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Finance Minister Kiichi Miyazawa on Wednesday defended the planned use of additional public funds to sell Long-Term Credit Bank of Japan to a consortium led by Ripplewood Holdings L.L.C. of the United States, calling the burden nothing new.

The Financial Reconstruction Commission made a formal decision on the matter Tuesday afternoon. By the end of the year, if all goes as planned, LTCB will be the first major Japanese commercial bank under foreign ownership.

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