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.
July 16, 1998 |
Japan's Big Three brokerages posted dismal results for the April-June quarter as depressed share turnover and deregulated commissions hurt profits. Asia's economic turmoil also took its toll, representatives of Nomura Securities, Daiwa Securities and Nikko Securities said at separate news conferences at the Tokyo Stock Exchange. Industry leader Nomura saw profit fall 58% to $105 million, from $248.4 million in the same period a year earlier.
June 18, 1999 |
The Japanese stock market is in a steep climb, and there might actually be good reason for it. Despite all the country's woes and skepticism about its claims of progress, analysts say the market is responding to an accumulation of hopeful economic indicators, signs of true corporate restructuring and indications that Japan may be collecting dividends from Asia's early economic recovery. And surging stock prices themselves could further fuel the process by bolstering Japan's beleaguered banks.
November 17, 1995 |
Two things about market bubbles: First, it's often hard for investors to admit when they're in one. Second, when guessing how big a bubble can get, it's often wise to err on the high side. With the Dow Jones industrial average already up 30% this year, 89% since 1990 and now just 31 points from the 5,000 mark, stocks' incredible resilience astounds even some of the most ardent bulls. As for the bears--well, nobody likes to be played for a fool, and anyone betting against U.S.
May 31, 1994 |
Tokyo's Nikkei posted a new 1994 closing high for the second trading day in a row Monday, but most world markets changed little on low volume because of holidays in the United States and Britain. Tokyo share prices advanced on continued buying by European investors, traders said. One trader said more upbeat corporate profit projections encouraged the market. The 225-issue Nikkei Stock Average closed at 20,838.97, up 61.81 points, or 0.30%. On Friday, the average gained 281.36 points to 20,777.
July 9, 1997 |
New highs for stocks have become almost routine in most markets worldwide in 1997. And then there is humbled Japan. More than seven years after the Tokyo stock market's Nikkei-225 index peaked at 39,000, Japanese stocks overall are still priced about half off: The Nikkei index closed at 19,853.89 on Tuesday. Despite some strong rally attempts this year, the index is up just 2.5% since Jan. 1, one-tenth the 24% gain in the U.S. Standard & Poor's 500 index.
November 8, 1997 |
The persistent worries about Asia's future are shifting to economic giant Japan, where the top finance bureaucrat admitted Friday that the economy has come to a "standstill" and unsettling bank rumors helped send the Tokyo stock market plunging. The angst was worsened by a fresh wave of downbeat assessments warning that the currency and market turmoil sweeping Southeast Asia and Korea will inevitably take its toll in the country and could even imperil efforts to reform Japan's economic system.
November 2, 1997 |
Time for a reality check. Last week's turmoil in stock markets around the world gave rise to more scary stories than Halloween. One grim projection by experts said that U.S. business could write off Asia as a market for a long time because stock market losses coming on top of currency devaluations had destroyed purchasing power in the region.