June 28, 2013

Banks in Japan escaped the Global Financial Crisis as bank employees did not understand the complex products

"Japan's banks emerged from the 2008 global credit crisis largely unscathed because senior employees did not speak English well enough to have got them into trouble, the country's finance minister says.Taro Aso, who also serves as deputy prime minister, said bankers in Japan had not been able to understand the complex financial instruments that were the undoing of major global players, so had not bought them."

Source: Poor English helped Japan dodge the GFC: Aso
June 28, 2013

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