Japan Economic Almanac 1998

1997 saw a financial meltdown in the Asian region, a meltdown which saw enormous turmoil in the Japanese economy. Yamaichi Securities, one of the Big Four brokerage houses collapsed, consumption tax was raised and increased the taxpayer’s burden, the yen had a triple fall, and the Nikkei Stock Average dropped at the year end. Nine companies listed on the Tokyo Stock Exchange filed bankruptcy petitions. Despite this, many Japanese manufacturers retain a global competitive edge, and Japan’s plans to reform its financial sector, referred to as the Big Bang (announced in November 1996) start in 1998. The aim is to...