Word: obuchi
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...YORK: It was hobbled-world-leader-summit time again, as President Clinton and Japanese prime minister Obuchi met Tuesday in New York. And while Clinton was doubtless prepared to touch on issues such as North Korea, if only to be polite, Topic A of Tuesday's summit was expected to be -- you guessed it -- Japan's moribund economy...
...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 is in Japan, not New York...
...their part, U.S. officials fear that Japan?s stonewalling may be a reflection of real disarray in the Obuchi government. If the trend continues, then Japan cannot expect Washington?s spirit of camaraderie to last for long...
...world?s top economists are clamoring for a rescue, and given that American officials, after long criticizing the Japanese government?s inaction, have lately been trying to be conciliatory and quietly helpful, you might have thought that last weekend?s bank-rescue agreement between Prime Minister Keizo Obuchi and the opposition would immediately encourage better relations with Washington. Wrong. Ever since an unproductive meeting between Treasury Secretary Robert Rubin and Japanese finance minister Kiichi Miyazawa in San Francisco on Sept. 5, Miyazawa?s office has dodged attempts to set further discussions with U.S. officials. And last Friday...
...Details of the plan are sketchy, although it appears that opposition demands to let bad banks fail have been met by making assistance to the stricken Long Term Credit Bank -- one of the country's largest -- conditional on effectively declaring it bankrupt. "Compromise between Obuchi and the opposition is the first good sign that they're moving toward resolving the banking crisis," says Baumohl. "But with Japan's banks holding as much as $1 trillion in bad loans, there's a lot more to be done...