NEW YORK -- Despite record loan writeoffs in 1993 and two rounds of downgradings over the last couple of years, Japanese banks will still need several more years to clean up asset quality problems, according to Standard & Poor's Corp.

The bank troubles are attributable to an ongoing recession that has created record high numbers of nonperforming loans. | The recession has also forced many financial institutions to extend financial support to nonbank affiliates.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.