Banks are reluctant to use a government share purchasing body set up to help them unwind their massive cross-held shares, the chairman of the Japan Bankers Association said Tuesday.
"The purchasing body has little attraction, compared to selling at market prices," Yoshiro Yamamoto said during a regular news conference.
Yamamoto is also co-chief executive of Mizuho Holdings, Inc. and heads the stock buying entity. His admission bodes ill for the government's attempt to shield market prices from intense bank selling.