Enter Merrill: Japan's "big bang." (Merrill Lynch offices in Japan to hire employees from failed stock brokerage and to buy branches; first in likely trend of foreign companies investing in Japan's financial services industry, as country finally allows such investment)(Brief Article)
Economist (US), The, January, 1998
TOKYO
WHILE external political pressure is prising open the financial services industry to outsiders in South Korea, the remorseless pressure of the marketplace is finally being allowed to work much the same magic in Japan. Merrill Lynch's announcement on December 25th that it would hire some 2,000 of the 7,500 employees of failed Yamaichi Securities, and acquire up to 50 branch offices, shows just how serious the Japanese government is about its wide-ranging "big bang" financial reforms.
A year ago, such an acquisition by a foreign broker would have been impossible. And yet Ryutaro Hashimoto, the prime minister, publicly welcomed Merrill Lynch's action and even urged the American securities firm to expand further in Japan. This, he said, would "help...
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