The accepted wisdom seems to be that Japan is being less affected than most by the ongoing banking crisis. I wouldn't bank on it.
True, for the moment we are not having it as bad as the Americans or the Europeans. Yet there is no room for complacency in this financial meltdown saga. Indeed, the very speed with which the Europeans are suddenly finding themselves at the heart of the turmoil should give us the strongest warning yet of how abruptly and violently this kind of thing can become contagious.
Just because Japanese commercial banks are now in the position to supply funding to American investment banks, there is no reason to gloat. Far from it. This could be the route through which the virus spreads, if people are not careful. The hope is that the Japanese banks know what they are buying into. It is not always easy, to say the least, to get a clear picture of the gains and losses involved in a distress sale.