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Takenaka supports fund for ailing firm

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Financial Services Minister Heizo Takenaka on Thursday applauded the government-affiliated financial institution’s support of a fund to help rehabilitate the financially troubled supermarket operator, Daiei Inc. He said the move was essential now to enhance businesses and banks since private sector financial institutions are weak.

The Development Bank of Japan (DBJ) along with three major creditor banks on Thursday announced plans to establish a 60 billion yen fun to support the rehabilitation efforts. The DBJ will invest 10 billion yen while the three banks – UFJ Bank, Sumitomo Mitsui Banking Corp., and Mizuho Corporate Bank – will contribute the difference. While many officials openly support the establishment of such funds to help ailing firms, the Minister of Economy, Trade, and Industry Takeo Hiranuma says that the government will leave it up to private sector firms to decide on their own what measures to take, including whether they will establish their own funds.

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