The lessons of Japan are many--from a dysfunctional mercantilist growth model and the toxic zaitech
of financial engineering to condoning asset bubbles and productivity-inhibiting zombie corporates.
financial engineering, under the auspices of the omniscient MITI, would do the rest.
(44) On one hand, they created new banking products and moved into financial technology (so-called zaitech
During the boom of the 1980s, for instance, Japanese companies derived a sizeable share of earnings from their now notorious 'Zaitech
' (or financial engineering) activities; and during the more generalised equity boom of the 1990s, pension fund surpluses played a major role.
After working at the Kanazawa Taxation Bureau in Ishikawa Prefecture, he joined Yakult as a director in 1977 and had since headed the company's "zaitech
" fund management.