The Industrial Revitalization Corporation of Japan, which was established in April this year, is vigorously dealing with corporate restructuring, which helps banks to resolve the non-performing loan problem. On September 22, Prime Minister Koizumi reshuffled his cabinet after he won the party election.
Under the new Cabinet, he reiterated the commitment that he would continue promoting structural reforms aggressively, based on his credo of "no growth without reforms." The Bank of Japan, for its part, will continue striving to beat deflation and put the economy back on a sustainable growth path by employing all the possible policy measures. Thank you for listening. BIS Review 42/2003  3