Word: obuchi
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Japanese prime minister Keizo Obuchi couldn't come to Washington next week with an empty briefcase. That's why he cut a deal with his political opponents Friday over stalled banking reform legislation -- a deadlock that had exasperated Washington. "This appears to be an important step, but they still have a major chasm to cross," says TIME reporter Bernard Baumohl. "At least now Obuchi has some news for President Clinton. It would have been terribly embarrassing for him to come to Washington with no plan to reform his country's banking sector, which many see as a crucial step...
Time for such fanciful notions is running out. Prime Minister Keizo Obuchi, in office barely three weeks, faces the lowest popularity ratings of any incoming Prime Minister in 40 years. An emboldened opposition is challenging his administration's plan to rescue Japan's banks from more than $620 billion in bad loans. If Obuchi doesn't show results by next month, he could...
Saving--or sacrificing--Japan's banks has become a litmus test. Obuchi's rescue plan envisions a "bridge bank" that would consolidate ailing institutions and protect healthy depositors without causing any outright failures. That means "the government will not cure the most crucial wounds," complains Hiroshi Kumagai, a leading member of the opposition. Kumagai wants to close bleeders like the Long Term Credit Bank, which holds more than $350 billion in international derivatives contracts. Institutions worldwide are party to those contracts, so the bitter medicine of a closing would not be Japan's alone to swallow. Whatever Obuchi does, most...
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...
Traders worldwide will be paying close attention as Japan's ruling party names a new prime minister Friday. A choice of Keizo Obuchi, the man most closely aligned with the regime, could signal that the government is still not ready to make needed change...