Feeds

Senior Japanese IT exec hits out at country’s greed

Blames banks for giving big loans they can’t back up

  • alert
  • submit to reddit

The essential guide to IT transformation

A senior executive at a major Japanese IT corporation has hit out at banks and companies funded by them for bringing the country to a "terrible" state. Yasuo Nishiguchi, executive vice president at Kyocera Corporation, said today: "As you know, the Japanese economy is in a terrible situation. We in Japan feel very badly about this and day to day business is badly affected by it." Nishiguchi said: "The manufacturers together with their funding banks created this situation in Japan. Five or ten years ago, Japanese banks loaned large amounts of money to companies which couldn't manage their businesses and at the time each bank made profits." Using the big loans, many Japanese companies got involved in real estate, developing golf courses in Japan and developing their businesses outside Japan, he claimed. "Everyone was just thinking only to create profit, not just the banks but the companies," he said. "At that time Japan was in the bubble but that bubble burst and now we are in a terrible situation." He said more Japanese banks were in danger of either folding, mering with other banks, or inviting investment from foreign banks. The reason for that, he said, was because "most banks have back loans and have to clear those back loans". He said that the banks will find this difficult to do because of their already weakened situation. "Most Japanese banks are withdrawing from the US markets," Nishiguchi said. The second step would be that banks were baled out by foreign companies, he said. ®

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.