In May 1996, FIFA surprisingly awarded the 2002 World Cup to South Korea and Japan ' two countries w...
In May 1996, FIFA surprisingly awarded the 2002 World Cup to South Korea and Japan ' two countries with little history of positive co-operation. At the time both stock markets were near five-year highs and both economies appeared relatively buoyant. However, both were about to suffer from the Asian crisis of 1997 ' compounded in Japan by a mistimed increase in consumption tax. In the lead up to the actual tournament, Korean stocks are now virtually unchanged from their 1996 levels after their sharp collapse during the crisis. Many lessons were learnt from the depths of 97/98 and, in pa...
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