• Kyodo News


The ruling bloc said Thursday it will submit a bill to authorize the Banks’ Shareholding Acquisition Corporation, an asset-purchasing body set up in 2002, to purchase ¥20 trillion worth of shares from banks to help stabilize the stock market, unnamed coalition lawmakers said.

The share-buying entity was established by the government and banks in January 2002 to purchase shares being unwound by the banks, which had acquired them in cross-shareholding deals — protectionist arrangements for supporting business allies by acquiring stakes in each other.

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