The government holds a financial crisis council, but says there is no crisis. It will inject 2 trillion yen into a bank and is expected to become its top stakeholder, but says this does not nationalize the bank.
Chief Cabinet Secretary Yasuo Fukuda spewed out more doublespeak Monday, the first business day since Prime Minister Junichiro Koizumi approved a massive injection to save Resona Bank -- the core unit of the nation's fifth-largest banking group.
"Nothing (bad) has been reported to the Financial Services Agency," the top government spokesman said, indicating that the nation's other banks are not under-capitalized. "If something is reported at this stage, it means banks will not be able to release their earnings reports on time (next week). Therefore, there are no accounting problems."