The Japan Federation of Economic Organizations (Keidanren) and the Japanese Bankers Association have agreed to begin working on guidelines for banks to forgive loans to troubled corporate borrowers, Financial Services Minister Hakuo Yanagisawa said Thursday.
"I hear they have agreed, and I understand they will soon launch a study group," Yanagisawa told a meeting of the House of Representatives Financial Affairs Committee.
The planned study group is expected to invite accounting experts, including Toshikatsu Fukuma, Mitsui & Co. executive vice president and chief financial officer, government officials said. Officials from the Financial Services Agency will also probably attend as observers.