"What they don't know can't hurt them...".

Non-performing loans by Japanese banks may total as much as Yen175 trillion - but you wouldn't know that from the official figures. Both the Japanese Ministry of Finance and the banks themselves have conspired to keep the true extent of the bad-debt crisis under wraps, partly from embarrassment and partly from fear of panicking depositors. That wouldn't be so bad if they were tackling the problem - but they're not, says the article. Welcome to the grave new world of Japanese banking, where normal business has been suspended as banks look for a solution to the bad debt crisis. And where, detractors say, secrecy and subterfuge are preventing any solution being found to this industry-wide problem. Last March 11 banks in Tokyo, Japan put the total value of non-performing loans (including those to bankrupt companies) at Yen 8.435 trillion, or 3.1% of all outstanding loans. This figure conveniently ignores all restructured loans where the banks have consented to reduce interest rates as part of a rescue package. It also excludes loans that banks have parked on the books of subsidiaries, and those where borrowers make token payments to escape formal classification as non-performing.