The government of Prime Minister Ryutaro Hashimoto breathed a sigh of relief Monday after the House of Councilors approved two bills for stabilizing the financial system.
The Diet's Upper House plenary session voted in favor of the bills, which allow public funds to be used in injecting new capital into banks.
The bills will provide 30 trillion yen in government bonds and government loan guarantees to the Deposit Insurance Corp. so it can inject capital and fully protect deposits at failed banks until March 2001. The bills take effect immediately upon their promulgation, which is to come in a few days, according to government officials.