Monday, 13 October 2008

Financial crises in 日本

I'm sure you are all following the reports on the financial crisis, just like me. I so far had hoped that this would not affect the Japanese market too much. It now turns out that I was wrong. Japanese banks are heavily affected by this (see also chart below).
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Please see the following news report sent to me yesterday by lovely Lin from Zurich:

Following the problems in the financial sector in the UK, uncertainty has now hit Japan.

In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was also announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank, where it is feared that staff may get a raw deal.

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