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JAPANESE LOCAL AUTHORITIES TO SWITCH LOANS

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Many of Japan's local authorities are planning to force through a restructuring of part of their long-term loans be...
Many of Japan's local authorities are planning to force through a restructuring of part of their long-term loans because they are struggling to meet interest payments, according to The Financial Times (p6).

In particular, local government bodies are planning an early redemption of several trillion yen worth of long-term bonds issued to the Trust Fund Bureau at high interest rates, and instead raise cheaper short-term finance from regional banks and state institutions.

The move, believed to be the first such quasi-restructuring made by Japan's local authorities, which are dogged by spiralling debt levels, highlights the pressures building in Japan's public financial structures.
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