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Japan's Lost Decade Offers Lessons For Current Global Turmoil Dec 08
Standard & Poors, December 2008
The processes that Japan used to solve its nonperforming loan (NPL) crisis of the early 1990s and the lessons learned could be useful in addressing the current global financial turmoil. Japan's NPL problem, which surfaced after the economic bubble burst in 1992, took 12 years to solve. The process was prolonged mainly due to the following: The government failed to comprehend the gravity of the problem at the initial stage, and, as a result, failed to take prompt and drastic action, such as the injection of public funds. The government's actions were small and incremental, and did not function effectively. The prolonged economic slump created new NPLs. The absence of drastic policies was attributable to the government's insufficient financial flexibility...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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- Joyo Bank Ltd. (Unsolicited Ratings)
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- Daishi Bank Ltd. (Unsolicited Ratings)
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