| 2005 |
Major banks' NPL Exposure percent halving target (set 2002) met as of March:
a notable Takenaka success |
| 2004 |
Trust Business Act amendment re-introduces trust company incorporation
after the 61 year gap since 1943 |
| 2003 |
IMF FSAP Japan successfully neutered by Takenaka while private sector NPL credit costs rise to JPY130tr |
| 2002 |
Takenaka, appointed to FSA, launches albeit heavily diluted Finnish-style
plan to resolve major banks' NPLs |
| 2001 |
Ex-MoF Yanagisawa fails to postpone IMF FSAP Japan and cover FSA warehousing
of MoF NPL roll-forward |
| 2000 |
FSA predecessor, FRC, reports having employed JPY7.8tr in period 1998 - 2000 to recapitalise failed banks |
| 1999 |
FSA predecessor, FRC, reports injecting JPY8.3tr in 1998/99 into the major
banks' equity 'at their request' |
| 1998 |
Hashimoto's ad hoc Sazanami Committee haphazardly injects JPY1.8tr into
major banks 'at their request' |
| 1997 |
Hokutaku failure, LGB market concerns (1998) and Sapporo City makes an IR presentation in Tokyo (1999) |
| 1996 |
Jusen Scandal: Government injects JPY0.7tr to recapitalise the nokyo keito
banks amid a wave of criticism |
| 1995 |
MoF realises private + public sector NPLs continue to snowball: FILP +
Local Government Reform launched |
| 1994 |
Reforms: Lower House becomes similar to Bundestag, PM empowerment (enacted
1998 only effective 2001) |
| 1992 |
Auditors' reservations on banking NPLs reportedly indicated 'inappropriate'
by MoF given roll-forward scheme |
| 1990 |
Credit Bubble (1986 - 1989) punctured by forceful Bundesbank-style Mieno:
MoF activates NPL roll-forward |
| 1989 |
Heisei (1989 - ) the reign of the current emperor, Akihito: finally to
rediscover the Taisho good old days again? |
| 1988 |
Basel Accord for 'International Convergence of Capital Measurement and Capital Standards': BIS 8 percent |
| 1987 |
'Wall of Japanese Money' hits overseas markets creating loose bank lending
and a wave of frenetic M&A |
| 1985 |
Plaza Accord: co-ordinated depreciation of USD, launch of Credit Bubble
(1986) and massive asset inflation |
| 1984 |
Ex-MoF bureaucrat Sumita appointed BoJ Governor (replaced by BoJ 'proper'
(BoJ origin) Mieno in Dec 1989) |
| 1979 |
Second Oil Crisis: Crises delay response to Manchuria II end - Allfinanz
+ Tax Reforms launch delayed (1985) |
| 1973 |
First Oil Crisis: Manchuria II ends amid PM Tanaka's (1918 - 1993) construction
excesses (resignation 1974) |
| 1961 |
Park (1917 - 1979) trained in Manchuria (1942 - 1944) successfully launches
Korean version of Manchuria II |
| 1955 |
Economic recovery + strong export-led growth via Manchuria II under GATT
regime termed 'economic miracle' |
| 1951 |
San Francisco Peace Treaty and end of Occupation (1952) with launch of
selective undoing of GHQ reforms |
| 1947 |
Cold War: GHQ switch from social reform to pro-business policies, planning bureaucrats launch Manchuria II |
| 1945 |
USSR's overwhelming invasion of Manchuria decides surrender to the preferable
US 'GHQ' Occupation forces |
| 1943 |
Joint Operations Act forces trust companies into banks, GHQ enforces for
7 major zaibatsu stragglers (1948) |
| 1941 |
US embargo of strategic materials, consequent Japanese attack on Pearl Harbor and opening of Pacific War |
| 1940 |
Extension of China Invasion into SEA threatens European colonies and growing
diplomatic friction with US |
| 1937 |
Piecemeal expansion of Manchuria leads to Marco Polo Bridge Incident, a
disastrous invasion of China proper |
| 1932 |
Manchuria I Economic Planning Model combines ideas of Honda (1798), Mackinder (1919) and Stalin (1928) |
| 1931 |
Manchurian Incident: engineered near Shenyang to occupy Manchuria, state
of Manchukuo established (1932) |
| 1928 |
Stalin's Five Year Planning for steel, machine tools, generators etc produced at Magnitogorsk, Uralmash etc |
| 1926 |
Showa (1926 - 1989) confusion: unsettling series of crises, disasters,
rapid growth, prosperity, yet more crises |
| 1923 |
Great Kanto Earthquake, Showa Financial Crisis (1927), collapse in export
demand ruins silk industry (1930s) |
| 1921 |
Trust Act + Trust Business Act to regulate trust business: 488 trust companies
quickly reduced to 27 (1922) |
| 1919 |
Mackinder (1861 - 1947) publishes his geopolitical 'Heartland Theory' giving
value to the wastes of Manchuria |
| 1912 |
Taisho (1912 -1926) progress: First World War import substitution + export
demand creates enormous wealth |
| 1906 |
Ito appointed Resident General of Korea, Ito assassinated (1909), Korea formally annexed by Japan (1910) |
| 1905 |
Railway concession in Manchuria leads to trade penetration, weakly independent
Korea occupied piecemeal |
| 1904 |
War with Russia over Manchuria, defeat of Russia, Treaty of Portsmouth
(1905): limited concessions made |
| 1900 |
Despite being a civil code jurisdiction, IBJ Act includes trust business:
first legal use of term 'shintaku' or trust |
| 1894 |
War with China over Korea, defeat of China, Treaty of Shimonoseki (1895):
Korea independent, Taiwan ceded |
| 1890 |
Kanai (1865 - 1933) returns from studies in Berlin and promotes Prussian
Economics from Tokyo University |
| 1881 |
Okuma vs Ito clash on merits of the British vs Prussian model and Emperor promises a Prussian constitution |
| 1868 |
Meiji (1868 - 1912) change: railways (1872), constitutional government (1889), commercial code (1899) etc |
| 1867 |
Tokugawa Bakufu in collapse, Meiji Restoration staged by modernising samurai
(1868), Edo becomes Tokyo |
| 1861 |
American Civil War (1861 - 1865) weakens US influence, although on Iwakura
Mission itinerary (1871 - 1873) |
| 1853 |
Perry seeking provisioning of whaling ships ends Japan's closure, Harris
negotiates commercial treaty (1858) |
| 1841 |
Mizuno Tadakuni launches Tenpo Reform of national economy: quixotic attempt
to nationalise the merchants |
| 1798 |
Honda (1744 - 1821) publishes 'Secret Proposals on Political Economy': Japan should copy the English model |
| 1790 |
Matsudaira Sadanobu launches Kansei Reform of national economy: creation
of a professional bureaucracy |
| 1716 |
Tokugawa Yoshimune launches Kyoho Reform of national economy: beginnings
of what becomes FILP (1951) |
| 1635 |
Foreign trade restricted to Nagasaki, country closed, daimyo made subject to control by 'alternate residence' |
| 1600 |
Tokugawa Ieyasu wins at Sekigahara, appointed Shogun by Emperor (1603),
Tokugawa Bakufu (1603 - 1868) |
| 1542 |
Portuguese arrive with firearms + Christianity, Spanish and Dutch arrive, warlordism disorders exacerbated |
| 1333 |
Kamakura Bakufu in collapse, Ashikaga Takauji appointed Shogun (1338),
Muromachi Bakufu (1338 -1573) |
| 1274 |
Mongol first invasion suffers logistics problems, second invasion (1281)
hit by a providential typhoon 'kamikaze' |
| 1185 |
Minamoto Clan vs Taira Clan: Minamoto Yoritomo given title Shogun (1192), Kamakura Bakufu (1192 - 1333) |
| 794 |
Heiankyo (Kyoto) seat of the Imperial System (794 - 1868) and origin of
the Heian Period (794 - 1185) naming |
| 710 |
Nara seat of the Imperial System (710 - 784) is closely modelled on the
Tang Dynasty Chang'an (now Xi'an) |
| 645 |
Great Reform of Taika elevated Yamato kings to emperors on centralising
Chinese 'Decree of Heaven' model |
| 554 |
Experts in medicine, divination and calendar arrive from Paekche/Baekje one of the three Kingdoms of Korea |
| 300 |
Yamato kings establish state in the Nara area and start to send tribute
to China on a fairly regular basis (421) |
| 57 |
King of Wa pays tribute to Emperor Kuang Wu receiving a gold seal, Analects
of Confucius enter Japan (285) |