Due to massive off-the-book liabilities, so-called stock shuffle (loss compensation), Yamaichi’s funding became increasingly tight both at home and abroad. Yamaichi finally decided to go into the voluntary closure of its securities business in November 1997.
Our job at the Federal Reserve is to do our utmost to produce a stable economic environment without inflation so that these trends can continue. I look forward to discussing these issues with you. 5  BIS Review 40/2000