Word: yamaichi
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...openly recognize problems. That's the vital first step toward fixing them. In Japan, last week's bank failure was the catharsis that investors wanted, and the market's swift approval is certain to encourage more bold acts. Indeed, the ink hadn't dried on this page when giant Yamaichi Securities said it too would liquidate--and regulators pledged cash to protect the firm's clients. Japan's financial system has some $500 billion of uncollectible debt--reminiscent of the savings-and-loan mess in the U.S. a decade ago. America's taxpayer-financed bailout was painful, costing more than...
...Take it to the Bank The collapse of Yamaichi nettles the Nikkei. But the long view is rosy...
...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...