UPDATE 1-BOJ Kuroda calls for prompt solution to Europe's banking woes

Thu Oct 6, 2016 6:50pm EDT
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* Japan's experience shows need to act promptly to bank woes

* No one-sides-fits-all solution to bank woes-Kuroda

* BOJ made strong commitment to ultra-loose policy

* Kuroda dispels view monetary policy has reached limits (Adds quotes, detail)

By Leika Kihara

WASHINGTON, Oct 6 (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Thursday urged European policymakers to act promptly to solve the region's banking sector problems, signaling a delay could have a negative effect on their economies.

Alluding to Japan's experience struggling with a domestic banking crisis in the late 1990s, Kuroda said it was true the country took a long time to solve its banking sector woes, with the delay having had an adverse effect on the economy.

"It's necessary to identify the problem quickly and deal with the problem as soon as possible," Kuroda told reporters, when asked about Europe's financial system woes including concerns over the financial state of Deutsche Bank.

But he added that there was no one-size-fits all solution because each country's financial system and banking sector has its own unique features.   Continued...