Word: japanization
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Dates: during 1990-1999
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...third mistake," he adds, "was my feeling that the new book had to raise the stakes and include more than Bonfire, that I was obligated to write the biggest book in the world. So I spent 10 very expensive days in Japan looking for some way to get that country into the plot. And I also tried to work in some sort of television-news element and the life of an unsuccessful artist and the dealings of an unctuous insurance salesman, all of which required a lot of research and reporting and proved to be dead ends. I practically have...
There's a lot more wrong with Japan's economy than its banks: Toshiba and Hitachi, two of the electronic giants that drove the country's postwar industrial boom, on Monday posted massive losses. Toshiba's $53.6 million pretax loss in the first half of fiscal '98 compared with a $212 million profit for the same period last year; Hitachi lost $1.04 billion compared with a $204 million profit in the equivalent period last year. "These companies will bleed as long as demand at home and in Asia remains weak," says TIME senior business reporter Bernard Baumohl. And therein lies...
...even banking reform can ease the pain at this point: "Even if Japan succeeds in revitalizing its banking system, it would take at least three years for the Japanese economy to restore the growth levels of the 1980s," says Baumohl. So when that Hitachi sound system gets cheaper at your local store, it's playing a depression tune...
TOKYO: At Alcoholics Anonymous, they call this bottoming out. On a single day, Japan's three biggest brokerage houses stood up and recounted the financial nightmare of the past six months. The numbers are staggering -- the biggest firm, Nomura Securities, lost $1.76 billion and plans to lay off a fifth of its employees -- and of course it can always get worse. But optimists hope that a painful lesson has been learned. This might be where the healing starts...
...Most conspicuous has been Japan's appallinginaction, but the U.S. should have played a muchmore active role a long time ago," he added...