CIRJE-J-168. Kobayashi, Takao, "The Critical Weakness of the Japanese Financial System and Its Remedy", October 2006.

This is a short essay motivated by the author's concern about the creation of a new series of lumpy credit risk exposures entering Japanese bank portfolios, in particular through recent comeback of real estate transactions. The essay will be printed in "Keizai Kyousitsu" of the Nikkei Morning Newspaper, November 11, 2006.