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micaella invine

geneve, switzerland, Switzerland

Member since February 09, 2013


  • news agile financial tokyo Prof. Miyazaki examines two contrasting market responses to the TEPCO crisis, orchestrated by Tokyo’s financial market professionals, as manifestations of their conscious efforts to re-deploy theories and techniques of finance in a newly found sphere of profound uncertainty.

    The ongoing global financial crisis suggests that the era in which finance served as a site of vigorous intellectual and socio-economic experiment may have ended. Since the burst of the economic bubble in the early 1990s, financial market professionals in Japan have been a major force behind the promotion of a new culture of risk and responsibility. Following the global financial crisis of 2007-2008, however, Tokyo is losing its status as a global financial center, and its financial market professionals face new challenges ranging from frequent lay-offs and downsizing to a sheer lack of intellectual excitement. In this context, Japan’s triple disasters on March 11, 2011 have presented new challenges. In particular, the accident at Fukushima Dai’ichi Nuclear Power Plant created a financial crisis of its own. Its operator, TEPCO, had been perceived as one of the most financially stable companies and was the biggest issuer of corporate bonds in Japan. After the disasters, major Japanese financial institutions were suddenly exposed to a wide range of risks associated with TEPCO’s large corporate debt as well as lawsuits and massive compensation claims against the utility company....