Going Bust

The beginning of summer is customarily the season of the Hollywood blockbuster, but last week Japan's sickly banking sector produced one of its own. Resona Holdings, Japan's fifth largest bank, declared it no longer had the capital to meet regulatory requirements and was asking the government for a massive $17.2 billion bailout—which could effectively lead to a nationalization of the bank. Resona's president Yasuhisa Katsuta also announced his resignation.

A meltdown of one of the country's top lenders has long been expected given Japan's chronic economic problems, and Resona's plight will only add to fears that the worst...

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