The Bank of Japan announced the resumption of its emergency measure to buy up to 1 trillion yen of shares owned by banks by April 2010. It aims to boost the banks’ capital amid global share prices plunging.
Mizuho Corporate Bank is the first bank to take advantage of this program while other banks are apparently reluctant to unload their shares and finalize losses before the end of the current fiscal year.
More than one month has passed since BOJ announced this measure. No banks have applied yet. We expect more banks to apply after the start of the new financial year.
March 27, 2009
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