Total of bad loans understated by Y13,000bn - FSA

JAPAN - Japan's Financial Services Agency has revealed for the first time that it believes bad loans at the country's banks are Y13,000bn (£68bn) greater than the banks say.

The decision to release the figures is the latest step to strengthen banking supervision in Japan by Heizo Takenaka, the former academic and reformist cabinet minister who took charge of the FSA last month, the Financial Times reported.

It follows the release of a package of banking reforms late last month by the FSA, the

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