Marking the biggest collapse in the nation’s financial industry, ailing Hokkaido Takushoku Bank announced Monday its de facto failure by saying it will transfer its operations to Hokkaido-based North Pacific Bank and other financial institutions.

Sources said the Bank of Japan extended special loans on the same day because Hokkaido Takushoku was having difficulty raising funds on the interbank money market amid substantial withdrawals of deposits.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.