Wa means harmony – or does it? (Japanese commercial banks in European money markets)

WA MEANS HARMONY — OR DOES IT?

Japanese Euromarket houses are now feeling happy about inviting each other into their deals, something unheard of 12 months ago. This is wa, Japanese for harmony, a world resonant with connotations of family unity and obedience. Wa is fast becoming a characteristic of the Japanese way of business in the international capital markets.

The Euromarket subsidiaries of the Japanese securities houses and banks have traditionally been fierce rivals. In the past, they’ve tried to sabotage each other’s Eurobond issues by putting in impossibly low grey market bids with the bond brokers.