April 24, 1999
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| April 24, 1999 | atimes.com | |
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| Japan Economy Japanese banks selling bubble-year art collections to raise funds Tokyo - Some Japanese banks areselling the art collections they accumulated during the boom daysof the 1980s to generate cash, the Financial Times said, citingTristram Norris, a Tokyo adviser to art investment companyPilkington Investments. Fukuoka City Bank, a regional bank onJapan's southernmost main island of Kyushu, said it was sellingpart of its collection to the San Francisco Museum of Modern Art. Dealers said the bank could raise about $60 million in the sale,the report said. Japanese banks are writing off trillions yen in bad loansprovided to real estate buyers in the late 1980s and early 1990s. (Bloomberg) | |||||||||
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