Commentary: One Deal Won't Clean Up Japan's Banking Mess

Japanese officials say the newly formed bond between Bankers Trust New York Corp. and ailing Nippon Credit Bank Ltd. signals that foreign banks are welcome at last and that the reconstruction of their nation's tottering financial system is off and running. Finance Minister Hiroshi Mitsuzuka praises the arrangement, saying the Bankers-ncb deal, unveiled on Apr. 10, "will greatly contribute to restoring the credibility of Japan's financial system."

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