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More time is needed to work out the details of a government plan to create a body that will purchase excess stocks held by Japanese banks, Financial Services Minister Hakuo Yanagisawa said Thursday.

“Specific schemes have yet to be worked out. It will take time to come up with details,” Yanagisawa told the House of Councilors Financial Affairs Committee.

His remarks were taken as an indication that bills to create the fund will probably not be ready for submission to the current Diet session, which ends June 29.

On Wednesday, the government and the ruling coalition put off until today announcing an emergency economic package that includes the fund, due to differences over when to launch it.

Fearing defeat in July’s Upper House election, senior Liberal Democratic Party lawmakers, led by top policymaker Shizuka Kamei, have been pushing for enactment of necessary laws during the current Diet session.

But the government — and the Financial Services Agency in particular — has shown reluctance to set up the fund on the grounds that more time is required to work out the details.

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