Japan's exposure at Y1.5t

Japan's exposure at Y1.5t

TOKYO (Dow Jones): Major Japanese trading houses held Y1.5 trillion in credits in Indonesia as of March 1998, the Sunday edition of the Nihon Keizai Shimbun quotes a Ministry of International Trade and Industry survey as showing.

The total was nearly double the more than Y800 billion announced by the nine biggest trading houses earlier this month in their annual earnings results.

Only 30% of the total was secured by trade insurance and bank guarantees, the survey reported.

Short-term trade credits totaled Y240 billion. Mid-term and long-term credits -- 20% of them investments and 40% loans or liability guarantees -- reached Y1.26 trillion.

The survey covered Itochu Corp., Mitsui & Co., Mitsubishi Corp., Marubeni Corp., Sumitomo Corp., Nissho Iwai Corp. and Tomen Corp.