The failure of foreign banks to penetrate Japanese financial markets is often blamed on stringent Japanese protectionist policies. Brown takes a broader view, arguing that the ineptitude of foreign banks has also played its part

This is a story of Japanese business and finance since 1986. During the "bubble" in the late 80s caused by the 2.5% prime rate, racketeers had a field day buying land. Then easy money was suddenly stopped, saddling banks with nearly 1 trillion in uncolle