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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 Keiretsu Advantage: How Japanese Automakers Thwarted American Competition, Jasper Boers
The Keiretsu Advantage: How Japanese Automakers Thwarted American Competition, Jasper Boers
The Yale Undergraduate Research Journal
Today, Japan’s auto industry is renowned for its dominance of foreign markets. Japanese cars are cheap and fuel-efficient, undercutting larger, more expensive automobiles from Europe and America. Scholarship on recent Japanese industrial development tends to prioritize a ‘developmental state’ and robust industrial policy in shielding Japanese manufacturers from trade liberalization. This paper will argue that, while the industrial policy steered by the Ministry of International Trade and Industry (MITI) played a significant role in advancing the interests of the Japanese auto industry, it was ultimately the unique trust-based keiretsu conglomerate structure that gave Japanese auto producers a comparative advantage vis-à-vis …
Skbi Big 5 Survey 2021 August, Singapore Management University
Skbi Big 5 Survey 2021 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results convey an upshift in growth projections of the five largest economies in aggregate accompanied by higher inflation, especially this year and to a lesser extent next year. The aggregate “Big5” median real GDP growth projections for 2021 and 2022 were raised to 6.7% (up in US, CN and EA but down in IN and JP) and 4.9% (all except US), respectively. The overall “Big5” median CPI inflation forecasts were nudged up to 2.6% (higher in US, IN and EA but lower in CN) and 2.4% (in US, IN and EA some), respectively, for this year and …
What Makes Tourists’ Experience Spiritual?: A Case Study Of A Buddhist Sacred Site In Koyasan, Japan, Kaori Yanata
What Makes Tourists’ Experience Spiritual?: A Case Study Of A Buddhist Sacred Site In Koyasan, Japan, Kaori Yanata
International Journal of Religious Tourism and Pilgrimage
In postmodern society the importance of traditional religious organisations and practices have declined. As a result, spirituality tends to be sought outside of institutionalised religion. Tourism is seen as one avenue for such spiritual fulfilment. Tourism research commonly frames tourism as a sacred journey and has pointed out that like modern-day pilgrims, tourists seek spirituality through travel. Of course, not all tourist travel is motivated by a search for spirituality, and yet many tourists still describe their travel experiences as spiritual. Therefore, in addition to understanding motivations of travel, the tourist experience is also an important element of making tourism …
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 …
Winning Investment: The Strategic Implications Of The Growth Of Sabermetrics In Japanese Baseball, David Trent Pagliarini
Winning Investment: The Strategic Implications Of The Growth Of Sabermetrics In Japanese Baseball, David Trent Pagliarini
Senior Theses
This thesis examines Japanese baseball and how the use of analytics and statistical research has been implemented into Nippon Professional Baseball (NPB), compared to its North American counterpart, Major League Baseball (MLB). Due to the large financial implications of the MLB, teams have fully adopted the use of advanced metrics to find competitive disparities and advantages in roster construction, game strategies, and player development. Because of the long history attached to baseball in Japan, many cultural differences have adapted the game and recently slowed the growth of sabermetrics. While the NPB is beginning to understand the competitive value that analytics …
Skbi Big 5 Survey 2021 February, Singapore Management University
Skbi Big 5 Survey 2021 February, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results suggest that the five largest economies collectively is projected to snapback to almost 6% in 2021, a modest upgrade from the August median, following an unprecedented preliminary contraction of roughly 4% last year (in real GDP terms). The 2022 median growth forecast of slightly above 4.5%, while slower, is still respectable, outstripping its pre-COVID 10-year average pace by more than half a percentage point. The aggregate upgrade in 2021, however, obscures the lopsided nature and highly uneven contour of the ongoing recovery. The bulk of the upward revision to growth was mainly due to IN (to …
Wabi-Sabi As A Way Of Life In The Japanese Employment System: Multilateral Connections, Relativity, And Duality, Kanji Kitamura
Wabi-Sabi As A Way Of Life In The Japanese Employment System: Multilateral Connections, Relativity, And Duality, Kanji Kitamura
School of Business: Faculty Publications and Other Works
Wabi-sabi is a Japanese concept traditionally described as a type of beauty that conveys the philosophical values of imperfection, incompleteness, and impermanence. Going beyond the traditional interpretation of the concept, this chapter attempts to discover wabi-sabi as a way of life in Japanese corporate settings. This chapter first revisits the concept of wabi-sabi and the system of lifetime employment, positioning them as intrinsically linked systems. To contextualize employment practice, it examines the tool of a job description and the system of job rotation as attributes of employment practice. The findings reveal the existence of wabi-sabi as a way of life …