Friday 10th of September 2010
Gloom, crash and doom! Just three simple words that appear to describe the sequence of world events since early 2008. Indeed, if we believe that the press is the trusted authority of global sentiment then there is practically no corner of the world which has escaped the shadow of the financial turmoil. In fact, the negative state of mind can become addictive and it is very likely that our perception of recession last longer than the reality of the recession.
Japan is possibly the world’s most enigmatic wealth management market and has entered an enigmatic new phase as local banks stage a comeback. On the one hand Japanese households have about Y1400 trillion ($150 billion) stashed away, much of it in cash. But years of chronic deflation, market underperformance and a succession of financial scandals have created such widespread cynicism about banking providers that the wealth management market is still largely undeveloped.
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