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)

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