August 20, 2001 |
A top executive at the Bank of Japan said Sunday that the central bank would consider further steps to ease monetary policy if the country's economy continues to founder. The remarks by executive director Minoru Masubuchi came days after the central bank decided to pump more cash into the country's banking system in a move that surprised investors and gave a momentary lift to the nation's slumping stock market.
August 1, 1998 |
Cracking down on corruption in Japan's financial industry, a new watchdog agency handed out penalties to nine major banks and four brokerages whose employees were accused of wining and dining public officials. The Financial Supervisory Agency announced Friday that it is banning Sanwa Bank from mutual fund sales for one year. It imposed lesser penalties on the other banks and brokerages. The agency was set up in June to root out widespread corruption in the financial industry.
February 3, 1998 |
Monday's dramatic gains in several Asian markets, on the first day of trading following a five-day break for the Lunar New Year, extend a rally that began Jan. 13 and reflect a growing belief that the region's economic reforms have some credibility. Hong Kong's Hang Seng stock index rocketed 1,326.2 points, or 14.3%, to 10,578.60 on Monday. It was the second-biggest point gain ever. The Indonesian market's main index soared 14% to 554.11, and Thailand's main index zoomed 12%.
April 23, 1998 |
Japan's Ministry of Finance said Wednesday that it will punish more than 100 of its officials for being wined and dined by representatives of the businesses they regulate. The ministry is investigating 400 other officials to determine if they too were entertained by private companies with which they have government dealings. The nature of the penalties will be revealed soon, the ministry said, refusing to elaborate. Japanese bureaucrats long have accepted lavish attention from private companies.
July 31, 1998 |
Japanese banks, mired in bad loans that by some estimates have grown to $1 trillion, saw their stocks jump in value Thursday, reflecting investors' belief that Japan's new leaders will spare the banks the radical restructuring that critics say they need. "The market expects a soft landing for banks," said Garry Evans, strategist with HSBC Securities here. "The problem is, if the landing is too soft, you land in a bog."
February 26, 2000 |
The head of a key Japanese bank reform agency was forced from office after opposition politicians released a tape recording of him offering to shield weak financial institutions from scrutiny by government auditors. The abrupt departure of Michio Ochi was precipitated by a speech last week in which he promised to give his "utmost consideration" to lenders who complain that auditors are being too tough. Ochi had been named chief of Japan's Financial Reconstruction Commission last fall.
October 2, 1998 |
Long-Term Credit Bank of Japan Ltd. said Thursday that it sold its Tokyo headquarters building and the land it is built on to a real estate company, Chobuil Corp., for about $708 million. The bank said it will post a profit of about $382 million from the sale. LTCB will lease the property from Chobuil, in which it holds a minority stake. LTCB is at the center of political debate over whether to use taxpayer money to help clean up the Japanese banking industry's mounting bad-debt problem.