Word: crash
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Dates: during 1980-1989
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...Preston Tucker proclaimed it "The car of tomorrow -- today!" The Tucker seated six adults and could cruise at 100 m.p.h. with its air-cooled rear engine. It boasted innovations that later became Detroit standards: disk brakes, a padded dashboard and curiosities such as a pop-out windshield and a crash compartment. (Preston's idea for seat belts was nixed by his company's board.) Sticker price...
...since beginning its bullish burst. The $3.5 trillion now invested in the Tokyo market makes it world's largest. Even the devastation wrought by last October's global stock only temporarily dampened the spirits of Tokyo traders. Although the Dow is now 12% lower than it was before the crash, the Nikkei has risen 6% above pre- crash level, to new highs...
...explosive growth worries some Western financial experts, who fear the boom could go bust. If that happened, investors with heavy losses in Tokyo could be forced to pull money out of other markets, triggering another crash. Japanese stocks are already trading at astronomical prices in comparison with the profits of the companies that issued the shares, at least by American standards. On the New York Stock Exchange, such price-earnings ratios run about 15 to 1, while in Tokyo the multiples are often four times as high. Nippon Telegraph & Telephone trades at 158 times its earnings. "Japanese authorities have allowed...
Western critics charge that the Japanese manipulate the Tokyo exchange. After the crash, they contend, the Finance Ministry allowed mutual funds to postpone revealing their losses, then asked banks and insurance companies to buy shares in a mass gesture of patriotism. Many brokers purportedly encouraged individual investors to load up on stocks even if it meant dipping into debt...
Like all other securities firms, Nomura has felt the sting of last October's Wall Street crash. For the six months ended last March, the company's profits nosedived to $713 million, a 23% decline from the same period a year earlier. But that was more than 300% higher than the 1985 figure, and Nomura continues to benefit from the unprecedented boom in the Tokyo stock market...