J-banks 'Oh no, another burst of optimism'

[Taro Toporific]

The Japan That Can't Say No
Japan's banks are a disaster. So why do Americans keep buying them?
SLATE -- Tuesday, October 21, 2003, at 3:50 PM PT
Oh no, another burst of Japan optimism. Every year or so, news comes out of Japan that makes enthusiasts believe that—at last!—the Japanese establishment is finally restructuring the economy as it should have done 15 years ago. The current boomlet: Sony just announced it will cut 10 percent of its global workforce. Meanwhile, a bunch of U.S. financial institutions have recently struck deals to acquire or manage the bad loans of Japanese banks....