BIS Review 117/1997  -5-  B. Recent Monetary Condition Looking at the recent monetary condition in Japan, stock prices dropped sharply at the end of October amid a worldwide decline in stock markets triggered by the Hong Kong market. The impact on the prices seems to have subsided in the markets, however, owing to rebounds in the Southeast Asian markets.
The Bank has been informed that Sanyo Securities has decided to take legal measures to liquidate its affiliated entities, and that due to losses on credits extended to these affiliates, it has become difficult for Sanyo Securities to continue ordinary business. On November 3, Sanyo Securities filed with the Tokyo District Court an application for the commencement of reorganization proceedings.