Word: yamaichi
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Dates: during 1990-1999
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...closure of Yamaichi, one of Japan?s oldest and largest brokerage firms has been causing major turmoil in the Asian markets, but analysts told Money Dailythat its demise had actually been predicted in Japan's markets for months...
...While disruptive in the short term, the firm's closure may ultimately pave the way for economic recovery in that country, which tends to prop up financial institutions that are saddled with debt. It was billions of dollars in illegal debt that ultimately sank Yamaichi Securities. If the Japanese government is willing to let it go under, it may signal a positive policy shift. And although the Tokyo stock exchange dropped 5 percent on the news, followed closely by drops in Hong Kong and South Korea, it seems Japan's economic woes are unlikely to spread worldwide. The National Association...
TOKYO: It is, by all 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...
...drive to bring capitalism to the former Soviet republics could come to a halt. "For people to have a currency that is valueless gives a sense of outrage that is very difficult for any government to deal with," says Scott Pardee, chairman of U.S. operations for the Yamaichi International securities firm. Concurs economist Steve Hanke of Johns Hopkins University: "An economy with dysfunctional money is like an engine that...