CHRONOLOGY

2005

Major banks' NPL Exposure pct halving target set in 2002 met as of March a notable Heizo Takenaka success

2001

Ex MoF Yanagisawa fails to postpone IMF FSAP and manage FSA warehousing of MoF's NPL roll forward

1991

Kiichi Miyazawa ineffectually draws attention to the NPL problem at the LDP Karuizawa Summer Conference

1990

Credit Bubble 1986 - 1990 punctured by forceful Bundesbank style Mieno MoF activates NPL roll forward

 

GLOSSARY

NPL roll forward

not booking credit losses as they accrue

MoF maintained pre tax profits so smoothing tax revenue cf hozei shonin ginko

niji sonshitsu

secondary newly crystallised NPL losses

deterioration of a bank's loan book after first bail-out cf contingent NPLs

CPA

Certified Public Accountant konin kaikeishi

term applied to the somewhat different JCPA cf professionals, NPL roll forward

FRC

Financial Revitalisation Commission

now FSA was an early interim provision of NPL smokescreen cover for MoF

FSAP Japan 2003

Article IV Consultations or IMF country surveillance

Heizo Takenaka's work ensured that the NPL disclosure threat was averted

kashishiburi

unwillingness to lend

credit line reduction by balance sheet pressed banks cf NPL roll forward

sakinobashi

roll forward

as furyosaiken no sakinobashi NPL roll forward cf maladministration

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