Nippon Yusen K.K., the largest shipping firm in the nation, said Wednesday it has liquidated two wholly owned Panama-based subsidiaries as part of restructuring efforts.

The two subsidiaries, Growth Maritima SA and Fairhope Shipping SA, were disbanded in line with a decision adopted at a Nippon Yusen board meeting June 22.

Both Growth Maritima and Fairhope were set up as shipping and cargo vessel rental firms, with capitalization of $1,000 each, but since 1999, they have sold off their vessels and undertaken procedures to liquidate themselves, the company said in a release.

Nippon Yusen said it set aside loan-loss reserves against losses from the liquidation in the year ended March 31.

Growth Maritima was created in April 1988 and Fairhope Shipping in Sept. 1989 in Panama City. Shiokawa beats intervention drumJapanese monetary authorities have to take action on any excessive decline of the dollar against the yen, Finance Minister Masajuro Shiokawa said Wednesday.

Shiokawa told reporters he does not believe that the dollar's current exchange rates below 120 yen are favorable.

Commenting on declines of stock prices and the dollar in New York trading Tuesday after the U.S. Federal Reserve cut key interest rates, Shiokawa said that market participants seem to have already factored in the Fed's credit easing.

But further vigilance on market developments is needed, he said.