Zaiteku's most visible manifestations are the staggering daily volumes on the Tokyo foreign exchange market - up from an average of $2 billion in 1979 to $48 billion today.
The driving force behind this is corporate Japan. Customer trading makes up a third of the total volume, compared to 14% in New York and II% in London, where interbank transactions dominate, according to Bank of Japan figures.
"Corporate activity is huge," said Michael Simpson, Irving Trust vice president and foreign exchange manager in Tokyo. "The Tokyo forex market is most highly influenced by corporate activity."
Said one corporate trader: "In Tokyo, you have to watch the movement of the corporates. The corporation has much influence in the market. You have to watch if the automobile manufacturers are selling the dollar. Then you sell."
Estimates vary on how much of the forex growth is tied to trade and how much reflects increased hedging and speculation.
"There has been a dramatic change in corporate hedging strategy now they can manage their exposures," said Yukuo Takahashi, vice president and chief foreign exchange dealer at Chemical Bank's Tokyo branch. That dramatic change includes new interest in speculation.