In a move it hopes could help break the massive logjam of problem real estate loans in Japan, J.P. Morgan & Co. has begun issuing nonrecourse loans for the purchase of troubled property portfolios.

In the first such transaction in Japan, Morgan last month agreed to provide a Morgan Stanley Dean Witter & Co. real estate fund with a nonrecourse loan for the purchase of 1,200 condominiums from Daikyo Inc.

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