Japan's financial revolution and how American firms are profiting:
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Armonk, NY [u.a.]
Sharpe
2000
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 287 S. graph. Darst. |
| ISBN: | 0765605937 0765605945 |
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| adam_text | Titel: Japan s financial revolution and how American firms are profiting
Autor: Harner, Stephen M.
Jahr: 2000
Table of Contents
List of Illustrations vii
Acknowledgments xi
Introduction 3
Part One Japan s Changing Financial Marketplace
Chapter One Major Features of Japan s Financial Marketplace 9
Chapter Two The Big Bang—Now and Tomorrow 20
Part Two The Playing Fields
Chapter Three Banking Sector Imbroglio 31
Chapter Four Securities Industry Shakeout 54
Chapter Five Insurance Industry in Crisis 74
Chapter Six The Pension Market: The Asset Management
Industry 94
Chapter Seven The Mutual Fund Industry 111
Chapter Eight The Outsiders: The Consumer Finance Industry 126
Part Three Choosing Sides and Closing Ranks
Chapter Nine Japan Marketplace Financial Groups and
Affiliations 141
Chapter Ten Survival Strategies Among the Japanese Majors 156
Chapter Eleven Mavericks and Upstarts 173
Part Four The Major Foreign Players
Chapter Twelve The Perennial Players: Citibank and AIG 181
Chapter Thirteen The Bold Innovators: Merrill Lynch and
Citigroup 197
Chapter Fourteen GE Capital s Awesome Assault 209
Chapter Fifteen High-Tech Zaitech: Morgan Stanley Dean Witter
and Goldman Sachs 217
Chapter Sixteen Aiming High and Low: American Express and
Associates First Capital 226
Chapter Seventeen Proven (and Unproven) Winners: Fidelity,
AFLAC, Prudential, DLJ Direct 233
Part Five How Foreign Financial Firms Can Win in Japan
Chapter Eighteen Japan s Financial Marketplace in 2005 245
Chapter Nineteen Winning Strategies in Japan s Post-Big Bang
Financial Marketplace 258
Epilogue 267
References 271
Index 275
About the Author 287
List of Illustrations
Chapter One Major Features of Japan s Financial Marketplace
Figure 1.1 Japan s Post-Bubble Economic Slowdown 11
Figure 1.2 Total Value of Traded Stocks and Nikkei Index by Year 12
Figure 1.3 BOJ Discount Rate and Money Market Rates 13
Figure 1.4 Projection for Population Growth and Aging of Japanese
Society 15
Figure 1.5 Allocation of Financial Assets by Households in Japan
and the United States 16
Figure 1.6 Personal Savings in Japan by Financial Institution 18
Chapter Two The Big Bang—Now and Tomorrow
Table 2.1 Key Elements of Japan s Big Bang Financial System
Reform 24
Table 2.2 What Can a Financial Institution Do Ultimately
as a Group? 26
Chapter Three Banking Sector Imbroglio
Table 3.1 Japan s Largest Banks by Assets (March 31, 1999) 32
Table 3.2 Potential Degree of Nationalization of Fourteen Large
Banks Receiving Public Funds 35
Table 3.3 Restructuring Plans of Major Banks 38
Table 3.4 Profit Structure of Commercial Banks—Japan vs.
the United States 40
Figure 3.1 Evolution of Japan s New Megabank—Mizuho
Financial Group 45
Table 3.5 Comparison of Mizuho Financial Group with
BOTM and Sumitomo Bank 47
Figure 3.2 Probable and Planned Future Bank Regroupings 49
Table 3.6 Ranking of Top Ten Foreign Banks by Assets, Loans,
and Profits 52
VII
vm LIST OF ILLUSTRATIONS
Chapter Four Securities Industry Shakeout
Table 4.1 Overview of First and Listed Second Tier Japanese
Securities Companies 56
Table 4.2 The Big Four—Again 57
Figure 4.1 Comparative Revenue Sources of the Japanese
Big Three and Merrill Lynch 61
Figure 4.2 New Alliance and Business Structures Launched by
Nikko and Daiwa Securities 63
Figure 4.3 Total Operating Revenues of Domestic vs. Foreign
Securities Firms 69
Figure 4.4 Operating Revenues of Foreign and Second Tier Firms
for Six Months Ending September 1998 70
Table 4.3 Comparison of Pre- and Postliberalization Stock
Trading Commissions 72
Chapter Five Insurance Industry in Crisis
Table 5.1 Key Data for Major Japanese Life Insurance Companies
for FY98 (March 31,1999) 76
Figure 5.1 Share of Market of Big Eighteen Japanese Life Insurers 77
Table 5.2 Comparison of Subsidiaries of Nonlife Companies,
Katakana Life Insurers and Foreign Life Companies 79
Table 5.3 Negative Interest Spread, Average Yield, Bad Loans,
and Credit Ratings of Major Life Insurers for FY98
(March 31, 1999) 82
Table 5.4 Revenue and Profit Performance of Listed Nonlife
Companies and Nonlife Subsidiaries of Life
Companies. Leading Foreign Nonlife Companies
by Net Premiums Received (FY98) 88
Table 5.5 Foreign Life Insurance Companies 92
Chapter Six The Pension Market: The Asset Management Industry
Figure 6.1 Schematic of Japan s Pension System 95
Figure 6.2 Public and Private Pension Schemes 96
Table 6.1 Total Pension Market, Public and Private Sponsors 98
Figure 6.3 Schematic of Flow of Funds from Pension System to
the Fiscal Investment and Loan Program, Trust Fund
Bureau, and Pension and Welfare Service Corporation
(Nenpuku) 100
Figure 6.4 Schematic of Nenpuku Funds Management 101
Table 6.2 Pension Fund Asset Management Shares and Top Ten
Investment Advisors 103
Table 6.3 Performance of Foreign Pension Fund Managers 106
LIST OF ILLUSTRATIONS ix
Table 6.4 Groupings for Development of Pension Fund
Management Systems 109
Chapter Seven The Mutual Fund Industry
Figure 7.1 Comparative Growth in Value of Mutual Funds in
Japan vs. the United States 112
Figure 7.2 Position of Investment Trusts in Japan s Financial
Marketplace at End 1998 112
Figure 7.3 Portfolio Composition of Investment Trust Assets
in 1998 114
Table 7.1 Ranking of Investment Trust Companies by Net Assets
Outstanding on March 31, 1999 116
Table 7.2 Products, Volumes, and Distribution Relationships of
Goldman Sachs Investment Trust Management
Company (June 1999) 118
Chapter Eight The Outsiders: The Consumer Finance Industry
Figure 8.1 Japan s Consumer Credit Market 128
Table 8.1 Top Twenty Consumer Lenders 131
Table 8.2 Cards Issued, Turnover, and Revenues of Credit Card
Issuers 132
Table 8.3 Top Twenty Credit Card Issuers 134
Chapter Nine Japan Marketplace Financial Groups and Affiliations
Table 9.1 Cross-Sector Reorganization and Restructuring Issues
for the Mizuho Financial Group Holding Company 144
Table 9.2 Affiliations of Bank of Tokyo-Mitsubishi Group 148
Table 9.3 Affiliations of Sumitomo Bank Group 150
Table 9.4 Affiliations of Sanwa Bank Group 151
Table 9.5 Affiliations of Sakura Bank Group 153
Table 9.6 Affiliations of Asahi/Tokai Bank Group 154
Chapter Eleven Mavericks and Upstarts
Figure 11.1 Schematic of Orix Group 175
Chapter Twelve The Perennial Players: Citibank and AIG
Figure 12.1 Citibank (formerly Citicorp) Operations
as of June 1999 186
Figure 12.2 Performance of Citibank Japan Branches 189
Figure 12.3 Schematic of AIG Group in Japan 194
Chapter Thirteen The Bold Innovators: Merrill Lynch and Citigroup
Figure 13.1 Schematic of Merrill Lynch Group Entities and
Products in Japan 201
x LIST OF ILLUSTRATIONS
Table 13.1 Performance Indicators for Merrill Lynch Japan 203
Chapter Fourteen GE Capital s Awesome Assault
Figure 14.1 Schematic of GE Capital s Businesses in Japan
in 1999 210
Chapter Fifteen High-Tech Zaitech: Morgan Stanley Dean Witter and
Goldman Sachs
Table 15.1 March 1999 Results of Leading Foreign Securities
Companies vs. Nomura 218
Table 15.2 Bulk Purchases of Nonperforming Assets and Real
Estate by Foreign Investors 222
Table 15.3 Lead Management of Domestic Straight Bonds
by Foreign Firms 224
Chapter Eighteen Japan s Financial Marketplace in 2005
Table 18.1 Banking—A Rich Marketplace for Innovation and
Specialization 247
Table 18.2 Securities—A Larger Marketplace, Transformed
by Technology 249
Table 18.3 Insurance—Wide Open for Innovators 252
Table 18.4 Asset Management and Mutual Funds—A Shakeout
Coming 254
Table 18.5 Consumer Finance—Still a Rich Market 257
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| isbn | 0765605937 0765605945 |
| language | English |
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| spelling | Harner, Stephen M. Verfasser aut Japan's financial revolution and how American firms are profiting Stephen M. Harner Armonk, NY [u.a.] Sharpe 2000 XII, 287 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financiële crises gtt Financiële instellingen gtt Investeringen gtt Finance Japan Financial crises Japan Financial institutions Japan Investments, American Japan HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009579811&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Harner, Stephen M. Japan's financial revolution and how American firms are profiting Financiële crises gtt Financiële instellingen gtt Investeringen gtt Finance Japan Financial crises Japan Financial institutions Japan Investments, American Japan |
| title | Japan's financial revolution and how American firms are profiting |
| title_auth | Japan's financial revolution and how American firms are profiting |
| title_exact_search | Japan's financial revolution and how American firms are profiting |
| title_full | Japan's financial revolution and how American firms are profiting Stephen M. Harner |
| title_fullStr | Japan's financial revolution and how American firms are profiting Stephen M. Harner |
| title_full_unstemmed | Japan's financial revolution and how American firms are profiting Stephen M. Harner |
| title_short | Japan's financial revolution and how American firms are profiting |
| title_sort | japan s financial revolution and how american firms are profiting |
| topic | Financiële crises gtt Financiële instellingen gtt Investeringen gtt Finance Japan Financial crises Japan Financial institutions Japan Investments, American Japan |
| topic_facet | Financiële crises Financiële instellingen Investeringen Finance Japan Financial crises Japan Financial institutions Japan Investments, American Japan |
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