According to Peter Tasker of Dresdner Kleinwort Benson, depreciation equals around two-thirds of Japanese firms' cash-flow, profits only one-third.

ECONOMIST: Tax reform runs late

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.

ECONOMIST: Deregulation in Japan

Peter Tasker, a stockmarket strategist, points to several problems.

ECONOMIST: Mitsubishi