Major Japanese Life Insurer Fails; Economy: Chiyoda Mutual files for bankruptcy protection. Analysts expect failure will hurt consumer confidence Home Edition

"The Japanese economy has been putting its worst behind it, but a recovery in private-sector demand is not yet a sure thing," said DKB Research Institute chief economist Akio Makabe. "Chiyoda's failure will hurt people's confidence and pour cold water on the much- needed rec...

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Bibliographic Details
Published inThe Los Angeles times
Main Author SHIMOGORI, MIKI
Format Newspaper Article
LanguageEnglish
Published Los Angeles, Calif Los Angeles Times Communications LLC 10.10.2000
Subjects
TOKYO
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Summary:"The Japanese economy has been putting its worst behind it, but a recovery in private-sector demand is not yet a sure thing," said DKB Research Institute chief economist Akio Makabe. "Chiyoda's failure will hurt people's confidence and pour cold water on the much- needed recovery in private-sector demand." Chiyoda's failure should heat up a survival battle in the hard- hit insurance industry, which is already reeling from a triple blow of falling premium income, low investment returns and weak share prices. Tokai, which has spearheaded rescue efforts for Chiyoda Life, told the ailing insurer it must tie up with a foreign firm to get any financial help. The bank had hardened its stance while it concentrated on a planned union next April with Sanwa Bank and Toyo Trust & Banking.
ISSN:0458-3035