The agency has also proved woefully slow to sell its assets and thus recoup some of the costs of its bail-out.

ECONOMIST: Latin lessons for Asian banks

Banks have made slow progress in writing off bad loans, and companies have been equally slow to sell off assets and reduce debts.

ECONOMIST: The danger of delay

Alexander Gorra, head of the international department at BNY Mellon ARX in Rio de Janeiro, said that Japanese inflows into fixed assets began to slow in October 2010 when the government increased the financial operations tax, known as the IOF, for foreign buyers of government debt.

FORBES: Will Japan Slow the Brazilian Carry-Trade?