Updated: 4/11/2003; 10:34:06 AM.
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Tuesday, April 23, 2002
Japanese Fiscal Year

"It is an old ritual here by now. As the fiscal year nears its close on March 31, fears of a financial meltdown reach fever pitch. Alarmed investors head for the exits, raising even more worries that the nation's banks will collapse after losing billions of dollars on their stock and bond holdings. Then, seemingly on cue, the government cobbles together a spending package, extends a deadline or rejiggers a regulation. Relieved that Armageddon has been kept at bay, investors return to the markets, leaving the nail biting for another year."

2002.03.01



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