While modesty has long been seen as a virtue in Japan, the nation's major banks appeared to break free of the cultural constraint recently as they claimed that the worst of the subprime mortgage crisis is almost over — at least for them.
However, the declarations by the top Japanese financial institutions, which analysts and regulators say are much less exposed to investments linked to the unsettled risky home loan market in the United States, came as tough times continue for their bigger U.S. and Europeans rivals.
Some believe the Japanese claims are premature because foreign institutions could post further subprime-related losses and investors in global financial markets are a long way from recovering their confidence.