PETER YORK ON ADS No 230: CARLSBERG

The Product: Scottish Life Secure Investment Portfolio

JAPAN'S keenly anticipated programme of financial deregulation, the so-called "Big Bang", began with a feeble fizz yesterday, with share prices falling amid continuing economic sluggishness.

JAPAN'S ruling Liberal Democratic Party yesterday announced a long-awaited economic stimulus package amounting to 16 trillion yen (pounds 75bn).

JAPANESE stocks are likely to rise and bonds are expected to fall this week, on signs that Japan's government will shovel money into the economy and the stock market itself to help send the Nikkei index above 18,000 by the end of March.

Japanese stocks are expected to have a rocky ride next week, while bonds are likely to hold steady as investors wait to see if the government will use public funds to support the financial sector and boost the economy.

During a remarkable day in Tokyo yesterday, the stock exchange scored one of its biggest ever gains, just hours after seemingly catastrophic news: the long-awaited collapse of the country's tenth biggest bank. Richard Lloyd Parry reports from Tokyo.

Japan's deepening financial crisis looks set to spread to London as Yamaichi, the country's fourth largest securities house, prepares to close its overseas operations, with the loss of 2,500 jobs. John Willcock reports on fears that a triple weakening of Japanese stocks, bonds and currency this week could trigger a crisis in its overstretched banking system.

I could make a hobby of collecting jokes about economists. You know the sort. Put four economists together in a room and you will come to five opinions. If all the economists in the world were laid end to end they still wouldn't reach a conclusion. What do you call five hundred economists at the bottom of the ocean? A start. Well, it rather looks as though the economic debate is polarising. And the two sides are inflation and deflation.

The crisis threatening Japan's banking system deepened yesterday, with experts predicting the country's government might have to mount a rescue. And as one big American bank reported huge trading losses due to the recent financial market turmoil, Alan Greenspan said the US should be ready to help bail out Asia. Diane Coyle, Economics Editor, reports.

TOKYO

It was only a matter of time before Nikko was fingered in the escalating financial corruption scandal in Tokyo. It was hardly likely that if Nomura, Yamaichi and Daiwa were bribing extortionists not to smash up their annual meetings Nikko would be any different.

Chrissie Maher, founder of the Plain English Campaign, gives a personal view on the problems of financial product literature

City bookmaker IG Index will become Britain's first round-the- clock betting shop when it opens 24 hours a day this Tuesday.