This story was printed from TODAYonline 
Monday • October 13, 2008
Japanese Finance Minister Shoichi Nakagawa said Monday he would consider guaranteeing all bank deposits if necessary, Jiji Press reported.
"I will consider it if necessary," Nakagawa said, according to Jiji.
The report came as European leaders agreed to a plan that would inject billions of dollars into troubled banks in an attempt to restore confidence in the financial system.
In Japan, currently the government-backed Deposit Insurance Corporation guarantees up to 10 million yen (100,000 dollars) for each deposit in Japanese banks.
The upper limit of 10 million yen was temporarily lifted between 1996 and 2005 when Japan suffered its own financial crisis.
Amid the current global financial crisis, some Japanese lawmakers, including Nakagawa, have reportedly said they were considering reviving a law -- which expired in March -- that allows the government to inject public money into only small regional banks at times of crisis to protect depositors. — AFP