CHRONOLOGY

2005

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

2003

Banking Crisis contained under BoJ + FSA co-operation and Takenaka manages the IMF FSAP successfully

2002

Takenaka appointed FSA Minister launches heavily diluted Swedish style plan to resolve major banks' NPLs

 

GLOSSARY

Takenaka Heizo 1951 -

held several key Koizumi Cabinet ministerial posts

Takenaka Debt Action Plan 2005 - 2020 legislated as Small Government Act

Takenaka Debt Action Plan

a sophisticated mix of Flow + Stock policy measures

Flow target accepted but Stock target refused by MoF under Abe Cabinet I

Small Government Act 2006

detailed provisions for the Takenaka Debt Action Plan

Abe Cabinet I MoF Minister interpreted the provisions to mean no action

Takahashi Yoichi 1955 -

mathematician and economist supporting Takenaka

Drafted Small Government Bill with a Flow + Stock approach to debt reduction

FSA

Financial Services Agency kinyucho

under Heizo Takenaka successful resolution of NPLs now being de-emphasised

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