「日本は飛行機、片翼に財政政策、片翼に金融政策、コックピットに政府、それで飛んでいるのだ」、と説明したところ、外国人投資家から「そんな飛行機は墜落する。それで今日、運航できるのは北朝鮮くらいだろう。片方に投資、もう片方に雇用、政府は調整役でしかないはずだ。」と手厳しい指摘。プロの投資家相手に財政政策とは何ぞやを「橋を作って交易が生まれて・・」と延々ご説明。地元選挙区向けの説明会と勘違いしてしまったのだろうか・・The world's most unloved marketを改めて世に印象付けた形となってしまった。
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He kindly went through many of the discussions held at International Accounting Standards Board (IASB), regarding the Japanese accounting converging IFRS. One of the impressive part was the push back from Japan in terms of cross-shareholding that not everything will be included as losses/gains in the comprehensive income.
It is hard to comment about this from my stand point, having some foreign investors as clients, and some Japanese companies on the other hand. But from my personal view as a Japanese, I think these are sometimes necessary evil to save the high-end technology in the Japanese companies from short-termed large capital.
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The new agency will gather people, operation and regulation from 9 ministries/agencies and 1 committee, adding 29 laws under the control.
The preparation is said to be focusing on areas such as Specified Business Transaction Law and Money Lending Business Law which will be operated jointly with other ministries. It might affect consumer finance industry, credit loans, english and cram schools, again?
Hitachi reported $8bn net loss in FY3/09, a record for Japanese manufacturer, and is accelerating the group restructuring; but still holds 16 listed subsidiaries (incl. above) of its 943 consolidated companies.
Parent-child listing is a notorious Japanese system, and given the inefficiency under the economic slowdown and some changes they are going to face in the new accounting standards, there might be some other groups to follow Hitachi’s strategy. –A change, not from a corporate governance point of view though..
It was shocking to see the world map with the countries started/starting to report in this criteria colored, leaving out Japan, US and few other countries.
One of the major changes will be the "comprehensive income" instead of net income, adding minority interest, forex adjustment, pension liability, shareholding profits/losses and derivatives profits/losses to the net income. The new approach will be based on B/S items.
According to some reports, if the forex and stock market stays at the current level, some of the large caps such as Toyota, Panasonic and Mitsui could lose it's "income" by Y400-900bn, mainly due to forex matter, while Toyoda Industry could also suffer from shareholding, as an owner of Toyota Motors.
The convergence will take place by June 2011, arbitrary from 2010, and could be mandatory from 2015-2016 for the Japanese companies.
I would like to follow this topic from now on.
A few of leading Japanese retailers started offering "Trade-In" guarantees to encourage new consumption. These are relatively high end consumer goods, such as household appliances, digital cameras, dresses.
By guaranteeing the trade-in, even for broken used goods, the merchants hope to give consumers confidence to purchase new high-end goods.
One study says these trade-ins created an additional two trillion yen consumer market.
For example, a home electronics retailer Big Camera guarantees to buy back 20 items even if they no longer work.
Odakyu Dept Store gives a 1000 yen ticket for worn out shoes purchased from the retailer, which then can be applied toward a purchase of a new pair of shoes priced over 5,000 yen.
For more information (in Japanese), see below:
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Quite contrary, general contractors, or the Japanese construction companies are suffering a sharp decline in orders for 7 consecutive months. May orders of top 50 general contractors were -41.9% yoy.
If people do not buy new houses/condos and are shifting to the used market, the competitive landscape of the construction industry will change.
He decided to terminate pay cuts of 1300 employees, although gradually, citing the recovery in co’s business. We have seen HDD-related components’ sales getting stronger such as Seagate’s guidance, which may have made NIDEC bullish than before.
I know there was a sell rating initiation on the street today, not related to this staff cost raise I suppose, but I believe that this is one of the best companies in Japan which should recover faster than its peers.
Takeda 280bn (FY3/09)=>0(FY3/10), NTT Docomo 137=>0, Astellas 124=>smaller
Panasonic 72=>0, Toyota 70=>0, JR West 20=>0, Murata 15=0
Should be natural under this crisis, but we wish the tide to come back in the near future when the economy normalizes.
Another concern is the rise in cross shareholding ratio. Based on the Toyo Keizai data, the cross shareholding decreased from 1990 through 2005 but started to rise for three consecutive years...
As a majority of Japanese companies have year end in March, June is the peak season of shareholders meetings (called Annual General Meeting or AGM in Japan).
Hit by the recession started from the U.S. sub-prime meltdown, about one in every three Japanese companies announced either reduced or no dividends.
This is in contrast to the last season, when many companies increased dividends while foregoing pay increase for employees. Japan's media was critical of these companies for "giving in to overseas (investors) pressure".
Nissan's shareholders meeting yesterday started with the French CEO, Carlos Ghosn, apologizing to shareholders for the loss of dividends. While lower compared to the US standard, total bonus of 2.5 billion yen (approx. $25 million) to ten directors of Nissan is much higher than an average of listed Japanese companies.
Also, this year the new anti acquisition poison pill was 10% less than last year, with the decline of foreign ownership.
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