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IP: JAPAN LAGGING ON Y2K COMPLIANCE? from edupage
From: Dave Farber <farber () cis upenn edu>
Date: Fri, 05 Mar 1999 10:15:32 +0800
Western banks are eyeing their Japanese counterparts warily in the wake of U.S. Senate committee report released yesterday that ranked Japan's level of Y2K preparedness at the third of four levels -- on a par with India, Kenya, Venezuela and Turkey. The U.S., Britain, Australia and Canada were ranked in the first tier, or most prepared. Meanwhile, Japan's Ministry for International Trade insists that most large industrial and financial companies are now Y2K-compliant, and says it is now testing most trading and settlement systems. The Financial Supervisory Agency, Japan's banking watchdog organization, has warned that it will suspend operations at financial institutions that are inadequately prepared for the new millennium, but the American Chamber of Commerce in Japan warns that the real problems may lie with financial institutions' closely related subsidiaries and clients. There is also considerable concern about the situation in non-financial sectors such as the utilities. "People are going to have to start cutting credit lines and reconsidering who they do business with," says the head of the Chamber's financial committee. (Financial Times 3 Mar 99)
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