Columbia News Video Forum

Competition, Deregulation Are Keys to Reviving Japan's Economy, Says U.S. Treasury Secretary O'Neill

U.S. Treasury Secretary Paul O'Neill says ending deflation, overcoming financial sector problems and deregulating and opening the economy to competition are crucial to revive Japan's economy; while Japanese legislator Yasuhisa Shiozaki says rules for evaluation of bank assets must be adopted. This joint conference was organized by the Center on Japanese Economy and Business, Columbia Business School, and the Japan Society, New York.

Paul O'Neill
 
Paul O'Neill

Estimates Show Nearly One-Quarter of Bank Loans in Japan Are In or Near Bankruptcy, Says O'Neill
U.S. Treasury Secretary Paul O'Neill says three areas of action are necessary to restore growth to the Japanese economy: ending deflation, overcoming financial sector problems and deregulating and opening the economy to competition. Estimates show that one-quarter of all bank loans in Japan are at or near bankruptcy. Bank lending should be an instrument for growth, not a life support machine, says O'Neill.

Real (58:31)Video
Yasuhisa Shiozaki
 
Yasuhisa Shiozaki

Stringent Rules for Evaluating Bank Assets Needed, Says Shiozaki
Yasuhisa Shiozaki, a member of Japan's House of Representatives, says Japan can begin to straighten out its banks' financial woes by adopting stringent rules for evaluation of bank assets.

Real (16:04)Video

Shot: May 02, 2002
Published: Jun 14, 2002
Last modified:Sep 18, 2002