Commentary

Many seasons have passed since we last talked about the readiness of Japan’s mighty finance houses to boldly go where few Japanese banks had gone before - overseas. Then, Daiwa Securities chief, Shigeharu Suzuki, was boasting of a 100b Yen commitment to regional investment, while Nomura announced its intention to acquire an Indian investment bank. Since those joyful days we have had the season of ‘Thanksgiving’ – when a summer of bad news such as failed bank, Northern Rock, finally gave way to another upsurge in global equity markets. Then came the season of ‘Panic’, after Bear Sterns famously imploded and speculation of who would be next spread like a fever.