• Kyodo

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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.

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