EU, ECB hail Japan's progress on bad loans

The European Union and the European Central Bank on Thursday 11 November celebrated the progress made by Japan's banking sector in reducing its bad loans, which have conspired to keep Japan in an economic downturn following the early 1990s asset price bubble economy bursting, a Japanese Finance Ministry official said.

Top EU financial officials expressed pleasure, Japan Today reported, when their Japanese counterparts said it is almost certain that Japan will meet the target of halving the rat

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