FOREIGN EXCHANGE | Staff Reporter, Japan

Japanese banks fearful of sanctions on Iran

Japanese banks, already reeling from the country’s massive debt, fear international sanctions on Iran could deliver a “big blow” to their system.

Finance Minister Jun Azumi said exemptions from the sanctions should be made. He said it is possible “. . . that Japan’s financial institutions will have a big blow” should the sanctions be implemented.

He was referring to moves by the USA deny access to the U.S. financial system for any overseas bank that conducts business with the Central Bank of Iran. American sanctions on Iran could hurt Japanese banks that do business in the U.S., he noted.

The financial sanctions being imposed by the US and her allies are meant at hindering Iran’s contentious nuclear weapons program.

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