Japan embarks on corporate overhaul

Corporate restructuring in Japan has intensified significantly since
September 2001, according to research by Credit Suisse.

The research shows that in the last five months many Japanese firms have
restructured more fundamentally than just by cutting jobs. Many are withdrawing
from unprofitable businesses and are seeking more alliances with other firms to
develop opportunities.

The research analysed the financial conditions, cost-cutting measures and
business reorganisation of nearly 1,500 Japanese firms. A Credit Suisse analyst
said the intense restructuring will help many companies achieve improved
profitability by 2003.


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