Makoto,
I still cannot open either of your attachments ... .
Michael
----- Original Message -----
From: makoto itoh <mktitoh@kokugakuin.ac.jp>
To: <ope-l@galaxy.csuchico.edu>
Sent: Thursday, September 16, 1999 7:16 AM
Subject: [OPE-L:1241] RE: Re: Prof. Itoh's paper
> Dear Jurriaan, Fred, Cai-on, Mike, Jerry and other friends;
>
> Sorry to trouble you technically by my files. Let me convert the files
into
> Word 6.0/95 and try to send them again in un-encoded form. Let me know if
> you can read them or not.
>
> On Fred's inquirries [OPE-L;1227]; a survey of the Mistry of Finace
> estimated the total bad loan in the Japanese banks amounts to 76 trillion
> yens or 12 per cent of their total loan in January 1998, as I quoted in
the
> chapter in the file. Where did you pick up the estimation of 1 trillion
> dollars? As the share prices rose, though moderately, its burden would be
> reduced after the injection of public money. The amount of bad loan is
> highly related to the prices of shares and real estate. The maximum amount
> of public money to be allowed to be injected into banks is 60 trillion
yens.
> The actual amount would not yet be so much.
> As you say, it is remarkable that the burst of huge bubble to cause bad
loan
> did not ignite the full sized monetary and financial crisis. The reasons
are
> worth reconsideration. The largest foreign exchange reserave in the world,
> made by the trade surplus, the financial positions of big businesses to
> endure the damage of the collapsed bubbles, the extremely lowered interest
> rate, besides rescue operation of the government for banks would have
worked
> together. I suspect if the government and the Bank of Japan were the only
> factores to explain. It is highly unpredictable also what happens when the
> huge bubble in New York collapses.
> Though Japanese government and business circles tend to follow and try to
> support the US debt economy including the bubble, the China with the
second
> largest amount of foreign exchange reserve mostly in dollars would move
more
> independently and even against the US national interest.
>
> Jerry; I am almost persuaded, though I am still not sure if I can work for
> some part of cooperative work for the electoric journal at the moment.
>
> All the best,
> Makoto
>
>
>
>
>
>
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