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Abstract
Japan is the most powerful financial force in the world. It is the wealthiest country, and because its wealth is so concentrated, it can easily move markets anywhere in the world. The failure of Continental Bank of Illinois and the October 19, 1987 stock market crash both started in Tokyo. When Great Britain and the United States were world financial leaders, each had a sense of global mission that required stability and openness in the world''s financial markets. Japan has no such ideology. Indeed, Japan is unwilling to allow the yen to serve as a global reserve currency, and it does not ensure liquidity in the world''s banking system.
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Abstract
Japan is the most powerful financial force in the world. It is the wealthiest country, and because its wealth is so concentrated, it can easily move markets anywhere in the world. The failure of Continental Bank of Illinois and the October 19, 1987 stock market crash both started in Tokyo. When Great Britain and the United States were world financial leaders, each had a sense of global mission that required stability and openness in the world''s financial markets. Japan has no such ideology. Indeed, Japan is unwilling to allow the yen to serve as a global reserve currency, and it does not ensure liquidity in the world''s banking system.