23 March 2001, 16:28  MID-SIZE JAPANESE LIFE INSURANCE CO. FILES FOR BANKRUPTCY

Tokyo Mutual Life Insurance Co. filed for court protection from creditorsafter Daiwa Bank, its biggest creditor, rejected a request for Y30 billionof additional capital, according to reports. Tokyo Life has outstandingdebts of Y980 billion. The announcement prompted Daiwa bank to reviseits full year earnings forecast to a loss of Y18 bln. Other reports quotedFinancial Services Minister Yanagisawa as saying that no other lifeinsurer was currently under severe financial difficulty. Speaking before a parliament committee, Prime Minister Yoshiro Morireiterated comments from other government officials that Japan has nointention of making the yen weaker in order to boost exports, accordingto reports.

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