Bruised, battered and broke

Article Abstract:

There is concern about political factors in Japan which has affected financial markets. The Japanese yen has dropped in value which has led to fears of a Chinese devaluation. Japan needs to tackle the problem of its banking sector but has made little progress in this area, and political paralysis could hamper reform. The Democratic Party of Japan opposes government proposals for tackling the banking crisis and aims to prevent the Liberal Democratic Party from protecting friends in the banking industry.

Political aspects, Financial markets

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Staggering

Article Abstract:

Japan has presented a plan for the reform of the banking industry which has calmed central banks world wide, concerned that public funds may not materialize to rescue the banking industry. The Liberal Democratic Party (LDP) has produced a plan that is similar to previous plans. The LDP is floating a proposal for a recapitalization of the big banks in Japan involving sums of some 20 trillion Japanese yen, prior to the appointment of a financial revitalization committee.

Liberal Democratic Party (Japan)

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Will Tokyo finally clean house?

Article Abstract:

The US has sent Larry Summers from the Treasury to tell the Japanese to reform their economy to prevent a further drop in the value of the Japanese yen. Japan is preparing a proposal for reform of the banking industry. Recession is worsening an already serious problem. Banks are setting aside resevres for bad debts, but are also writing them down. This means that the bad debts persist, whereas if they were written off they would have no more accounting value.

United States, Japanese foreign relations, United States foreign relations

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