Word: nikkei
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...been topic A for five years now," says TIME business editor Bill Saporito: "Getting Japan to do something -- anything -- about the $1 trillion in bad loans that have paralyzed the banking system." And although Japanese investors were hopeful, boosting the Nikkei by 1.42 percent Tuesday and bolstering the yen's value against the dollar, the Dow, which at midday languished 50 points in the red, indicated no such optimism. "Japan is a consensus society -- it takes a long time to accomplish anything," says Saporito. "Clinton and Obuchi can have all the summits they want, but the work to be done...
...Despite the news, the Nikkei index slipped only slightly Wednesday because the Japanese Diet looked to be making some progress -- albeit slow and circuitous -- toward a critical compromise on banking reform. The ruling Liberal Democratic Party favors maintaining a fairly generous state-sponsored bank rescue plan, while opposition parties (and the West) want to let weak banks and the enterprises they support perish. Somewhere in the middle may be a viable bill, and the latest round of failures may be enough to spur even the often listless LDP to get economic reform out of the hemming-and-hawing phase...
...error occurred while processing this directive]Fortune Investor Data All in all, a poor performance from the markets closest to the eye of the storm. But it's a picnic compared to the continuing collapse in Asia. The Nikkei sank to a 12-year low. Hong Kong, which had seemed immune on Thursday, plummeted on news that it had joined Japan in the recession club. The former colony's economy shrank a whopping 5 percent in the second quarter, virtually wiping out all of 1997's gains in one go; officials had originally predicted 3.5 percent growth. "This is outside...
Watch to see how the Nikkei responds to a key policy speech by Keizo Obuchi, Japan's new prime minister. If he gives traders hope that the government will be able to quickly implement promised tax cuts, Japan's markets could bounce back -- and we could breathe a little easier about...
...Minister Keizo Obuchi, who's known as a consensus builder rather than a Teddy Roosevelt. "The LDP needs a consensus to govern," says Gibney. "The fact that Hashimoto had views of his own had stalled the reform process." Japan's markets initially plummeted on the election results, but the Nikkei closed up 1.68 percent after it became clear that Hashimoto was taking the fall. In the absence of strong leadership, a prime minister who can build a consensus on decisive action remains preferable to the recent paralysis...