Sony’s sale of its New York headquarters, 550 Madison Avenue, is one of those moments that have deep symbolism, whatever the substance. It is a neat reversal of Mitsubishi Estate’s purchase of the Rockefeller Center in 1989, which led to an outbreak of concern that the US had lost its edge.
The second event that promoted the idea that the surging Japanese economy was enabling a US takeover was Sony’s purchase of Columbia Pictures in the same year, for $3.4bn. Sony still owns the Hollywood studio, although its problems with its electronics operations have weighed the whole down. Read more