You Scratch My Back . . .

A stock scandal exposes the cozy ties among Japan's power elite

Joyous floor traders on the Tokyo Stock Exchange celebrated the end of 1988 with a traditional hand-clap ceremony last week as share prices closed at record levels. But their applause could not drown out the rising furor over a stock scandal that has already toppled several of Japan's leading business and political figures. Not since former Prime Minister Kakuei Tanaka was convicted of taking bribes from Lockheed during the mid-'70s have the Japanese been so shaken by disclosures of official wrongdoing. As the scandal spreads, it threatens to tarnish Japan's image abroad and to undermine the country's confidence in its businessmen...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!