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Japan: Special Funds-Supplying Operations, Sharon M. Nunn
Japan: Special Funds-Supplying Operations, Sharon M. Nunn
Journal of Financial Crises
The Bank of Japan responded to the COVID-19 economic downturn in March 2020 with several financial stability interventions. The Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19) (SFSO) offered interest-free loans of up to one year in maturity to eligible financial institutions in an attempt to encourage broader lending to Japanese businesses and households. Counterparties could pledge as collateral a broad range of corporate and private debt, including corporate bonds and asset-backed securities. Enhancements made throughout the program's operation led to substantial increases in SFSO use. First, the BoJ expanded institution and collateral eligibility, as …
Japan’S Act On Strengthening Financial Functions (Asff), Vaasavi Unnava, Junko Oguri
Japan’S Act On Strengthening Financial Functions (Asff), Vaasavi Unnava, Junko Oguri
Journal of Financial Crises
After the Japanese Financial Crisis in 1990s, the non-performing loan problem was mitigated in the large Japanese banks but persisted in the regional banking system. By 2004, regional banks accounted for half of all non-performing loans. In 2004, the government passed the Act on Strengthening Financial Functions (ASFF), legislation for capital injections to address the non-performing loan problem. Aimed at regional banks, the ASFF secured ¥2 trillion in capital, with various eligibility restrictions and requirements, such as a rigorous debt restructuring plan. As the Japanese economy and the financial system encountered multiple external shocks, the government amended the Act several …
Financial Functions Stabilization Act, Vaasavi Unnava
Financial Functions Stabilization Act, Vaasavi Unnava
Journal of Financial Crises
In 1990, the asset-pricing bubble in Japan peaked and began a steady decline. Over the next seven years, a series of bank failures induced the Japanese government to introduce the first of a series of capital injections in 1998, 1999, and 2004. The capital injection of 1998, authorized by the Financial Functions Stabilization Act, made ¥13 trillion ($103 billion) available to financial institutions that applied. By the end of the injection window, 21 banks and trusts applied for and received ¥1.8 trillion ($13.5 billion) in subordinated debt and loans and preferred shares. While there were no limits on compensation for …
Prompt Recapitalization Act, Vaasavi Unnava
Prompt Recapitalization Act, Vaasavi Unnava
Journal of Financial Crises
In 1997, Japan’s banks were in crisis due to hundreds of billions of dollars of non-performing real estate loans. In response, the government performed three rounds of capital injections in 1998, 1999, and the early 2000s. The capital injection of 1999, authorized by the Prompt Recapitalization Act, made as much as ¥25 trillion ($208 billion) available to financial institutions that applied, regardless of their capitalization. By the end of the injection window, 32 banks and trusts applied for and received ¥8.6 trillion ($71.6 billion) total in preferred shares and subordinated debts. The Act required banks to submit and adhere to …
The Resolution And Collection Corporation Of Japan, Mallory Dreyer
The Resolution And Collection Corporation Of Japan, Mallory Dreyer
Journal of Financial Crises
Though the Japanese real estate and stock market bubble burst in the early 1990s, the ensuing financial crisis in Japan did not reach a systemic level until 1997, when four large financial institutions failed in a single month. Because of their heavy exposure to real estate and equity markets, Japanese banks had a nonperforming loan (NPL) problem, which was prolonged, and private sector estimates of the scale of the NPL problem differed significantly from the official estimates. In response, the Japanese government created multiple asset management companies; the Resolution and Collection Corporation (RCC) was the result of the merger of …
Going Glocal In A Pandemic: Can Japan Offer Lessons For Others?, Masaaki Takemura
Going Glocal In A Pandemic: Can Japan Offer Lessons For Others?, Masaaki Takemura
Markets, Globalization & Development Review
This Dialogue contribution draws some lessons from the Japanese countermeasures against the COVID-19 pandemic. It approaches this issue from a social point of view. Specifically, it focuses on social and cultural understanding process of an uncertainty event – in this case the COVID-19 pandemic, but also early instances – by the Japanese.
Pandemic And Õen Consumption In Japan: Deliberate Buying To Aid The Seller, Kosuke Mizukoshi, Yuichiro Hidaka
Pandemic And Õen Consumption In Japan: Deliberate Buying To Aid The Seller, Kosuke Mizukoshi, Yuichiro Hidaka
Markets, Globalization & Development Review
This dialogue contribution discusses whether it is possible to create favorable new social assistance under the market principles, based on the Ouen or Õen (aid) consumption in Japan. The meaning of consumption has changed due to the COVID-19 pandemic. In Japan, aid consumption is increasing. This means helping local restaurants and producers by willfully and proactively buying and consuming their services and products. This is a favorable form of new social assistance and the result of strong marketing and market functions. The penetration of market forces may surpass pure altruistic behavior such as donations and gifts, by creating new market-linked …
Japan's Special Funds-Supplying Operations (Japan Gfc), Alec Buchholtz
Japan's Special Funds-Supplying Operations (Japan Gfc), Alec Buchholtz
Journal of Financial Crises
Following the collapse of Lehman Brothers in September 2008, the global commercial paper (CP) market began to tighten as interest rates rose and investors sought more-liquid money market securities. The Bank of Japan (BOJ) introduced several measures in late 2008 to make liquidity available to nonfinancial corporations that were strapped for cash. In December 2008, the BOJ implemented special funds-supplying operations in order to provide unlimited liquidity to banks and other financial institutions so they could continue to fund nonfinancial corporations. The BOJ would provide one- to three-month loans against an equal value of eligible corporate debt at a rate …
Japan's Outright Purchases Of Commercial Paper (Japan Gfc), Alec Buchholtz
Japan's Outright Purchases Of Commercial Paper (Japan Gfc), Alec Buchholtz
Journal of Financial Crises
Following the collapse of Lehman Brothers in September 2008, the global commercial paper (CP) market began to tighten as interest rates rose and investors sought more-liquid money market securities. The Bank of Japan (BOJ) introduced several operations in late 2008 to promote liquidity in the CP market. In January 2009, the BOJ began to purchase CP and asset-backed CP outright from banks and other financial institutions. The BOJ could purchase up to ¥3 trillion of CP with a residual maturity of up to three months, among other short-term securities, via 10 purchases of up to ¥300 billion each. The BOJ …
Restructuring And Forgiveness In Financial Crises D: The Japanese Financial Crisis Of The 1990s, Christian M. Mcnamara, Andrew Metrick
Restructuring And Forgiveness In Financial Crises D: The Japanese Financial Crisis Of The 1990s, Christian M. Mcnamara, Andrew Metrick
Journal of Financial Crises
In November 1997 the Japanese government confronted a problem of enormous proportions when the turmoil that had been roiling the financial markets since the collapse of a real estate and stock market asset bubble in 1990 reached a crescendo with the failure of four major financial institutions in quick succession in the space of a month. Prior to these failures, the damage done by the collapsing bubble had seemed to be limited to certain segments of the financial landscape, and the government’s response consisted largely of targeted intervention when necessary for clearly insolvent financial institutions, with a more comprehensive approach …
Orientalism, Resistance Or Global Harmony? Entangled Strands In The Film Isle Of Dogs, Soonkwan Hong
Orientalism, Resistance Or Global Harmony? Entangled Strands In The Film Isle Of Dogs, Soonkwan Hong
Markets, Globalization & Development Review
No abstract provided.
Education, Enterprise Capitalism, And Equity Challenges: The Continuing Relevance Of The Correspondence Principle In Japan, Masaaki Takemura
Education, Enterprise Capitalism, And Equity Challenges: The Continuing Relevance Of The Correspondence Principle In Japan, Masaaki Takemura
Markets, Globalization & Development Review
This paper revisits the correspondence principle of Bowles and Gintis (1976) – which refers to the mutual mimicking of the capitalist hierarchy in the workplace and the school. The Bowles-Gintis model still appears to be working in the context of schooling in Japan. In the international comparative educational assessment called PISA (Program for International Student Assessment), created by OECD (Organization for Economic Cooperation and Development, the association of advanced democratic nations), Japanese students achieve better results than most countries. Japanese students excel in PISA performance, especially in mathematics. Such excellence, however, has negative correlations with students’ creativity, positive attitudes, and …
Virtual Idol Hatsune Miku: Case Study Of New Production/Consumption Phenomena Generated By Network Effects In Japan’S Online Environment, Hajime Kobayashi, Takashi Taguchi
Virtual Idol Hatsune Miku: Case Study Of New Production/Consumption Phenomena Generated By Network Effects In Japan’S Online Environment, Hajime Kobayashi, Takashi Taguchi
Markets, Globalization & Development Review
Using Hatsune Miku, a vocaloid or a Desktop Music (DTM) software using voice synthesizer technology, as a case study, this paper explores how consumer generated media (CGM) and user generated content (UGC) diffused in Japan – rapidly at first and then at an erratic and not-so-rapid pace. The creative environment ushered in by the vocaloid platform, it appears, represents a form of "managed creativity", and not a rosy future characterized by a participatory turn to a widespread democratization of creative activity.
A Critical Marketing Practitioner In Japan: Philosophy And Marketing Activities Of Seiji Tsutsumi, Kazuo Usui
A Critical Marketing Practitioner In Japan: Philosophy And Marketing Activities Of Seiji Tsutsumi, Kazuo Usui
Markets, Globalization & Development Review
This paper explores some features of marketing activities and marketing thought of a Japanese critical marketing practitioner, Dr. Seiji Tsutsumi. The approach of the paper is biographical. Somewhat paradoxically, the paper finds – in the practices and thoughts of Dr. Seiji Tsutsumi – a refreshingly critical mindset, despite his huge commercial success in retail business in Japan. Similar biographical research should be done in other national contexts, to develop links between practices and critical theories.
Critical Thinking From Japan: Additional Perspectives, Masaaki Takemura, Nikhilesh Dholakia
Critical Thinking From Japan: Additional Perspectives, Masaaki Takemura, Nikhilesh Dholakia
Markets, Globalization & Development Review
No abstract provided.
Perils Of Hollywood Whitewashing?: A Review Of 'Ghost In The Shell' Movie, Kosuke Mizukoshi
Perils Of Hollywood Whitewashing?: A Review Of 'Ghost In The Shell' Movie, Kosuke Mizukoshi
Markets, Globalization & Development Review
'Ghost in the Shell' was first produced as a Japanese animated film in 1995. The movie and its sequels established a cult status due to the philosophical depth in portraying the posthuman condition. It was remade as a live action Hollywood film in 2017; and this version failed at the box office. One reason had to be the “whitewashing” issue – that the female protagonist was played by a white actress in the Hollywood movie, rather than a Japanese character as in the original anime. This review essay critically discusses issues of whitewashing, racial ‘identity’, the shifting identity of the …
Revisiting The Creation Of Meaning By Media: A Perspective From Japan, Satoko Suzuki
Revisiting The Creation Of Meaning By Media: A Perspective From Japan, Satoko Suzuki
Markets, Globalization & Development Review
This paper revisits the role of media in the meaning-construction system. In consumer research, media are often regarded as gatekeepers in the system. This paper focuses on the media’s other role -- as the creator of meanings. In this paper, an interpretive analysis of magazine articles regarding the ‘jibun e no gohoubi’ [self-reward] consumption since 1990 has been conducted. The findings indicate that the media had created the meanings of sacred and profane consumption acts, in the domain of self-reward consumption. In addition, the paper explores the influence of media in liberating and empowering Japanese women.
From Social Marketing To Societal Perversion: History Of Hometown Tax In Japan, Yuichiro Hidaka, Kosuke Mizukoshi
From Social Marketing To Societal Perversion: History Of Hometown Tax In Japan, Yuichiro Hidaka, Kosuke Mizukoshi
Markets, Globalization & Development Review
This paper considers social marketing from a critical perspective. The paper traces the history of the donation system named ‘hometown tax’ that the Japanese government introduced to promote local revitalization of relatively marginal communities. Owing to the lavish reciprocal gifts to “donors” by the administrators of these communities, the system resulted in a quasi-market that allowed donors to avoid paying taxes and to receive special benefits. Our analysis reveals the divergence of the intents and effects of this social marketing intervention. The findings indicate that during social marketing attempts to carry out effective and well-intentioned interventions, which social marketing research …
Critical Marketing In Japan: The Legacy Of Fujiya Morishita, Kazuo Usui
Critical Marketing In Japan: The Legacy Of Fujiya Morishita, Kazuo Usui
Markets, Globalization & Development Review
This paper explores the tradition of critical marketing studies in Japan, launched by Professor Fujiya Morishita. From his Osaka-based university appointments, Morishita's paradigm criticized disadvantageous aspects of the marketing practices of dominant manufacturers. Based on Marxian economic thinking, his ideas resonated well with the disaffected groups during the 1950-75 high-growth phase of Japan. As the economic context in Japan changed, Morishita's ideas lost some of their validity and appeal. Nonetheless, understanding the contributions of Morishita is important in the overall analysis of the development of marketing knowledge in Japan.
Japan And Critical Marketing Theory: Opening A Window, Masaaki Takemura, Nikhilesh Dholakia
Japan And Critical Marketing Theory: Opening A Window, Masaaki Takemura, Nikhilesh Dholakia
Markets, Globalization & Development Review
No abstract provided.
Sofia Coppola, Lost In Translation (2003), Masaaki Takemura
Sofia Coppola, Lost In Translation (2003), Masaaki Takemura
Markets, Globalization & Development Review
No abstract provided.
Global Range And Eclectic Potpourri, Nikhilesh Dholakia, Deniz Atik
Global Range And Eclectic Potpourri, Nikhilesh Dholakia, Deniz Atik
Markets, Globalization & Development Review
No abstract provided.
The Rise And Fall Of The Zaibatsu: Japan's Industrial And Economic Modernization, David A. C. Addicott
The Rise And Fall Of The Zaibatsu: Japan's Industrial And Economic Modernization, David A. C. Addicott
Global Tides
Throughout the past century, the rise and fall of the zaibatsu and the operations of their direct successors has not only shaped Japan’s economic and financial landscape but also has been instrumental in the modernization of the world economy. Many of these corporations traced their roots to Japan’s premodern era, and were directly responsible for the transformation of a nation of rice farmers into an industrial powerhouse in the years prior to World War II. Following Japan’s defeat, these monopolistic corporations were dismantled by the Keynesian economists of the Allied occupation and were reorganized into the keiretsu system, which exists …
Japan As A Clean Energy Leader, Stefan N. Norbom
Japan As A Clean Energy Leader, Stefan N. Norbom
Gettysburg Economic Review
Over the past several decades, Japan’s energy strategy had positioned it as the world’s leader in clean and efficient electricity production and usage. This strategy, heavily dependent on nuclear energy, was essentially destroyed by one of history’s largest earthquakes, followed by a tsunami which overwhelmed five nuclear reactors on March 11, 2011. As of April 2012, all of Japan’s 54 nuclear reactors have been shut down and it is uncertain when and how many may be restarted. This paper examines Japan’s options for crafting a new way forward with an energy policy to power the world’s third largest economy while …
Japan’S Ticad: Alternative Global Framework For Africa’S Development?, Bertha Z. Osei-Hwedie, Kwaku Osei-Hwedie
Japan’S Ticad: Alternative Global Framework For Africa’S Development?, Bertha Z. Osei-Hwedie, Kwaku Osei-Hwedie
Zambia Social Science Journal
Since 1993, Japan has sought to aid Africa’s development through the Tokyo International Conference on African Development (TICAD). TICAD is a multilateral, donor-recipient framework within which Japan interacts with Africa on a range of development issues. It represents the Post Washington Consensus approach as an alternative donor strategy and development model, with the hope of replicating the East Asian development miracle in Africa. TICAD makes Japan an important source of development assistance to Africa and for facilitation of South-South cooperation. This article discusses TICAD’s principles, objectives and programmes. It focuses on TICAD’s achievements in terms of its impact on African …
Skew Selection Theory Applied To The Wealth And Welfare Of Nations, Susan F. Allen, Deby L. Cassill
Skew Selection Theory Applied To The Wealth And Welfare Of Nations, Susan F. Allen, Deby L. Cassill
The Journal of Sociology & Social Welfare
According to skew selection theory, working citizens who build wealth and, at the same time, share portions of their wealth with those in need are more likely to survive economic downturns than citizens who hoard wealth. In this article, skew selection is employed as a theoreticalframework to support governmental efforts to develop social policies that protect the income of working citizens and, at the same time, provide for vulnerable, non-working children and elders. To illustrate its applicability, the social policies of Japan, Sweden and the United States-all of which are challenged by decaying ratios of working to non-working citizens-are compared …
Trends. The Economic Psychology Of Conflict: A Japanese "Secret" Approach, Ibpp Editor
Trends. The Economic Psychology Of Conflict: A Japanese "Secret" Approach, Ibpp Editor
International Bulletin of Political Psychology
The author discusses the potential "confusion" in the currency markets, in all the Asian markets.
Japan As A Capital Exporter And The World Economy (Occasional Papers No. 18. Group Of Thirty, New York) By Masaru Yoshitomi, Ademola Bamidele
Japan As A Capital Exporter And The World Economy (Occasional Papers No. 18. Group Of Thirty, New York) By Masaru Yoshitomi, Ademola Bamidele
Economic and Financial Review
Sound financial system is considered central to the development of trade either in an economy or internationally. This fact informed the author of this Occasional paper in examining and bringing into focus how Japan became an international creditor i.e. net capital exporter in the world financial system aside from her leading role in world trade. This position was attained through a combination of many factors, some of which were sectoral savings-investment imbalances and the co-existence of high-employment government deficit and the high-employment current account surplus in the 1970s and 1980s. The author thus, traced the historical evolution of Japan• s …