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Japan


International Outlook: Global Wrapup

JAPAN

The Japanese government appears to be getting ready to buy land in order to shore up sagging property prices and help out banks burdened by as much as $200 billion in bad loansmany of them for real estate. The Finance Ministry is encouraging municipalities to buy as much as $40 billion worth of land for public works projects. Local news reports say much of the land to be purchased could be foreclosed properties that the banks cannot sell.Edited by Stanley Reed


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