Ownerships, networks and coalitions
This chapter describes recent international expansion of Japanese financial institutions and considers the consequences of this Japanese expansion for the international financial system and for financial institutions based in other countries. The rise of Japan in the global economy may be based primarily on the willingness of the Japanese people to work incredibly hard, save phenomenal amounts of their incomes, sacrifice and focus on the success of their economic group and maintain a relatively low standard of living. The global expansion of Japanese financial institutions and other companies may also benefit from the unique aspects of Japanese finance. The Japanese financial system consists of three layers, the regulatory authorities, public financial institutions and private financial institutions. The chapter also describes the causes and consequences of the recent international growth of Japanese financial institutions and the challenges this growth poses for US and other Western multinational financial firms.