Yen shrugs off loans plan

The reforms, announced last Wednesday (October 30), aim to deal with bad loans estimated at ¥52 trillion, which are exacerbating deflationary pressures. Japanese authorities brought in two new measures -- the 'Financial System Revitalisation Program' and the 'Comprehensive Measures to Accelerate Economic Reform', with a target of halving bad loans by March 2005.

Analysts were cautious in their view of the reforms, highlighting disappointments in the past, where previous attempts to deal with

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