In the Eighties the Japanese economy was the envy of the Western world. Its cars, televisions and personal stereos were unrivalled; its growth rate was such that it looked likely to overtake the United States as the world’s largest economy; it was home to three of the top five of the world’s largest companies; Western banks and brokers prostrated themselves to crave permission to open a business in Tokyo, and its bankers and brokers were feted like royalty when they came to the City.
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