Nissan, however, had much smaller unrealised profits than the average: its equivalent book value is around 19, 900.

ECONOMIST: Japanese insurance

Although almost all life insurers still have a cushion of unrealised profits on equities, it has been getting thinner.

ECONOMIST: Japanese insurance

Dividends are low and the cushion of unrealised profits that banks could rely on has dwindled with the decline in the stockmarket.

ECONOMIST: Time to grow up

As prices have sunk, unrealised profits on bond portfolios have probably evaporated.

ECONOMIST: Japan��s economy