Linda talks with Edward Lincoln, a senior fellow at the Brookings Institution and the former special economic advisor to the U.S. Ambassador to Japan, Walter Mondale. They discuss the failure of the Yamaichi Securities Corporation, Ltd. Yamaichi was Japan's fourth-largest brokerage house. The failure followed a downgrading of its stocks to junk-bond status by Standard & Poor's. This is the largest-ever corporate failure in Japan. What remains to be seen is the effect this failure will have on the Japanese economy. The turmoil in Asian currency markets has for the most part had no effect on Japan, which is the Asian economic powerhouse. But today, a similar downgrading of stock upon Japan's fourth-largest trust bank, Yasuda Trust & Banking Company, has many analysts concerned that this could be the beginning of serious trouble in Japan...which could mean serious trouble for the world's economy.



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