In an attempt to strike a deal with the opposition camp, the Liberal Democratic Party offered Monday to scrap two financial stabilization laws that allow the injection of public funds into troubled banks.
In its latest compromise proposal to the Democratic Party of Japan, Shinto Heiwa (New Peace Party) and the Liberal Party, the LDP said it will abolish the two existing laws upon the enactment of new legislation.
Opposition officials called the proposal, officially presented to executive members of a Lower House special committee on financial system stabilization, vague and insufficient. They agreed, however, to hold further talks with the LDP later in the day and to continue efforts toward a concession by the end of the day.