September 19, 1991 |
Japan's "Big Four" brokers, bruised by a series of huge scandals and the burst bubble of the Tokyo stock market, cut their profit forecasts drastically Wednesday. One firm, Yamaichi Securities Co., said figures for the first six months of its 1992 fiscal year would probably show the first loss in 28 years. Nikko Securities Co., Daiwa Securities Co. and Nomura Securities Co. also said profits for the fiscal half-year to Sept. 30 would fall about 70% from the year-ago period.
October 24, 1990 |
In the largest such deal in Hollywood history, Walt Disney Co. announced Tuesday that it has teamed with some Japanese institutional investors to form a new U.S. limited partnership that will provide $600 million in financing for its upcoming motion pictures. Called Touchwood Pacific Partners I, the partnership will be backed by $420 million in credit provided by two Japanese banks and two U.S.
October 23, 1990 |
Walt Disney Co. said today it formed a film production financing partnership worth at least $600 million, backed largely by Japanese investors. For five years, Disney has limited its filmmaking risk--along with its potential profits--by raising about $1 billion through limited partnerships with mainly U.S. investors. The last of those, Silver Screen IV, will conclude as planned, Disney said.
July 26, 1990 |
More than 10 Japanese securities companies are being investigated for allegedly compensating favored customers for 16 billion yen, or $107 million, in losses after the 1987 stock market crash, major Japanese newspapers reported today. The reports, which came out in the early afternoon, had a major impact on Tokyo currency and stock markets, stimulating a fall in both the yen and in share prices. The dollar closed higher at 150.11 yen, up 0.98 yen from Wednesday's finish of 149.13 yen.
November 25, 1997 |
Emphasizing the peril that Asia's economic crisis now poses to the world, President Clinton on Monday urged Japan's prime minister to attack his country's financial troubles as a first step toward pulling the region out of its woes. "Japan can lead Asia out of this difficulty with the strength of its economy," Clinton said after meeting with Prime Minister Ryutaro Hashimoto.
February 13, 1998 |
In by far the most aggressive move by a foreign firm to exploit the newly opened Japanese financial markets, giant U.S. brokerage Merrill Lynch & Co. revealed a major bid Thursday to capture some of the $10 trillion held by Japan's individual investors. Merrill Lynch unveiled plans to hire about 2,000 employees from recently bankrupted Yamaichi Securities Co. and open 31 local offices across Japan.
November 25, 1997 |
U.S. stocks fell sharply Monday and the dollar rose against the yen after Japan's fourth-largest securities broker collapsed in the largest financial company failure since World War II. Meanwhile, U.S. bond yields crept higher, failing to benefit from stocks' woes, as has been the case in recent weeks. Analysts cited worries that Asian investors may begin unloading U.S. Treasury bonds they own.
September 4, 1991 |
Japan's finance minister said Tuesday that his ministry is expanding its inquiry of Nomura Securities Co., which allegedly recommended a railway company's stock to customers after a client with underworld connections had made large purchases of it. Also Tuesday, a Socialist lawmaker said a Finance Ministry document he obtained shows that Nomura, the world's largest brokerage, illegally drove up the price of Tokyu Corp. shares, earning the underworld figure millions of dollars.
July 2, 1998 |
Stocks rallied and bonds were flat Wednesday, amid expectations that Japan will announce strong measures to boost its ailing economy. The dollar was mixed, copper fell to an 11-year low, and grains tumbled. The Federal Reserve Board, as expected, kept interest rates on hold, and a feeling that the worst of the second-quarter profit warnings were out of the way also boosted investor sentiment, analysts said. The Dow Jones industrial average jumped 96.65 points to 9,048.
November 27, 1997 |
Japan on Wednesday made an extraordinary appeal for calm among the public and financial markets over the country's economic crisis. A rare joint statement by Finance Minister Hiroshi Mitsuzuka and Bank of Japan Governor Yasuo Matsushita also promised there were no more major bankruptcies ahead for Japanese financial institutions.