NEW YORK – William McDonough, president of the U.S. Federal Reserve Bank of New York, said Tuesday he will support Japan’s efforts to dispose of the nonperforming loans crippling the nation’s banking sector, a Japanese official said.
At a meeting with Hakuo Yanagisawa, state minister in charge of financial affairs, McDonough said the plan will bring about a recovery in the real economy if the government is able to reconstruct ailing companies, rather than liquidate them, and dispose of its bad loans by promoting debt waivers as Yanagisawa intends to do, the official said.
Unable to view this article?
This could be due to a conflict with your ad-blocking or security software.
Please add japantimes.co.jp and piano.io to your list of allowed sites.
If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.
We humbly apologize for the inconvenience.