The CEO of Japan’s largest broker Nomura, Kenichi Watanabe, says “the financial liquidity crisis has subsided and the focus has shifted to the real economy.” With Japan in the middle of a recession that seems like a good idea. How is Japan, and everyone else, going to get out of this economic funk? Through China:
“The important thing is…how to use [the world’s] engines of growth,” to overcome the global slowdown, he said.
In particular, “how China’s growth engine is turned up or down,” would make a significant difference to world growth, added Mr Watanabe.
Nomura, as you may recall paid $2 billion for Lehman’s Asian, European and Middle Eastern businesses. It intends to keep all 1,100 Lehman staffers, even though it had a $1.5 billion net loss for the first half of the year according to the FT.
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