Bad news comes in threes...
Japan's economy at risk of collapse KYOTO, Japan, Dec. 11
......The irony here in Japan is that despite this economic crisis, there are no bread lines. There are no unemployment queues. This country still enjoys one of the highest standards of living in the world. For the average Japanese, there isn't much pain.
___ "Although there is clearly a large hole in the bottom of the ship and people are drowning in regions of Japan, if you look at the people on deck and in the first class cabins -- they're still drinking champagne" said Noriko Hama, an economist at the highly regarded Mitsubishi think tank.And he believes Japan's ruling party and bureaucrats will stifle any attempt at reform. "Reforms and politicians in Japan are almost a contradiction in terms," he said.
2 Japanese Trading Concerns Are Planning to Merge in '03
TOKYO, Dec. 11 (New York Times)--- Two of Japan's largest and most troubled general trading companies, Nissho Iwai and Nichimen, said today that they would merge in April in an effort to survive in a shrinking industry..."The suspicion is that some of the remaining assets may include unrealized losses."
China overtakes Japan as No. 2 IT hardware maker -- China Online 12/11/02 22:25