Word: takenaka
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Dates: during 2000-2009
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...been expected given Japan's chronic economic problems, and Resona's plight will only add to fears that the worst is yet to come. Curiously, however, the bank's bailout request may be something of a victory for Prime Minister Junichiro Koizumi's much-maligned financial-services czar, Heizo Takenaka. A Harvard-trained economist, Takenaka took up his current post last fall, vowing to clean up the banking sector, but powerful politicians thwarted his initial reforms. Takenaka retreated, seemingly having made yet another false start in Japan's halfhearted reform attempts. But like The Matrix, he reloaded. Takenaka toned down...
...really wrong with Japan's economy. It's deflation. In January, Prime Minister Junichiro Koizumi called falling prices Japan's "most urgent policy task" and declared he was taking all possible steps to curb its ravages. Such posturing drew praise from experts ranging from Japan's economics czar, Heizo Takenaka, to the chairman of the U.S. President's Council of Economic Advisers, R. Glenn Hubbard. Front and center in Koizumi's new war is the Bank of Japan (BOJ), where Governor Masaru Hayami ends his five-year term on March 19. In a string of a barely veiled critiques, Koizumi...
...Mizuho's plight is the latest indication that Japan's biggest and sickest banks might ultimately require government bailout and takeover. The day of reckoning may be approaching. New, tougher accounting rules laid down by Heizo Takenaka, Japan's reform-minded chief of the Financial Services Agency (FSA), begin to take effect on April 1. Under the guidelines, banks will be required to declare worthless many of the questionable loans listed on their books as recoverable assets. Designed to force banks to clean up their rotten lending portfolios, later reforms will also likely restrict the dubious practice of counting future...
...With all the bad news coming out of the banks and with Takenaka's surprisingly persistent cleanup efforts, many observers believe nationalization is a foregone conclusion for the weakest banks. "I don't see any way out," says Mitsuhiro Fukao, a professor of economics at Keio University, Tokyo, and reportedly a candidate to become governor of the Bank of Japan in March. Says Takatoshi Ito, a former Finance Ministry official and fellow contender for the Bank of Japan job: "This has been going on for some time, but the momentum for crisis is building." A turning point in Japan...
...Right now, Japan's gargantuan banking crisis has taken center stage. Prime Minister Junichiro Koizumi and the rest of the Diet squabble endlessly over the various iterations of bank proposals recommended by Financial Services Minister Heizo Takenaka, while the national media reports with increasing confidence that one or more of the the nation's four megabanks are in danger of imminent collapse. Last week, Takenaka gave the banks a deadline: they have four months to take convincing action aimed at solving their financial crisis or risk being nationalized...