Ten years after the Japanese stock market suffered its dramatic plunge, following a decade in which the Japanese economic model – with its corporate cross-shareholdings, scandal-ridden financial sector, and notorious convoy system which prevents well-managed companies from outperforming the bad – has been pilloried, Japanese equity markets are suddenly soaring.
On December 29 1989 the Nikkei 225, the main index, hit a record 38,916. In the 1980s, the Japanese economy had boomed as never before. By the end of the decade, the country was close to overtaking the United States as the IMF’s largest bilateral aid donor.
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