Major Japanese companies are expected to boost their profitability through restructuring efforts from 2002 and thus revitalize the local stock market, according to a Japanese unit of Zurich-based Credit Suisse Group AG.
Credit Suisse Trust and Banking Co. said the pace of Japanese corporate restructuring has been accelerating since September as the economy deteriorates and more firms are forced to push through structural reforms.
The bank said an increasing number of Japanese firms are moving to adopt more drastic restructuring measures, such as withdrawing from unprofitable businesses or seeking alliances, rather than simply cutting jobs.