Abstract

Years lost due to inaction and neglect, and recovery after trial and error.
From the creation and collapse of the bubble to the Nikkei average reaching a new high.

It took 34 years for the Nikkei average to surpass its bubble peak. Why did it take so long?

November 1997 saw the strains of the Japanese securities industry, where governance was not questioned and customer respect was low, erupt. The voluntary closure of Yamaichi Securities was a turning point.

An editorial committee member of the Nikkei (Nihon Keizai Shimbun), who was at the scene of the collapse that day, talks about the changes in the securities industry and market.

Author’s Information

Graduated from the School of Letters, Arts and Sciences I at Waseda University in 1988. Joined Nikkei Inc. the same year. As a reporter in the securities department, he covered and reported on events such as "Yamaichi Securities voluntarily goes out of business" and "Murakami Fund's first hostile takeover bid." He has served in the European bureau, as an editorial committee member in the securities department, as an editorial writer, and as an editorial committee member in the Asia bureau before assuming his current position. His books include "Global Corporate Governance: Questioning the True Value of Companies," "Asian Capitalism," and "Easy-to-Understand Nikkei Bunko ESG" (all published by Nikkei Publishing).