This might,just might, be a turning-point for the crisis at Japan's banks. Just as everyone was beginning to think the banks would stagger along half-dead for ever, a trio of powers has emerged—and it seems to be bent on real reform. In a striking break with the past, the Financial Services Agency (FSA), the Bank of Japan (BOJ), and the Keidanren, the powerful group representing business interests, have all reached an understanding. As early as next month, a broad set of financial and structural reforms to clean up the, banks and their borrowers could be set out.
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