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Strategies & Market Trends : Asia Forum
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To: MikeM54321 who wrote (7697)12/13/1998 9:40:00 AM
From: Worswick  Read Replies (1) of 9980
 
Good morning Mike. Caught this yesterday and it was what we were speaking about months ago. It has all come true and the write off's here in Japan are larger than probably... the capital base of the top two or three American banks (which if recent memory srves were four or six seperate banks until quite recently).

From the WSJ "... Nippon Credit, established in 1957 to funnel funds to Japanese industry, had assets of more than 12 trillion yen ($102 billion) and more than 2,000 employees at the end of September. It forecast a parent pretax loss of 620 billion yen for the fiscal year ending next March because of bad-loan write-offs. Last month, it disclosed about 3.2 trillion yen in bad or doubtful loans.

Over the past two years the bank has struggled through a string of attempts to restructure including its complete withdrawal from overseas operations, reductions in staff and salaries and aid from the Bank of Japan and other commercial banks".

Interesting how far we have come that these huge amounts - this is just what they admit to in Japan and the number is probably much larger - is greeted by a yawn here on SI and in our newspapers.

On another topic: An article appeared in a British newspaper that I got word of from England this am about the Y2K problem in Asia. The article went on saying that Asia uses lots of pirated Chinese software and this is going to lead down into the bubbling, gurgling swamp for a lot of people. I'll see if I can find the article and post it here.

Best to you,

Clark+
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