Costly scrap: Expo's cancellation will dent Tokyo's coffers

Article Abstract:

New Tokyo Governor Yukio Aoshima's decision on May 31, 1995, to cancel the city's World City Expo created a political brouhaha and a fiscal mess but did keep his campaign promise to voters. Sadly, while the move will save 83 billion yen over two years, cancellation and compensation costs could reach 98.2 billion yen. Expo, which had been slated to open in Mar 1996, was intended to be part of the ambitious waterfront development plan, but the latter, first bruited in the bubble economy of 1988, has lagged of late; this move further damages it.

Political activity, Real estate development, Fairs and festivals, Tokyo, Japan, Aoshima, Yukio

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Breaking point: Japan's housing-loan firms desperate for debt relief

Article Abstract:

Japan's housing-loan corporations, called jusen, face bad loans of more than 6 trillion yen that threaten a political crisis because farmer's cooperatives have a major stake in them. Major banks set up the jusen before they themselves could enter the housing-loan market; after they entered it, the jusen began shifting money into the real-estate market, and got hit hard in 1992. Now the banks and farm cooperatives disagree on how to resolve the crisis, and a political solution appears both required and unlikely.

All Other Nondepository Credit Intermediation, NONDEPOSITORY INSTITUTIONS, Cooperative Banks, Banking industry, Management, Bad debts

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