But the strategist for Dresdner Kleinwort Benson in Hong Kong is wary of some markets too.
The Japanese system, complains Mitsuo Ohmi, a drug analyst at Dresdner Kleinwort Benson (Asia) Ltd.
According to Peter Tasker of Dresdner Kleinwort Benson, depreciation equals around two-thirds of Japanese firms' cash-flow, profits only one-third.
In 1993, according to Dresdner Kleinwort Benson, financial assets accounted for 14.6% of total wealth, and equities for 16%.
The resulting company is big enough to take on a global banking client, as it has with Dresdner Kleinwort Benson.
"Kim Jin Man is trying hard, but I can't be sure about the bank's prospects, " says Brian Hunsaker of Dresdner Kleinwort Benson.
That gap could widen to more than 30% if the Tweedy, Brown resolution fails, predicts Anthony Cox, an analyst with Dresdner Kleinwort Benson in London.
Peter Tasker, an analyst at Dresdner Kleinwort Benson, an investment bank, points out that it will be no easier for foreigners to buy Japanese firms.
Across the board, reckons Zayong Koo, an analyst with Dresdner Kleinwort Benson in Hong Kong, passenger loads in Asia have fallen from around 75% to less than 70%.
That was deeply misleading: three weeks later, it emerged that Hansgeorg Hofmann, the head of Dresdner's investment bank, Dresdner Kleinwort Benson, had turned himself in to the tax authorities.
In Japan, according to Ken Okamura, a strategist with Dresdner Kleinwort Benson, the birth rate has been so low that the working-age population will actually start to decline next year.
ECONOMIST: What happens to pay if prices are static, or falling?
"The reason why they are hiking rates now and not later this month or next month is that they want to make clear that this intervention is serious, " said Sonja Hellemann, an economist at Dresdner Kleinwort Benson.
Indeed, a report by Dresdner Kleinwort Benson finds that the euro area displays an extraordinary degree of balance at present: all three sectors the government, the private sector and the current account are in broad financial balance (see chart).
Simon Robertson quit as chairman of Kleinwort Benson after 34 years with the merchant bank, as Germany's Dresdner Bank took more control of its unit.
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