Similar thing happened to _all_ of corporate japan. Bubble era left a strong desire to hoard cash. Thus Japan Inc has vast reserves of cash. Ironic, but such re

Similar thing happened to _all_ of corporate japan. Bubble era left a strong desire to hoard cash. Thus Japan Inc has vast reserves of cash. Ironic, but such reserves have not help valuations even during this pandemic. There is a lesson on corporate financing here, but I am not sure what it says.