Casting off bonds

Article Abstract:

The Japanese bond market has been growing substantially while the Japanese banking industry recovers from its late 1980s overextension. The banks' reluctance to lend money, and the government's preference that they refrain, has created a credit vacuum which the long-struggling bond market is filling. Long term bonds are attractive to Japanese corporations trying to re-finance their 1980s debt. However, the industry faces impediments such as a dearth of price and maturity options, taxation which dissuades investment and a lack of uniform ratings systems. Banks are also encroaching on the bond market.

Banking industry, Securities, Credit market, Credit markets

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Stuck in the mud: Japan's pump-priming effort makes a weak start

Article Abstract:

Japan's public works projects are not pushingthrough as fast as expected, a discouraging indication of the lack of positive economic response to the government's 10.7 trillion yen fiscal package. The public spending stimulus has minimal effects on the construction sector which supposedly is the first to benefit. Prices of building materials have been declining and job prospects in the sector have not improved. Increased public sector housing finance, however, is an promising development.

Public works, Economic development

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