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"The United States urged Japan on Friday to more aggressively tackle the bad loans weighing down its banking sector.
In a meeting between Japanese and U.S. business leaders and government officials, U.S. delegates praised Japan's effort to pinpoint the problem loans but said Tokyo must do more to dispose of them.
"Accelerating the process of moving forward on this would be helpful for the economy," Randall Kroszner, a member of President George W. Bush's Council of Economic Advisers, told reporters after the meeting."
"Kroszner said it was important for Japan's banks to clear their books and start afresh with new loans to worthy business in order to keep the economy growing. He did not offer specific steps the government should take."
"Tokyo has said that problem loans at the nation's banks total 36 trillion yen ($281 billion). But private economists warn the problem is likely much bigger."
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