Japanese Banks were slow to write down bad debt. "They took 10 years to recognize the non-performing loans," Kennedy says. "They kicked the can down the road."

日本银行注销坏账行动迟缓。“他们用了10年的时间才开始认识到不良贷款，”肯尼迪说，“他们是最后才不得不采取行动的。”

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All the bad news may not yet be reflected on their balance-sheets; although they have had to take the hit on traded securities, like CMBSs, Banks are usually slow to write down property-related loans.

所有的坏消息仍没有反应在银行的报表上。尽管银行不可避免诸如CMBSs交易债券的损失，但银行很可能慢慢减记商业房地产贷款。

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But German banks' unwillingness to write down their bad loans--both from investments before the credit crisis and as a result of the recession--could lead to more economic trouble for the region.

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Michio Ochi, who heads the government commission charged with financial-sector reform, said it would slow down their write-offs of bad loans, and hamper their return to health (although the soft policies pursued by Mr Ochi himself are also often blamed for the banks' lingering malaise).

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