Word: yashiro
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...fall back on. Domestic consumption and investment need to be closer to the center of economic growth, and that requires major change, including regulatory reform. Leaning less on export-oriented growth doesn't mean cutting back on exports if the government uses deregulation to stimulate domestic consumption, says Naohiro Yashiro, an economics professor at Tokyo's International Christian University. The DPJ plans to do that by increasing household income through monthly child allowances and the elimination of highway tolls, which should have the same effect as tax cuts. It also aims to develop new environmental technologies and create jobs...
When U.S. Investment Group, led by U.S.-based Ripplewood Holdings, bought the bankrupt Long Term Credit Bank in 2000 and tapped Masamoto Yashiro to run it, he set out to revolutionize the industry. Since taking the helm of the bank--renamed Shinsei, or Rebirth--Yashiro, 75, has presided over one of the most successful turnarounds in Japanese corporate history. With 30 years experience at Exxon and nine more at Citibank, Yashiro has never been a member of Japan's insular financial community. "I don't follow the Japanese way of doing things," he says. Yashiro talks about competition, profitability...
...help find a buyer for the failed Long-Term Credit Bank, Japan's government erased much of the bank's bad debts and promised to take back any that turned south through to the spring of 2003. Collins hired Masamoto Yashiro, 72, who ran Citigroup's highly successful retail operation in Tokyo, as ceo. LTCB was born again as Shinsei Bank, which was appropriate: shinsei means rebirth...
...Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-banking business, Shinsei also launched a retail business featuring fee-free, 24-hour services at its network of 56,000 atms?a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit?about $7,700?is worth the equivalent of two bus tickets. The lobby of Shinsei's steel-and-glass headquarters in central Tokyo looks more like an Internet cafE than a bank, with customers lounging at flat-screen computers...
...Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-banking business, Shinsei also launched a retail business featuring fee-free, 24-hr. services at its network of 56,000 atms--a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit--about $7,700--earns the equivalent of two bus tickets. The lobby of Shinsei's steel-and-glass headquarters in central Tokyo looks more like an Internet cafe than a bank, with customers lounging at flat-screen computers while...