May 30, 1997 |
Tokyo prosecutors arrested Hideo Sakamaki, former president of Nomura Securities Co., on suspicion he approved payoffs to a corporate racketeer. The arrest of Sakamaki, 61, is a sign prosecutors suspect the brokerage's top executives knew of the $430,000 in payments to Ryuichi Koike, identified as a sokaiya racketeer. Sakamaki resigned from Nomura in March to take responsibility for the scandal.
May 20, 1997 |
Prosecutors raided the Tokyo offices of Dai-Ichi Kangyo Bank on Tuesday to investigate the major bank's possible loans to a corporate racketeer as the Nomura Securities Co. scandal broadened, Japanese media reports said. The raid by more than 100 officers helped drive down Japanese stocks in early trading, led by banks, amid concern that the practices were not to limited Dai-Ichi, traders said.
March 7, 1997 |
Nomura Securities Co., Japan's largest securities firm, said two of its managing directors may have been trading stocks illegally since March 1995. The executives most likely were secretly dabbling in stocks from a corporate account without the account holder's knowledge, said Atsushi Saito, executive vice president. He did not identify the two, who remain in their posts. He also declined to say how much money was involved in questionable transactions.
January 10, 1997 |
Japanese stocks plunged, taking the benchmark Nikkei 225 stock index below 18,000 for the first time in 14 months amid concern that bad loans at banks and other lenders will hobble economic growth. The Nikkei 225, the market's key index, racked up its largest one-day fall in two years, shedding 4.26% of its value in trading today.
August 12, 1996 |
Yasuo Hamanaka, the veteran Sumitomo copper trader at the heart of a current financial scandal, ended eight weeks of hiding Sunday. He said that he is doing well and that he has been living quietly in Tokyo. In a brief interview with Reuters here, Hamanaka said that he will comment on the scandal "sometime in the future." He said he has had no contact with Sumitomo Corp., his former employer, since his firing June 14, a day after the company announced that it had lost $1.
July 4, 1996 |
The fall of Sumitomo Corp.'s top copper trader, which led to the current copper trading scandal, showed that the speculative funds are now the real power in commodity markets with the weight to overwhelm any "Mr. Big." Ironically, say commodity analysts, the cash-rich funds that sold copper and smashed Sumitomo trader Yasuo Hamanaka's trading position in early June might, back in 1993, have rescued him from earlier, deep trouble. At that time they were buyers.
June 29, 1996 |
The copper trading scandal widened Friday with reports that Chinese companies and trader Yasuo Hamanaka had sought to rig world copper prices and news that Japan will open its own criminal inquiry, following the lead of the United States and Britain. That represents a reversal of Japan's stance earlier, that none of its laws could have been broken because the unauthorized copper trades that produced $1.8 billion in losses for the Japanese company Sumitomo Corp. were conducted outside Japan.
March 11, 1996 |
Pacific Rim stock markets tumbled in unison today on the heels of Wall Street's deep sell-off on Friday, and U.S. Treasury bond futures in Chicago suffered fresh selling that drove interest rates higher. The declines in most Pacific Rim markets at midday were somewhat more severe than what U.S. stocks sustained, but smaller markets are inherently more volatile, traders noted. Tokyo's stock market, however, was hit significantly less, with the blue-chip Nikkei-225 stock index down 313.
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 30, 1995 |
Japanese stocks fell Monday, hit by continuing fears that the yen's strength against the dollar may hold, driving down futures. But the market partially recovered later in the day. In Germany, yields fell on expectations of an interest rate cut. Most markets worldwide traded thinly due to holidays in the United States and Britain. The 225-share Nikkei average lost 120.22 points, or 0.77%, to close at 15,574.03. It had been down more than 200 points in early trading.