Agency under attack over bad debts in Japan

JAPAN - Japan has been too slow to clear up the bad debt problem plaguing its banking sector, Masajuro Shiokawa, finance minister, has said.

Mr Shiokawa said the government's loan-collection agency, the Resolution and Collection Corp (RCC), was not buying up problem debts quickly enough because of a too narrow interpretation of what it can purchase.

"Because the RCC cannot incur secondary losses, it buys loans only after very stringent pricing, while banks don't want to sell them at prices belo

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