On April 2, 2012, the new president of the new Japan Bank for International Cooperation, Hiroshi Okuda, revealed just how bad the current economic situation is.

Okuda, a former president of Toyota, said Japan faces a critical historic situation, on the level of two previous historic moments; the 19th century Meiji Restoration and the end of World War Two in the 20th century.

On April 1, 2012, the Japanese government created the Japan Bank for International Cooperation.  It is a spin off of Japan Finance Corporation.

It’s part of efforts by Japan to be more economically competitive and financially flexible.