
The government abolished the blanket guarantee on time deposits in April, imposing a limit of 10 million yen per person per bank for deposits at failed banks.
During the cabinet ministers' meeting, Nikai and Secretary General Taku Yamasaki of the Liberal Democratic Party, the core member of the ruling coalition, said details of proposed tax breaks in the second package of antideflation measures should be clarified promptly.
Finance Minister Masajuro Shiokawa voiced his consent in reply.
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