Word: hashimoto
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...Ryutaro Hashimoto has a credibility problem. While international-finance officials raced to rescue Indonesia and buck up South Korea last week, Japan's Prime Minister was struggling to restore confidence in his own country's cratering economy. Hashimoto delivered a State of the Union parliamentary address that was unique in its brevity and laserlike in its focus on emergency measures to stimulate growth and reinforce sagging financial institutions. "It is my unwavering determination," he declared, "to avoid at all costs a worldwide financial or economic panic originating in Japan." The Japanese financial markets gagged on that plea for confidence, plunging...
Hayao Kawai, a prominent Jungian psychologist and a member of Hashimoto's reform advisory council, traces Japan's collective dishonesty to a cultural trait. Kawai likes to joke that he is president of Japan's "Liars' Club." "There is no club at all, really," he confesses, winking. "In Japan, as long as you are convinced you are lying for the good of the group, it's not a lie." So it is that Japan is a place where doctors often withhold information from their patients, instead telling family members about a serious illness. Corporations customarily withhold potentially damaging information from...
However nightmarish and improbable, this Wall Street bugaboo has been popping up with increasing frequency as the Asian crisis drags on. It's not difficult to see why: Japanese Prime Minister Hashimoto and officials of his Liberal Democratic Party have publicly broached the sale of T-bills, suggesting the proceeds could be deposited in hard-pressed Japanese banks...
This week Hashimoto's ruling party is scheduled to unveil a series of fresh steps to stimulate Japan's economy and stanch the banks' hemorrhaging. But what will those actions be? And will they provide strong enough medicine? A source close to the Prime Minister says it is "impossible" for the government to offer the kind of tax cuts that spur solid economic growth. "He will be able to offer a measure of confidence for the banking system," says the insider. "But we will not see economic growth for quite some time." Says former Prime Minister Kiichi Miyazawa, with characteristic...
Japan will have to do better than that. It is vital for Hashimoto & Co. to show other Asian countries that they have the will to confront their financial problems. Otherwise there will be no one left capable of leading Asia out of its economic mess or of sparing the rest of the world similar trouble...