| BUSINESSWEEK ONLINE : JUNE 14, 1999 ISSUE | ||||||||
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| INTERNATIONAL -- ASIAN COVER STORY
Hakuo Yanagisawa, Financial Reconstruction Minister, Japan (int'l edition) NOTHING IN HAKUO YANAGISAWA'S background suggests a radical reformer. A lawyer, he joined the Finance Ministry, then steadily moved up the ruling party ranks. Yet, since being tapped to overhaul the banking sector, he has become a tiger. Yanagisawa, 63, wants to tear down the walls separating Japan's 17 long-term credit, commercial, and trust banks. He'd like to see the emergence of universal banks, offering corporate lending, mutual funds, and asset management. He's making progress. In exchange for a $60 billion infusion of government money, banks are under orders to restructure, merge, and even encourage foreign participation. ''More mergers should be promoted as in the U.S.,'' he says. It's probably the toughest political job in town. Count on Yanagisawa to continue to make bankers sweat bullets. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
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