The Tokyo stock market finds itself in a do-or-die situation at the beginning of the new year.

Spreads in credit have widened sharply in the wake of U.S. energy giant Enron Corp.'s collapse, making it extremely difficult for companies with low credit ratings to finance their operations.

While companies can find relief if they raise funds, even at high costs, there may be firms unable to secure needed funds in light of banks' increasingly cautious lending stance.