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The Baltimore Sun -- Japan's miracle succumbing to reality (November 30, 1993 | By Thomas Easton,Tokyo Bureau)

"What has begun in the past week is the unraveling of the postwar Japanese economy," Paul Summerville said.

"The point is, the roof over prices is collapsing," said Paul Summerville, head of Asia research for Lehman Brothers. "It is happening with furniture, it is happening with haircuts, it is happening with tempura, it is happening with ridiculously expensive bottles of wine, and it is happening with stock prices. Japan isn't different anymore."

 

Traders at one of the largest Japanese financial firms cited widespread concerns that the Nikkei, now at 16,406.54, could fall below 13,000.

 

Valuing shares in Japan using the same yardsticks as common in the United States would push the Nikkei down to about 8,000, Mr. Summerville said."

Close today Nikkei 225: 8,690.