“In Japan, I feel the fashion is to bash bankers. This is not a sound move in a modern society. It is a little bit hysterical,” ponders Shin Nakahara, the corporate planning boss of Bank of Tokyo-Mitsubishi.
Contemplating the sheer scale of the bank rescue ahead of them – estimated needs $500 billion – Japanese bankers might feel like turning round and bashing the Basle Committee on Banking Supervision.
In Basle 10 years ago the British and Americans capitulated to the Japanese ministry of finance (MoF) on the issue of tier-two capital.
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