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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject1/11/2002 8:53:24 AM
From: Box-By-The-Riviera™   of 436258
 
Excerpt from R. Russell's comment yesterday:

On Wednesday John Makin wrote in the monthly Economic Outlook report for the American Enterprise Institute for Public Policy Research that "Japan appears poised to follow the passive route of outright default. . . The negative net worth of the Japanese banking system is somewhere above the yen equivalent of one trillion dollars. When the system collapses.. . the Bank of Japan will need to inject at least one trillion into the banks to protect depositors from losses." He said that such a procedure would need to be financed by the Japanese government, which it turn would result in total public debt jumping 15%,, and causing a surge in liquidity that would cause Japan's currency and bonds to collapse."

Maybe, but I'm watching the Nikkei which is "only" down 130 today and I'm watching the March yen which is up .06 today. No red flags from the Japanese markets yet.
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