Ex-MOF Official Nishimura, in Charge of Cleaning Up "Jusen" Mess, Dies

Politics Society

Tokyo, Sept. 12 (Jiji Press)--Yoshimasa Nishimura, a former Japanese Ministry of Finance bureaucrat who led efforts to clean up bad loan problems involving "jusen" housing loan providers in the 1990s, died of acute heart failure at his Tokyo home on Sunday. He was 78.

Nishimura joined the ministry in 1963. After being appointed Banking Bureau director-general in July 1994, he oversaw banks that struggled with the aftermath of the collapse of the country's bubble economy in the early 1990s.

He was under scrutiny for being briefed by Daiwa Bank on a loss cover-up by the lender's New York branch over a month before the scandal came to light in September 1995. Daiwa is a predecessor of Resona Holdings Inc. <8308>.

Nishimura repeatedly testified before parliament to explain the use of 685 billion yen in taxpayer money to resolve the jusen mess as the measure came under fire from opposition lawmakers.

After leaving the ministry, he taught students at Waseda University in Tokyo.

[Copyright The Jiji Press, Ltd.]

Jiji Press