The Noose That's Choking The Nikkei

Masahiko Tsuyuzaki, chief trader for Tokyo's Tachibana Securities, is in a foul mood. The economy grew at close to an 11.2% annual rate in the first quarter, but the stock market is going nowhere. The problem is high interest rates, and the market's quandary is that the stronger the economy, the less likely it is that rates will come down. "Making money is like trying to walk up a down escalator," sighs the trader. "We're desperate."

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