The japanese banking crisis and world financial instability
The deepening of the Japanese financial crisis has increased the risks to the international financial system, over the last couple of years. The crisis has amplified capital movements, towards the emerging Asian economies (check) where they aggravated the speculative bubbles. Subsequently, such capital movements have been towards the western financial markets, especially America, thus contributing to the rise of stock markets and the probabilities of a brutal turnaround. Until last September, these movements led to the fall of the yen and worsened the risks of a Chinese devaluation or further depreciation in the Asian crisis economies. Since then, the opposite has occurred, though without any profound change having taken place the Japanese outlook. Unless a credible consolidation programme is put into place, nothing can guarantee that the yen will not fall again.
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