By Pat Boyle Saturday October 11 2008 THE credit crunch yesterday claimed its first Japanese financial institution as the yen posted its biggest weekly gain in a decade and Tokyo shares suffered their biggest rout since the 1987 crash. Japan's key stock index plunged 9.6pc yesterday to end its worst week in history as frantic investors worried about a global recession dumped stocks. The fall came as Japan experienced its first credit crunch failure with Yamato Life Insurance going under. Government ministers played down the risk of contagion from the collapse of the unlisted Yamato. The "relatively small" Japanese insurer went under with debts of $2.7bn, although government ministers and analysts were quick to play down the risk to others in the sector, claiming Japan's largest banks are still solid. The Japanese Government...
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