The last days of 1995 had a flavor of deja vu all over again for the world's banking industry: Just as the Resolution Trust Corp. finally phased out, Japan's Ministry of Finance announced the formation of a similar entity, the Jusen Resolution Organization, to deal with the mountain of bad debts incurred by the nation's eight housing loan banks.

It is destined to be a noisy spring in Japan as an outraged public demands accountability for the losses, and banks and insurance companies with share holdings in the Jusen expect to be targets of shareholder suits, a recent import from the U.S. legal system. The noise will be magnified by this year's Japanese electoral politics.

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