The difficulties facing Japan's financial system are serious and require resolute action at both the government and corporate levels, but are not as dire as generally believed in the U.S. and Europe, according to the head of one of the country's largest banks. "There is a lot of misinformation and misunderstand- ing about the actual nature and extent of the bank bad-loan situation and the health of Japan's financial services industry," says Masao Nishimura, president & CEO of The Industrial Bank of Japan, Ltd. "While the Japanese financial system is experiencing some adjustment pains as it adapts to the new world of financial deregulation," he adds, "it is essentially healthy and in no danger of collapse."
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