Sweeping emergency measures adopted by the Japanese authorities have helped to avert a feared credit crisis, recent developments show.
Earlier this year Japan was gripped by the fear that the global financial meltdown would lead to domestic crisis, with bankruptcies surging and weakened share markets plunging further. Companies hoarded cash.
But that grim scenario failed to materialise and a measure of calm has re-turned to the capital markets. The monthly count of bankruptcies fell in May for the first time in a year.
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