Mizuho Holdings Inc. played its final trump card last week in a bid to get rid of nonperforming loans once and for all, turning to some of its largest business partners to raise an unprecedented 1 trillion yen to boost its capital base.
The move comes ahead of a second round of special inspections by the Financial Services Agency scheduled to begin in February.
Mizuho Holdings President Terunobu Maeda appears prepared for the worst. He says it cannot be helped if the bank is unable to honor a promise to return public funds, a scenario for which he may be held responsible.