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Reports that 15 of Japan's biggest banks have applied for $16 billion in public aid. Request to the Japanese government to buy preferred shares and subordinated debt.

Reveals that Sumitomo Bank Ltd. and Daiwa Securities Co. has combine their investment banking and asset management businesses, in an effort to give them stronger financing, despite a two year lost. Details on the joint venture; Brief information on both companies; Comments from Yoshinari Hara, Daiwa Securities president; Plans of Nomura Securities Co. to form joint ventures in asset management and derivatives with Industrial Bank of Japan.