Japan's Big Bang
Japan's Big Bang

Author: Declan Hayes

Publisher: Tuttle Publishing

Published: 2011-09-13

Total Pages: 297

ISBN-13: 1462902006

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Japan's national economy: understanding the history of the current crisis and proposing a path forward The consistent failure of the Japanese bureaucracy and business establishment to meet proper management and regulatory standards has made America's premier ally in Asia a major source of financial instability in today's world. Japan has the world's biggest everbad–debt burden Japan has allowed organized crime to systematically infiltrate its financial institutions Japan's national pension system faces imminent bankruptcy Japan's banks, brokerages, and insurance houses are near insolvency and welded to obsolete practices that hold the entire country and region back Japan's Big Bang traces the hurdles Japan must overcome to once again reign as one of the world's preeminent financial powerhouses. With an academic's analytical eye and the tenacity of a financial beat reporter, Declan Hayes explores the tangled mess that was and is Japan's economy, and explores the remedial action Japan must follow to regain and sustain its position as the economic engine of Asia.

Financial Policy and Central Banking in Japan
Financial Policy and Central Banking in Japan

Author: Thomas F. Cargill

Publisher: MIT Press

Published: 2001-01-03

Total Pages: 205

ISBN-13: 026226210X

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This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.

Money Rules
Money Rules

Author: Henry Laurence

Publisher: Cornell University Press

Published: 2001

Total Pages: 254

ISBN-13: 9780801437731

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Henry Laurence traces financial market reform in Britain and Japan over the last two decades, charting the movement of the Anglo-Saxon and Japanese styles of capitalism toward a new, hybrid form of economic organization. He explains what these two stories reveal about changes in the nature of business-government relations in an age of convergence.The package of reforms known in Britain as the "Big Bang" and in Japan as "Biggu Bangu" decontrolled prices, liberalized the number and nature of financial instruments that could be traded, opened both countries' markets to foreigners, and introduced a much greater degree of competition than would have been believed possible twenty years earlier. At the same time, Britain and Japan have undertaken stringent measures to improve the transparency and fairness of their markets.Why did two countries with traditionally very different regulatory styles adopt such strikingly similar reforms, and why did these reforms result in a mixture of deregulation in some areas and tighter control in others? In explaining these apparent contradictions, Laurence invokes the powerful domestic political impact of international capital mobility.Money Rules challenges the view that bureaucracy is the most powerful actor in the policymaking process. Using extensive interviews with more than one hundred policymakers and financial professionals in both countries, the author rebuts conventional wisdom. He argues that the events in Britain and Japan demonstrate striking crossnational convergence of political and economic institutions.

African Samurai
African Samurai

Author: Thomas Lockley

Publisher: Harlequin

Published: 2019-04-30

Total Pages: 518

ISBN-13: 1488098751

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This biography of the first foreign-born samurai and his journey from Africa to Japan is “a readable, compassionate account of an extraordinary life” (The Washington Post). When Yasuke arrived in Japan in the late 1500s, he had already traveled much of the known world. Kidnapped as a child, he had ended up a servant and bodyguard to the head of the Jesuits in Asia, with whom he traversed India and China learning multiple languages as he went. His arrival in Kyoto, however, literally caused a riot. Most Japanese people had never seen an African man before, and many of them saw him as the embodiment of the black-skinned Buddha. Among those who were drawn to his presence was Lord Nobunaga, head of the most powerful clan in Japan, who made Yasuke a samurai in his court. Soon, he was learning the traditions of Japan’s martial arts and ascending the upper echelons of Japanese society. In the four hundred years since, Yasuke has been known in Japan largely as a legendary, perhaps mythical figure. Now African Samurai presents the never-before-told biography of this unique figure of the sixteenth century, one whose travels between countries and cultures offers a new perspective on race in world history and a vivid portrait of life in medieval Japan. “Fast-paced, action-packed writing. . . . A new and important biography and an incredibly moving study of medieval Japan and solid perspective on its unification. Highly recommended.” —Library Journal (starred review) “Eminently readable. . . . a worthwhile and entertaining work.” —Publishers Weekly “A unique story of a unique man, and yet someone with whom we can all identify.” —Jack Weatherford, New York Times–bestselling author of Genghis Khan

Race for the Exits
Race for the Exits

Author: Leonard J. Schoppa

Publisher: Cornell University Press

Published: 2011-07-15

Total Pages: 266

ISBN-13: 0801461804

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Contrary to all expectations, Japan's long-term recession has provoked no sustained political movement to replace the nation's malfunctioning economic structure. The country's basic social contract has so far proved resistant to reform, even in the face of persistently adverse conditions. In Race for the Exits, Leonard J. Schoppa explains why it has endured and how long it can last. The postwar Japanese system of "convoy capitalism" traded lifetime employment for male workers against government support for industry and the private (female) provision of care for children and the elderly. Two social groups bore a particularly heavy burden in providing for the social protection of the weak and dependent: large firms, which committed to keeping their core workforce on the payroll even in slow times, and women, who stayed home to care for their homes and families. Using the exit-voice framework made famous by Albert Hirschman, Schoppa argues that both groups have chosen "exit" rather than "voice," depriving the political process of the energy needed to propel necessary reforms in the system. Instead of fighting for reform, firms slowly shift jobs overseas, and many women abandon hopes of accommodating both family and career. Over time, however, these trends have placed growing economic and demographic pressures on the social contract. As industries reduce their domestic operations, the Japanese economy is further diminished. Japan has also experienced a "baby bust" as women opt out of motherhood. Schoppa suggests that a radical break with the Japanese social contract of the past is becoming inevitable as the system slowly and quietly unravels.

Structural Reform in Japan
Structural Reform in Japan

Author: Eisuke Sakakibara

Publisher:

Published: 2003

Total Pages: 202

ISBN-13:

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In this candid book, Japan's former top financial diplomat asserts the urgent need for wholesale structural reform to revitalize the long-stagnant Japanese economy. Eisuke Sakakibara, whose influence over global currency markets earned him the nickname of Mr. Yen, envisions a social and economic revolution that encompasses all sectors of Japanese society. Sakakibara. Profitable investment opportunities are hard to find in the dysfunctional corporate sector, where costs are high and earnings continue to decline. The country's entrenched power elite - the Liberal Democratic Party, the bureaucracy, and vested interest groups - are threatened by reform efforts. It will be difficult to restore economic health to Japan until its political leaders are able to break the grip of this iron triangle and implement aggressive, widespread reforms.

The Political Economy of the Japanese Financial Big Bang
The Political Economy of the Japanese Financial Big Bang

Author: Tetsuro Toya

Publisher: Oxford University Press

Published: 2006-04-06

Total Pages: 349

ISBN-13: 0199292396

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This book emphasizes change over continuity in Japanese policymaking. It argues that Japan's Big Bang financial reforms emerged out of a policymaking process that deviated radically from past patterns. Performance failures, scandals and fluidity in party politics led the Ministry of Finance to promote reforms that otherwise would have been opposed.

Japanese Financial Markets
Japanese Financial Markets

Author: Junichi Ujiie

Publisher: McGraw Hill Professional

Published: 2002-10-31

Total Pages: 508

ISBN-13: 9781855735965

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Second edition of the clasiic text on Japanese financial amrkets incorporating all the latest changes.

Japan's New Economy
Japan's New Economy

Author: Magnus Blomström

Publisher: OUP Oxford

Published: 2001-01-25

Total Pages: 342

ISBN-13: 0191589799

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Japan's economy stumbled in the 1990s. After four decades of rapid growth that transformed Japan into a wealthy country at the world's technological frontier, the last decade brought prolonged economic stagnation. The rapid run-up in asset prices in the late 1980s, followed by their collapse in the early 1990s, left a debt overhang that paralyzed the banking sector. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has seemed impervious to aggressive fiscal stimulus measures and is still plagued by ongoing price deflation. Japan's struggle has called into question the ability of the country's economic institutions - originally designed to support factor accumulation and rapid development - to adapt to the new economic environment of the 21st century. Yet Japan's economy is already changing. Driven by an aging population, rapid technological change, and increasing global competition, the country's public and private institutions are being slowly reshaped. This volume explores the forces that will drive structural and institutional change in three areas over the next decade: the macroeconomy, the organization of industry, and the global economic and political environment. Economists, demographers, and Japan specialists examine key aspects of the economy that will be transformed in coming years, including population and savings, the public pension system, labor markets, financial reforms, deregulation of service industries, productivity performance, foreign investment, trade, and the impact of an emerging China. The volume fills an important gap in the existing economic literature. While much has been written about Japan's pre-1990s institutions and economic performance, this volume is unique in its forward-looking orientation - trying to understand not only the institutional and structural changes that have already reshaped Japan in the 1990s, but to identify the critical trends and institutional changes that will mould Japan's new economy over the next decade.