Word: hokkaido
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Dates: during 1990-1999
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Things are so bad here that the prospect of one bank's demise conjures up images of a cataclysmic cascade of failures. With some reason: the collapse last November of the Hokkaido Takushoku Bank shattered the economy of Japan's northern island of Hokkaido. Affiliated lenders and thousands of businesses went bust. Since then the prognosis for the nation has worsened steadily. In reaction, commentators have lashed out, blaming the nation's woes on everything from American "free-market imperialism" being forced on Japan's financial system to a laggardly birthrate...
Nagano, though only 120 miles northwest of Tokyo, has long been the provincial capital farthest in time from the center of Japan since unlike the cities on the outlying islands of Hokkaido and Okinawa, it has never had an airport. Even now, with a million Olympic visitors expected, the nearest airport to the Main Press Center consists of a modest, two-story box appointed with exactly four check-in counters and one baggage carousel, 75 min. away by (very occasional) bus. As your plane takes off from Matsumoto, the technicians all line up on the tarmac to wave goodbye...
Then last week Japan tried the unthinkable: regulators let a prominent yet insolvent bank, Hokkaido Takushoku, go bust. Instead of a panic, Japan's Western-style measure elicited a Western-style response: stocks surged 11% in two days. Imagine the rally if they had killed a bigger bank. Investors in the U.S. aren't strangers to the perversity of free markets. How many times have you seen a company so down that it says it must shed thousands of jobs, and the stock zooms? So ingrained is this convoluted logic that the mere appointment of a CEO known for tough...
...accounts, Japan's biggest corporate failure since World War II. The country's fourth-largest brokerage firm, Yamaichi Securities, announced early Monday that it would shut down its business, reports Money Daily. The news, relayed to the press by Japanese authorities, comes just a week after Hokkaido Takushoku Bank, one of Japan's 20 largest banks, closed its doors...
...Japan's markets were influenced by news early Monday that ailing Hokkaido Takushoku Bank had been allowed to fail, and that its operations would be transferred to a regional institution, North Pacific Bank, as part of a plan set up by the Finance Ministry. Investors took this as a sign that authorities were at last taking active steps to help Japan's troubled financial sector...