Japan on the Upswing: Why the Bubble Burst and Japan's Economic Renewal

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Algora Publishing, 2006 - Business & Economics - 234 pages
Japan's effervescent economy, charging ahead in the late 1980s under the stimulation of a two and a half percent prime rate, shook American confidence ... until the bubble burst in 1989, leaving banks saddled with over $200 billion in bad loans. Iwamoto shows how and why the lenders racked up all this uncollectible debt, who took advantage of whom and how actions by business and government officials contributed to the crisis. Along the way, his illustrative examples share some of the flavor of business life in Japan including the academic cliques and mobster clans, the after-hours camaraderie and the legendary "entertainment" that was used to evade inspections by the Ministry of Finance. The author then describes Prime Minister Koizumi's initiatives that halved the bad loans by March 2005 and inspired foreign investors to bring back their cash. With strong exports, increasing capital investment and decreasing unemployment, Japan is truly on the upswing. Koizumi's party reaped the benefit with a landslide victory in the September 2005 general election, and he continues to push for further restructuring. The author goes on to identify and describe the 20 most successful companies in Japan this year, and gives clues as to what makes them thrive. Many aspects of Japan's economy are highlighted in tables and statistics, from "Differences in Pay Scale by Type of Industry" to "Results at Seven Mega Banking Groups and Forecast for March 31, 2006," plus balance sheets of companies like Toyota, Shiseido and McDonald's Japan.
 

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Contents

Preface
1
Part 1 Misguidance and Miscalculations from 1990 to 2002
5
What Happened in Japanese Finance
9
Chapter 2 Scandals Involving MOF Officials
27
Lending Activities and Crises
41
Chapter 4 Trade Credit
51
Chapter 5 SelfInduced Recession
63
Chapter 6 Financial Institutions in the Millennium
79
Chapter 9 A ProBusiness Environment
123
Chapter 10 Upheaval on a Massive Scale
131
Chapter 11 Adequate Government Action and the Stock Market
151
Chapter 12 Companies Doing Well
165
Part 3 Epilogue
205
The Japanese Economy Continues Its Upswing
207
Select Bibliography
221
Acknowledgements
227

Chapter 7 The Takenaka Scheme
91
Chapter 8 Racketeers in Business
105
Part 2 Rebuilders
121

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