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Dogs and DemonsAnd by then foreign brokerage houses were handling almost 40 percent of all trades on the TSE. In the fall of 1997, Yamaichi Securities, one of the Big Four brokerages, declared bankruptcy when more than $2 billion in losses surfaced in hidden offshore accounts. And then there were three. «Just as the U.S. brokers toppled England's largest securities firms, the same thing is happening here in Japan,» said Saito Atsushi, Nomura's executive managing director. However, there was to be one last mission for MOF's financial machine to accomplish, albeit a suicide mission. MOF decided that it should expand into Asia, which it considered Japan's natural sphere of influence. Land prices had been rising in Thailand, Malaysia, and Indonesia for decades-all the old Bubble rules still seemed to apply there. So Japan in effect exported its Bubble to Asia, lending heedlessly to build office towers, shopping centers, and hotels, as was done in Tokyo and Osaka years ago. «We are just asset eaters,» says Sanada Yukimitsu, an associate director at Tokyo Mitsubishi International in Hong Kong. «The Europeans and Americans consider profitability, they manage their assets ...» |
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