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Financial Crisis and Banking Crisis in Japan: 1997–2003

In: Financial Crisis and Bank Management in Japan (1997 to 2016)

Author

Listed:
  • Mitsuhiko Nakano

    (Momoyama Gakuin University (St. Andrew’s University))

Abstract

The banking crisis from the late 1990s in Japan remains the most memorable incident in Japanese financial history. It was commensurate with the Showa Kin’yu Kyoko, the Showa financial crisis in the 1930s, following the global Great Depression that began in 1929. The banking crisis led to a restructuring of the banking industry, which had not changed for 50 years after World War II. The crucial point of the financial crisis is that neither Japanese banks nor financial authorities had recognized the meaning of deregulation and its associated risks in the financial markets. During the financial crisis the real economy stagnated in terms of both production and consumption throughout the 1990s. Deflation loomed as an important threat. Ironically, the end of bank restructuring opened a gateway to the deflationary economy of the subsequent decade.

Suggested Citation

  • Mitsuhiko Nakano, 2016. "Financial Crisis and Banking Crisis in Japan: 1997–2003," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Crisis and Bank Management in Japan (1997 to 2016), chapter 1, pages 1-32, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-54118-5_1
    DOI: 10.1057/978-1-137-54118-5_1
    as

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