Further chaos in the Japanese economy

Hat tip to a number of colleagues for this!

Further bad news has rocked the market after Wasabi Bank took a pasting, Tempura Bank took a battering and another slice was taken out of Sashimi Financial Services. Sepuku Bank has already had the guts ripped out of it, and Teriyaki Bank has been accused of cooking the books, as its last results were just a flash in the pan. On a more positive note, results at Tofu Bank wobbled but remained fundamentally healthy.

With fear of a looming recession, panic has now spread to the industrial sector. Increased gearing has been seen in the automotive industry, where a whole clutch of companies is being depressed. Toyota, previously an engine of growth, has now stalled, tyre makers have generally been deflated and the wheels have totally come off Honda. The computer industry seems to have terminal problems, and Dentsu has widely advertised its concerns. The drinks industry has suffered from a hangover of stock, and the froth has been taken off shares in Kirin, while Asahi has been forced to dilute its holdings due to a shortfall in liquid assets. After concerns over product taste at Suntory, the Chairman has decided to hop it.

Other sectors are faring no better. Sony could not console itself, and its shares are now going for a song. Toshiba’s performance has hardly been electrifying, and Yamaha hit a bad note after a key Board decision to cut pay scales. There are rumours that noodle producers have over-egged their results, and growing concerns that YKK may soon come undone.

The Governor of the Central Bank has expressed a yen for the ‘good old days’, and further casualties are expected in the private hospital sector, where analysts accuse companies of doctoring their results in an attempt to ward off closures. Firms have responded by asking for patience, as their balance sheets recover. Some have already received a transfusion of funds, but are still operating at a loss, and claiming that results are sickening.