This book focuses on one of the most important features of the contemporary Japanese economy; cross shareholding - or mutual shareholding - between corporations. The book analyses recent trends and the reasons behind these, and discusses the implications for the entire Japanese economic system and highlights relevant public policy. Mitsuaki Okabe proposes that the dissolution of cross shareholdings has weakened the importance of long-term transactional relationships as seen in the Keiretsu (the 'main bank') practice and employment, and that as a result the character of the economy is now closer to that of the Anglo-American system. Cross Shareholdings in Japan is a timely book and will be of special interest to academics and researchers of economics, Asian studies and finance, as well as policymakers and those involved either directly or indirectly in the Japanese financial system.

This study illuminates the characteristics of the Japanese economy and analyzes how and why they have been changing. It covers such areas as the Japanese firm, consumption and saving patterns, the labour market, financial markets, macroeconomic policies and international economic relations. The contributors to this 15-volume paper are all internationally-known and leading researchers of the Japanese economy. It gives a comprehensive coverage of both domestic and international aspects, with a detailed overview chapter by the editor, but is still easily accessible and useful for readers with only a basic background in economics.