Old-line shop operators demand government change economic policy

Losing their patience with a government economic policy that forces more small businesses into bankruptcy and more people out of jobs, about 1,100 business people in one of Tokyo's oldest commercial districts held a rally on September 3. They demanded that the government review its policy of promoting early write-offs of non-performing loans held by banks.

The event was organized by a group consisting of local retailers and other small business operators as well as young entrepreneurs in Chuo Ward.

These small businesses are in crisis due to the banks' reluctance to finance them and coercive collection of loans. Many small regional banks are going out of business.

Citing the hardships they undergo, participants directed severe criticisms at Liberal Democratic Party Policy Research Council Chair Aso Taro and other LDP lawmakers who were present at the rally, saying:

"On the grounds of a decline in the mortgage price, the bank asked me to provide additional security. I replied I can't. Then the bank pressed me to pay higher-rate interest."

"My shop was foully auctioned and the winning bidder took mean advantage of my situation and then asked me to buy it back."

"100 or 200-year-old corporations are likely to go bankrupt under the bad loan write-off policy." (end)