The financial difficulties of Japan and other Asian economies certainly have diverted attention and resources in those countries from the Y2K problem, increasing the risk of a Y2K shock from one or more of these countries. But, on the positive side, large multinational corporations are acutely aware of the Y2K problem, and their remediation efforts are independent of national boundaries.
There BIS Review 37/1998  ˝  -3-  also are anecdotal reports that many of these companies are extending their influence by demanding that their extensive networks of smaller suppliers prepare themselves as a condition of maintaining their business relationship. Obviously, a great deal of work either is planned or is under way to deal with the Year 2000 problem.