Ashikaga implodes.(The Pulse 1)

Japan Inc. | January 1, 2004 | Copyright

EVEN THE BIGGEST OPTIMIST had to admit that it was all going a little too well to be credible. The Japanese banking system, though allegedly on the mend, is still the kind of patient that can suffer a sudden relapse and put the entire industry back on the critical list

With the end of the year in sight, Ashikaga brought Japan's banking collapse total to two. There were plenty of similarities between the nationalization of Ashikaga and the partial state seizure of Resona back in May. But it's the few critical differences that worry us.

First of all, there was ...

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