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Japan Center for Economic Research: The U.S.-Sparked Financial Crisis and the Japanese Financial System

Author: Mitsuhiro Fukao
October 1, 2008

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This Japan Center for Economic Research report analyzes how the U.S. financial crisis has affected Japanese financial institutions.

Excerpt: The American subprime mess has at length grown and deepened into a financial calamity of global proportions. Having ventured into new and uncharted waters of finance, several major Wall Street investment banks have successively found themselves on the rocks, highlighting the dangers of the business models they have relied on thus far to achieve such dramatic growth through maximum exploitation of leverage.

In our present report, we analyze the impact of the American financial crisis on Japanese financial institutions. We examine the business models and operational strategies of such financial institutions as regional banks, credit associations (or shinkin banks), credit cooperatives and Shinginko Tokyo. We also look at financial business targeting elderly customers, which has received growing attention in recent years. Finally, we comment on the monetary policy of China, which has significant impact on the Japanese economy.

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