In the past, we would think that if a firm was having problems they would show a higher debt ratio, but now if they are performing poorly, the debt is going to be going down in value.

在过去，我们会想如果一家企业出现问题，负债比率可能会上升，但现在如果它们表现不好，债务的价值会出现下降。

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For instance, the recent guideline on fair-value accounting, which decrees that companies must show equity holdings at their market value, also contains a provision that allows them to avoid writing down shares if they think that they will soon recover in value.

ECONOMIST: Company accounts

And, hence, the stock is not likely to show its true fair value in the near term until the noise from the non-operating factors slowly dies down.

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The figures from the Tokyo Stock Exchange show that individuals accounted for 36% of the total value of trades in Japan's major stock markets, down from 39% the week before.

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