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Japan's Lost Chance.(ISSUES & INSIGHTS)(EDITORIALS)
Japan: The Japanese government's new "anti-deflation" plan was eagerly awaited around the world. Well, the waiting is over, and it was hardly worth the trouble.
On the surface, Japan doesn't seem to be in such bad shape. People still go to work. It's still one of the wealthiest nations on earth, ranking second in total GDP. It still turns out world-class goods.
And even at 5.4%, its joblessness is far below that of, say, virtually the entire European Union.
But make no mistake: Japan's economy is a mess because its banking system is. Banks aren't lending (see chart), a trend that has continued for 10 years. That has crippled Japan's economy, which grew more slowly than any other major economy during the 1990s, creating deflation in Japanese assets.
That's where the government's new plan was supposed to come in.
Japan's reform-minded economy czar Heizo Takenaka last week quietly floated a radical, far-reaching plan that would have massively reshaped Japan's banking system.
But when Prime Minister Junichiro Koizumi's government unveiled the reforms this week, Japan watchers were shocked to find most of Takenaka's ideas had been cut out.
- Japan's banks in a whirl. (Japan's banking system crisis)(Cover Story)
- Magazine article from: The Banker Rowley, Anthony January 1, 1998 700+ words
...more) into the banking system. While designed...financial collapses in Japan and to help get...international assets in Japan's banking system. The complex...popular reaction in Japan to a public bail-out of the banking system. The injection...
- Recovery... for Asia's sake. (Japan's banking system)
- Magazine article from: The Banker Rowley, Anthony January 1, 1998 700+ words
Are the Japanese banking system's injuries self-inflicted...international conspiracy to force Japan to take action over restoring the health of its banking system - or was it a case of...outcome should be good for Japan, good for the Asia region...
- Holes in new policy package.(Japan's banking system )
- Magazine article from: The Banker May 1, 2001 700+ words
...rose on Act Two of Japan's banking system drama in April when...when the Bank of Japan opted to reflate the...intermediation function of the banking system, via structural reforms...free money the Bank of Japan (BoJ) has pledged...
- Problems with Japan's banking system start at teller's window: Nation's...
- Newspaper article from: The Washington Times Witter, Willis August 20, 1998 700+ words
...worst in five decades. A weak Japan threatens to block efforts...critics are eager to make. Japan, despite its reputation as...arguably the most primitive banking system in the industrial world. Tokyo...drawn on Sanwa Bank, one of Japan's biggest, and Mr. Schumacher...
- Laying the charge for the Big Bang. (reform of Japan's banking system)(Top...
- Magazine article from: The Banker July 1, 1997 700+ words
...assumption that the banking system in Japan is currently carrying...instruments in which Japan's [yen]1,200...overdependence on the banking system as the main financial...Another is ending Japan's inefficient system...
- Will Tokyo finally clean house? Under foreign pressure, Japan is at last doing...
- Magazine article from: The Economist (US) June 27, 1998 700+ words
...Summers said, unless Japan takes immediate steps...the problems of the banking system, the details will not...dire straits. To solve Japan's banking problems...and recapitalise the banking system. All of this will require...officials at the Bank of Japan, who fretted that ...
- Japan's sick banking system.
- Magazine article from: The Economist (US) March 9, 1996 700+ words
...are only a symptom of Japan's banking crisis...appearance and reality in Japan can be great. For a...ills of the country's banking system. You would be wrong...sickness in the Japanese banking system, which is this: Japanese...Finance and the Bank of Japan." And until five ...
- Japan's Red Inc. (banking system crisis)
- Magazine article from: National Review Dizard, John March 10, 1997 700+ words
...Something nasty is happening to Japan's financial system. In the...statement from the Bank of Japan disclosing its foreign exchange...the problem: the Japanese banking system is insolvent. There may be...repatriated? What is the Bank of Japan's rescue plan? Or, rather...
