Kazuyoshi Kaneko, state minister for the Industrial Revitalization Corp. of Japan, brushed aside criticism Tuesday that the state-backed corporate rehabilitation body isn't living up to its name.

Despite its impressive name and up to 10 trillion yen in public funds at its fingertips, the funds remain largely untouched, disillusioned IRCJ employees are quitting and the body is not fulfilling its mandate, critics say.

Set up last year with a massive budget and the goal to turn around businesses deemed necessary to the Japanese economy, the IRCJ has begun to rehabilitate only 17 firms.