In Japan: $70 Billion Up For Grabs?
Japan's national wealth owes a lot more to manufacturing excellence and export might than to skills at managing money. Small wonder, then, that elite Japanese universities turn out few world-class investment advisers. But giving money management little respect is costing Japan dearly. Because of ultraconservative investment rules, sliding property prices, and a stock market that is still down by half from its 1989 peak, Japan's private and public pension funds--with $2 trillion worth of assets--may not have enough cash on hand to support employees when they retire.
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