Exports to Asia Power Japan's Growth Spurt

TOKYO—Japan is emerging as a surprising beneficiary of the global economic recovery, helped by its proximity to Asia's fast-growing economies and the strong presence of Japanese companies in the region.

While chronic ailments such as deflation and a runaway fiscal deficit continue to occupy the minds of Japanese policy makers, the country's economy has grown at an unexpectedly robust pace in recent quarters, thanks primarily to soaring exports to China, Vietnam, India and other nations.
At an annualized pace of 4.9%, the government said Thursday, Japan's first-quarter growth exceeded that of the U.S. and the European Union, which expanded by 3.2% and 0.8%, respectively. It was the fourth quarter of expansion for Japan following sharp contractions during a recession triggered by the global crisis.

Mitsubishi Heavy Industries Ltd. hopes to add to that growth. The maker of ships, power plants and heavy machinery aims to boost the share of overseas business to 63% of its total contracts by 2014 from just 36% in 2009. Once guarded about its technology, the company now seeks out local partnerships to further expand into Asian markets. The company projects orders from customers in emerging markets will rise to 1.1 trillion yen (about $12 billion) in 2014, compared with an average of 760 billion yen over the past three years.
"To cut initial investments to enter new markets in emerging economies, we are seeking joint ventures with major local companies, and signing technology assistance deals to gather licensing fees," Chief Executive Hideaki Omiya said at a news conference in late April.
Earlier this month, Mitsubishi Heavy received an order for three sets of boiler and steam turbines for thermal power plants in India for undisclosed terms, made possible through a joint venture with India's Larsen & Toubro Ltd.
Robust sales of Japanese products in emerging countries are beginning to set off a cycle of sustainable growth in Japan. As stronger exports shore up earnings, Japanese companies are boosting investments in plants and machinery.
With fears of job loss and pay cuts receding, some consumers are starting to allow themselves modest luxuries such as desserts after meals and day trips on weekends. Household spending grew by an annualized pace of 1.3%, rising for the fourth consecutive quarter. Until now, consumption has been kept from collapsing by government stimulus measures such as a cash-for-clunkers auto-sales program and subsidies for energy-efficient appliances.
"Conditions are falling into place for an autonomous recovery," said Keisuke Tsumura, a parliamentary secretary at the Cabinet Office in charge of economic policy.

Keeping that pace will be tough. Economists expect the pace of Japan's overall growth to slow starting from the second quarter as export growth begins to level off and the effect of domestic stimulus wanes. For all of 2010, the International Monetary Fund forecasts Japan will grow 1.9%, slower than 3.1% seen for the U.S. but above 1.0% for the euro area.
Still, intimate ties to Asian economies will likely give Japan and other Asian exports an economic tailwind if growth holds up. That could also take pressure off Tokyo to curb deflation or reduce government debt that, as a percentage of gross domestic product, leads the industrialized world—though those problems are likely to linger past the current expansionary period.
In the first quarter, Asia accounted for 55% of the value of Japan's overall exports, up from 50% a year ago and 47% in the 2007 period. By comparison, Asia accounted for 26% of U.S. export value, not much larger than Canada's 20% share and Europe's 23% for Europe.
"The structure of Japan's economy has changed dramatically since the beginning of this century," said Jitsuro Terashima, chairman of Mitsui Global Strategic Studies Institute, a research arm of Mitsui & Co., a trading company. "Until recently, we could define Japan as a country that fed itself through trade with the U.S., but that's not the case anymore." Last year, China became the No. 1 destination for Japan's exports, replacing the U.S. for the first time in modern history.

The heavy reliance on Asia's emerging markets, particularly China, also represents a risk. China's economy could get overheated without appropriate tightening steps from the authorities. It could slow down sharply and hurt Japanese exports if such steps are implemented too rapidly.
Toto Ltd., a maker of toilet and bathroom fixtures, has seen sales boom in China as its customer base expands from relatively wealthy cities to the interior. While the company's overall revenue fell 9% in the fiscal year ended March, sales in China grew about 10%, accounting for 5.8% of the company's global sales. Toto expanded its flagship showroom in Shanghai last month and plans to add another one in Nanjing in October.
"While we have been worried for quite a long time that China will slow down, we actually have seen a steady growth there," said President Kunio Harimoto during a news conference this month in Tokyo. "Given that, we can expect a nearly two-digit growth for some more time in the future."
Companies such as Mitsubishi Heavy and Toto now have the support of the Japanese government, which has taken a laissez-faire stance toward private-sector exports in recent decades. Japan's new center-left government has identified Asia's emerging markets as a "new frontier" for Japan's growth and next month hopes to unveil cheap financing and regulatory support for infrastructure projects abroad as part of its broad economic -policy package.
"We would like to see Japan's technology and expertise become an engine for sustainable growth in the region so Japan and Asia can grow side by side," Naoto Kan, Japanese finance minister, said at an Asian financial meetingearlier this month.
Investors have taken a notice. A survey released by Merrill Lynch this week showed that 8% of fund managers chose Japan as the market they wanted to overweight the most, down a notch from 11% in April but a sharp improvement from a low in November when 27% said Japan was their least-favorite market. So far this year, Japan's benchmarkNikkei 225 index is down 4.9%, an underperformance compared with the Dow Jones Industrial Average but better than indexes in London, Paris, Shanghai and Hong Kong.—

Miho Inada, Tomoyuki Tachikawa and Takeshi Takeuchi contributed to this article.

From: http://online.wsj.com/article/SB10001424052748703559004575256292145790152.html?KEYWORDS=YUKA+HAYASHI

Tokyo is most expensive office location

By Daniel Thomas in London
Published: February 22 2010 18:25 Last updated: February 22 2010 18:25

Tokyo has become the world’s most expensive office location even as a fall in demand for office space has caused the first global drop in rents since 2003.

Global offices markets have all suffered an unprecedented fall in demand, according to Cushman & Wakefield, the real estate adviser.
Every region recorded falling rents in 2009 for the first time. Most developers were quick to respond to the economic crisis by shelving new building work, although the supply of offices still increased as corporate occupiers sought to cut costs by vacating or sub-letting space.
The largest rental falls came in Singapore, Hong Kong and Tokyo, where office rents fell 45 per cent, 35 per cent and 21 per cent, respectively. Ho Chi Minh City was the worst hit, with a rent decline of more than half.
Rents globally are expected to reach their low point by the middle of the year, according to Cushman & Wakefield, which added that the outlook for 2010 was more positive.
John Siu, general manager for Cushman & Wakefield in Hong Kong, said: “Demand for office space in Hong Kong’s key business districts started to pick up towards the end of 2009. We see 2010 as a year for tenants to take advantage of the rare vacancies and significantly discounted rents before the market rebounds.”
It expects demand for offices will again increase to reduce the supply of space as some big economies return to growth. Rental increases are already being recorded in markets such as the City of London and Oslo.
Kiev and Dublin were the hardest hit in Europe, with 50 per cent and 38 per cent wiped off the value of prime office rents by year end.
Rents declined 7 per cent across the US but South American markets were more stable.

The Financial Times

España, ¿aliada de China en su lucha contra Estados Unidos?

J. Jacks - 23/02/2010 06:00h

Estamos en guerra. Algún ministro español oye campanas cuando observa sus consecuencias pero no sabe dónde. No se trata de una guerra militar tradicional. Supone una contienda comercial entre Estados Unidos y China de la que, por el momento, no se sabe quién resultará ganador.
Como en toda guerra, la contienda se libra en diferentes áreas, entre ellas:
a) Inversiones exteriores: desde julio del 2009, China admite que destina parte de sus reservas a controlar empresas energéticas extranjeras (Petrobras, Addax, Blackstone, los intentos en Río Tinto con ACH), del sector de materias primas o en el de las líneas de distribución petrolíferas y del gas.
El futuro son los metales raros y China ya ha dado los primeros pasos para posicionarse: no se conforma con producir en 95% de la producción mundial sino que posee el 25% de Arafura y el 50% de Lynas. La nueva generación de productos electrónicos necesita de estos metales…incluidos los misiles para defensa aérea.
El gigante asiático diversifica geográficamente sus inversiones. No invierte igual en Oceanía (68% en materias primas) que en Hong Kong (35% en el sector financiero).
b) Proteccionismo y WTO: el Gobierno Bush impuso tarifas selectivas a productos chinos (700% al acero, 106% a productos manufacturados) y el actual presidente ha aumentado la práctica (impuesto del 210% en neumáticos). En 2009, Estados Unidos “persuadió” a la WTO para que sancionara a China por incumplir con las leyes sobre propiedad intelectual. Como respuesta, China incrementa sus aranceles.
c) Tipo de Cambio. Existen múltiples frentes abiertos en este mercado, pero entre ellos destacan tres: China pide el fin del dólar como moneda de reserva internacional, presiona con el fin de la compra de deuda EEUU y usa las reservas de su balanza comercial con Estados Unidos para comprar activos denominados en euros. (1) El Banco Central Chino “recicla” esos dólares a cambio de euros para sus compras en Europa. (Nota: el proceso de reconversión de dólares en yuanes por el Banco Central Chino para evitar problemas inflacionarios domésticos tendrá una explicación futura más detallada).
d) Financiero: para algunos, China pudo tener algo que ver en la presente crisis (2) y los frutos están a la vista. Del mismo modo, Estados Unidos “aconseja” a sus entidades la no participación en el Qualified Foreign Institutional Investor.
Cuatro frentes de batalla que se desarrollan en dos escenarios distintos.
Como en toda guerra, la batalla se libra en diferentes escenarios. A los efectos que interesan a nuestro país, principalmente en dos: la Unión Europea y el ASEAN.
a) Para China, el ASEAN es “su patio trasero”. Su idea es la de usarla para internacionalizar su moneda de modo gradual de modo que en 2015 su divisa sea convertible dentro de este área. Mientras, Estados Unidos trata de dificultar ese proceso con acuerdos bilaterales del tipo FTA y con la venta de armas, la ultima $6.400 millones a Taiwán.
b) Del mismo modo, Estados Unidos siempre ha supervisado la Unión Europea. El euro fue el resultado de un programa diseñado en varias etapas: primero, la recuperación alemana de 1945 y, posteriormente, la creación de una Unión en torno a su economía, el Buba y la nueva moneda germana. Con un objetivo claro: hacer frente al enemigo de aquel entonces, Rusia.
Esa recuperación alemana, Wirtschaftswunder, se basaba en ayuda entregada por Estados Unidos, estabilidad financiera fijada por el Bundesbank y control de precios a través del Deutsche Mark (DM). Para los norteamericanos, la primera prioridad era establecer el Buba y el sistema financiero hasta el punto de que crearon el DM antes incluso que la bandera alemana.
Alemania sustentó su desarrollo en la estabilidad del marco gracias al control interno de la inflación en vez de recurrir a ajustes del tipo de cambio. Con el tiempo, y para completar la construcción de la nueva Europa, Francia se encargaría del presupuesto (PAC). Para crecer, cada cierto tiempo nuevos países se tenían que adherir. Mano de obra barata y nuevos mercados para productos del norte.
El papel de España
¿Y qué tiene esto que ver con nuestra crisis? Pues mucho. China empieza a interferir en la Unión cada vez más hasta el punto que es el segundo mayor socio de la UE y la UE es el mayor socio comercial de China. Una cooperacion que no sólo opera en términos comerciales sino a través de su inversión en deuda soberana europea de los $2 trillones de sus reservas de modo selectivo. No compra cualquier deuda.
Y es aquí donde entra España en juego. China ya es el segundo mayor comprador de deuda publica soberana española (3). Su presencia no deja de crecer, sobre todo desde el 2008 (Nota: interesante la evolución de Alemania y Luxemburgo deshaciendo posiciones y Francia ganándolas. ¿Se acuerdan del cambio de Primary Dealers del Tesoro?).

¿Por qué iba China a comprar deuda soberana española? ¿Cómo podría China ayudar a España a salir de sus crisis? ¿Y a cambio de qué? Porque España tiene algo valioso que ofrecer a China en esta guerra, el derecho de “veto” sobre tres materias cruciales en la Unión: política exterior, defensa y fiscalidad (sobre todo de cara a las Perspectivas Financieras 2014-2021) lo que de facto le facilitaría la capacidad de influir en decisiones claves de la política comunitaria.
España podría “poner una vela a Dios y otra al diablo” a fin de recibir ayuda del mejor postor para salir de la crisis. Un euro con problemas afecta a las exportaciones de China y favorece al dólar. Hace parecer a la economía americana y a su deuda como “saludable” (Indonesia y su reciente decisión sobre la deuda estadounidense) en relación con el quimérico euro y la frágil Unión.
España por si sola no tiene capacidad para salir de la crisis (aun acometiendo las reformas que pedirá la Comisión) y necesitará ayuda exterior. Si de Alemania nada se puede esperar, solo hay dos fuentes capaces de proporcionarla, el FMI y el SAFE (el CIC).
Por ahora, no se está haciendo tan mal. No quedan más soluciones ni mucho más tiempo.

(1) En diciembre pasado, China vendió $34.000 millones de deuda EEUU lo que hizo que por primera vez desde el 2005 ya no sea el principal poseedor de su deuda. A titulo anecdótico, la FED contempla un caso que permite al Gobierno EEUU no tener que pagar las deudas con un país exterior…y que aún esta vigente.

(2) China podría haber creado la crisis en EEUU a través de David Li. Algunos creen que es “curioso” que el más brillante matemático chino saliera libremente de China para acabar en JP Morgan donde crearía el soporte que permitió la burbuja de derivados. Creen “curioso” que después de la explosión de la crisis retornara a China para trabajar para el Gobierno. Curiosidades de las finanzas.

(3) Incluyendo las compras de terceros y privados y sobre los no residentes.

Japanese Medical Tourism

Medical Tourism a Non-starter

It is very obvious that the Japanese hospital system is ina state of crisis. In the last couple of years there havebeen frequent reports of people dying in the back ofambulances because hospitals are rejecting them due toa shortage of emergency care doctors. The fact is thatthere is not only a shortage of people -- both doctors andnurses, but also a growing shortage of beds as well, dueto the poor financial condition of many hospitals.

A rare news report on the subject surfaced last year sayingthat of the nation's 7,785 non-psychiatric hospitals, atleast 600-700 of them were operating in the red and that ofthe 80-90 or so hospitals closing down each year (HealthMinistry statistics), about half of them were closingbecause of financial problems.

This deplorable situation is, in our opinion, of thegovernment's and medical profession's own making -- withplenty of help from the nation's aging society and thedomestic economic slump.
The first reason for our placing the blame is based on thefact that it is still illegal for a company to own andoperate a hospital, and instead only qualified doctors mayhead up a facility. This rule could only have been dreamedup to protect doctors' privileged positions in society sinceexperience abroad proves that companies are indeed verycapable of operating a care facility.

Yes, we realize that some companies such as home/officesecurity firm Secom have found ways around this ownershiplaw by appointing doctors to run a facility owned by them,but it's not a strong value proposition for investors whenyou could technically be in breach of the law at any time.As a result, hospitals are seldom run as sound commercialoperations -- and yet they still have to make profits inorder to pay salaries, equipment, and building costs.

Another issue is the "addiction" of general hospitalsnationally to prescription and services reimbursements bythe government as their main source of income. This is ofcourse what happens when you have a universal butcompulsory public health system that pretty much excludesprivate health care and is set up to allow doctors toover-prescribe (up to 50% more prescriptions compared tothe U.K., for example) as a way to make extra cash.

The Japanese public medical system currently allows forabout 5,400 procedures, each of which is strictly regulatedin terms of price and method in order to qualify forgovernment reimbursement. This system does indeed providea certain baseline of public health care, but not muchelse. You can forget about discretionary procedures as wellas new drugs and treatments from overseas that haven't yetgone through the very slow approvals process from theMinistry of Health. If you want options, you'd be best servedhopping on to a plane to Thailand or Malaysia and buyingworld-class services at highly discounted prices.

Then of course there is the fact that the system was neverintended to deal with the current flood of old people.Despite the fact that the Japanese are the healthiestamongst citizens of advanced nations around the world, thedemand for hospital beds and lifestyle disease treatmentscontinues to escalate.

As a result, the pressure is on.

The financial crisis for many hospitals has come about asthe government continues to seek ways to cut its annualspending. Targeted are all types of medical costs, butparticularly the massive amounts of fixed feereimbursements for services and drugs. The cost cutting gota boost with the Koizumi administration in 2002, when theco-payment costs for seniors was increased and an emphasiswas placed on moving from original-maker drugs to generics.The use of generics has since increased dramatically andthe government now has a goal of making 30% of all drugsprescribed to be generics by 2012, up from 18.7% in 2007.

So the scenario is ugly: an ossified system ofself-interested owners (well, the successful ones, anyway)and single-source profits that between them precludeentreprenuership and price/services differentiation. Nowthat the main source of income is getting squeezed off bythe government, what are financially struggling hospitalsto do?

It seems that one idea is to start selling services to anew category of user who is NOT bound by the rules of theJapanese health system and its pricing restrictions -- thatof the medical tourist. The Japan Tourism Agency has saidit will launch a trial program from this April to startattracting wealthy Chinese who might be interested inhaving medical procedures conducted in Tokyo. No doubt theyare trying to follow the lead of the very successfulmedical tourism sector in Thailand, where 1.36m peopletraveled for medical services that cost just 20% to 30%of similar operations/treatment in the USA and Europe.

The Agency is cooperating with about ten hospitals in Japan(mainly in Tokyo) and some university hospitals in Beijing,such as the Tsinghua University hospital. The focus will beon brain surgery, plastic surgery, and oncology. While thissounds like it could be a good idea, the JTA has admittedthat it has a number of challenges, including language,payment methods, and "other" issues.

We spoke with medical industry expert, John Wocher ofKameda Hospital in Chiba, about the feasibility of such aprogram. He pointed out many problems with bringing Chinesepatients into Japan, the least of which is the simplematter of getting cooperation from the immigrationauthorities. Specifically he mentioned the case of a Chinesepatient who was only provided a visa after THREE MONTHS ofsupplying detailed documentation of his medical need to theJapanese consulate in China. The patient was consistentlyrefused a visa despite Kameda's acceptance of the personfor treatment. Finally he was let in on a visa allowing himto visit a relative who coincidentally is living here.

Wocher then went on to say that Korea already has a medicalvisa and it is very easy to apply for. It looks like we have yetanother example of internationalization where the Koreansare leaving Japan behind in the dust.

Other problems with medical tourists are likely to be:

* Logistics -- Specialized transportation may be neededfrom the airport (expensive)
* Language -- Chinese-Japanese interpreter may be needed ona continuous basis (expensive and difficult)
* Legal -- Informed consents for operations, etc., areneeded in Chinese, specific to procedure
* Fees -- How much to charge? Chinese don't have a nationalinsurance system matched by employers
* Payment methods -- Bank transfers, UnionPay?
* Culture -- Wealthy patients are demanding -- are Japanesehospitals ready to treat their patients as customers andnot as children? We wonder...
* Amenities -- Most Japanese hospitals have utilitarianrooms -- which may be quite unsuitable for wealthy patients
* Medical Records -- Need ability to receive adequatemedical history and documentation on existing work done
* Post-operative follow-up -- Who will do this and how willthey communicate?
* Accompanying family -- Do they also get visas?
* Religious Facilities -- How many Japanese hospitals haverooms marked with the direction of Mecca?

Good luck JTA...! We think the answer to making Japanese hospitals more profitable is much simpler:

* Allow people to pay extra to get services on top of government reimbursed treatments, instead of the currentall-or-nothing approach.
* Let companies own and operate hospitals so as to providea parallel private medical care system (freedom of choice)
* Open up the medical sector to commercial competition fromforeign companies (now that's REALLY radical!)

From: Terrie's Take; www.japaninc.com

Estreno en El Prat

Enrique Badía/ Estrella Digital

Los cálculos varían en función de quien los esgrime, pero en todo caso han pasado bastantes años desde que Barcelona comenzó a reclamar la ampliación del aeropuerto de El Prat. Mañana entrará al fin en servicio la nueva T-1, que prácticamente permitirá duplicar su teórica capacidad. Cuestión distinta será que se materialice el resto de cosas que de siempre se han esgrimido como elemento de agravio, sobre todo desde que en Madrid-Barajas se añadió la un tanto grandilocuente T-4, con todo lo que ha dado de sí en términos de comparación.
Como casi todas las obras públicas, esta de El Prat ha discurrido salpicada de polémicas que es poco probable desaparezcan con el acto de inauguración. Han sido de diversos tipos, con desigual grado de eco y agitación, no siempre del todo correspondiente con la trascendencia en términos de uso y funcionalidad. Habría que destacar quizás la enésima omisión del concepto intermodal que suele caracterizar la ejecutoria de las administraciones y entes públicos; en este caso concreto, AENA, titular exclusivo de la red de aeropuertos públicos españoles.
Tampoco las estimaciones de plazos coinciden, pero la más ajustada señala que se ha tardado alrededor de nueve años en llevar a cabo las obras. Tiempo que, sin embargo, no ha sido suficiente para que el remodelado aeropuerto disponga de una red de accesos acorde con los alrededor de 60 millones de pasajeros anuales que aspira mover: una de las carreteras más congestionadas del área metropolitana de Barcelona es el único modo de llegar a la nueva terminal. Sobre el papel se ha hablado de extender hasta allí la red de metro, así como prolongar la línea de cercanías que llega hasta los alrededores del primitivo edificio terminal, pero no es creíble que nada de eso tarde menos de tres o cuatro años, si no más.
La reivindicación de fondo de una parte relevante de la sociedad catalana, con los líderes políticos, empresariales y mediáticos al frente, es que El Prat se potencie para convertirlo en lo que se denomina hub; esto es, cabecera y enlace de vuelos intercontinentales. Con ese propósito se ha reclamado largo tiempo dotarlo de mucha mayor capacidad. Cuestión distinta es que determinadas decisiones políticas discurran en esa misma dirección.
Una de las incógnitas a tener presente es cómo se van a compadecer las aspiraciones de propiciar una mayor potenciación de El Prat con la política aeroportuaria del Gobierno catalán. Hace pocos meses aprobó un plan de dotación aeroportuaria que pretende primar el tráfico en Girona-Costa Brava y Reus-Costa Dorada, distantes apenas 100 kilómetros del centro de Barcelona, respectivamente en direcciones norte y sur, así como añadir hasta media docena de nuevos recintos, comenzando por la restitución operativa de los de Sabadell y La Seu d'Urgell, y la puesta en servicio el próximo otoño del construido en los alrededores de Lleida.
No hace falta ser un experto para presumir que el resto de aeropuertos de Cataluña acabará detrayendo tráfico a El Prat, por lo que potenciarlos en paralelo habrá de desembocar en la sobredimensión de alguno. Puro sentido común. De momento, la inauguración no ha tenido demasiada suerte: tras años de crecimiento apreciable del tráfico de pasajeros y mercancías, resulta que la nueva fase entra en servicio tras doce meses de caídas superiores al 10 por ciento. Y si esto es producto de la coyuntura, lo otro parece responder al hábito de considerar cada infraestructura de forma aislada, sin una visión de conjunto que haga todo más eficiente y eficaz.
Cerrando el círculo, cabe prever que la nueva terminal será bonita, aunque no esté tan asegurado, vistos los precedentes, que usarla rebose comodidad.

Corporate governance rules divide Japan

By Michiyo Nakamoto in Tokyo
Published: May 28 2009 17:24 Last updated: May 28 2009 17:24

It used to be said that Japan’s business community, bureaucracy and politicians formed an iron triangle that was a key factor in the country’s post-war industrial success.
But a stand-off between the Keidanren, Japan’s powerful business lobby, and regulators over whether listed companies should be required to appoint outside directors has exposed cracks in the foundations of the Japanese economic edifice.
EDITOR’S CHOICE
Tokyo plans guidelines for independent directors - May-26
The Keidanren – headed by the indomitable Fujio Mitarai, chairman of Canon – is resisting an initiative by the Ministry of Economy, Trade and Industry to require listed companies to appoint outside directors as a means to improve corporate governance.
Japanese regulators, once criticised for their cosy relationships with companies, have joined investors in raising concerns about the impact of poor corporate governance on the future of the Japanese economy.
The issue of outside, independent directors has been the subject of much debate in recent years, particularly after it was raised by foreign fund managers unhappy with corporate governance standards in Japan.
Under Japanese company law, companies are free to choose between two systems of corporate governance: a system with committees, which requires the appointment of outside directors; and a statutory auditor system, which does not call for outside directors.
In practice, although just 56 of the 2,634 companies listed on the Tokyo Stock Exchange have opted for the committee system, only 1,057 companies have outside directors. Corporate governance advocates, such as the Asian Corporate Governance Association, as well as foreign business lobby groups, including the American Chamber of Commerce in Japan, believe companies should be required to have one-third of board members who are independent.
Regulators too, including Meti, the TSE and the Financial Services Agency have been working to improve corporate governance standards. “Investors are rapidly losing confidence and interest in [the] Tokyo market . . . market players, including . . . listed companies, are facing an urgent need to restore investor confidence and interest,” the TSE noted in a recent report.
The FSA has considered requiring mutual funds and insurance companies to disclose how they voted at shareholder meetings.
Meti plans to compile a report next month on reforms to Japan’s system of governance, in which it would like to include some form of requirement that companies appoint independent directors, as well as a clear definition of what is meant by independence.
But efforts by regulators to implement changes that would bring Japan’s corporate governance standards more in line with international practice have met fierce resistance from the business community. “There is no relationship between a company’s performance and whether or not they have outside directors,” says Yasuhisa Abe, director of the business infrastructure bureau of the Keidanren.
A draft report by Meti’s Corporate Governance Study Group published on Tuesday, suggests Keidanren’s opposition is leading to a compromise solution.
According to the draft, companies will be allowed to choose whether to appoint outside directors. But companies that do not appoint outside directors must disclose their own system of management oversight.
The changes will make Japanese rules similar to the “comply or explain” system in the UK, whereby it is recommended companies have a majority of independent directors and if they do not, are required to explain why.
For many investors concerned about corporate governance in Japan, the final outcome is likely to fall significantly short of what they had hoped for. As one observer notes, given the Keidanren’s power and the lack of public debate, any attempt to impose changes that the business community opposes will end up “whittled down and diluted”.

Japón registra déficit comercial por primera vez en 30 años

Publicado el 22-04-2009 , por Expansión.com
Japón registró en el ejercicio fiscal 2008 su primer déficit comercial en 28 años, si bien en marzo el ritmo de retroceso de las exportaciones, del 45,6%, fue algo menor que el récord mínimo marcado en febrero.
Desde abril de 2008 a marzo de 2009, el año fiscal que sirve como referencia en Japón, la balanza comercial de la segunda economía del mundo tuvo un déficit de 7.346 millones de dólares, a consecuencia de la caída récord de sus exportaciones anuales del 16,4%, informa EFE.
Ha sido el primer descenso en siete años de las exportaciones de Japón durante un año fiscal, hasta los 720.577 millones de dólares, y también de las importaciones, del 4,1%, hasta los 727.970 millones de dólares, según el Ministerio de Finanzas.
El déficit, que cambia la tradicional tendencia al superávit comercial de Japón, es resultado sobre todo del fuerte descenso de sus exportaciones a causa de la caída de la demanda internacional, que ha empujado a la segunda economía del mundo a su peor crisis desde el final de la II Guerra Mundial. Este es el peor resultado comercial para Japón desde 1980, después de la segunda crisis del petróleo.
Las exportaciones de Japón a su principal mercado, Estados Unidos, bajaron el 27,2% en el ejercicio fiscal 2008, mientras las ventas a la Unión Europea (UE) retrocedieron casi un 40 por ciento en el año fiscal que concluyó el 31 de marzo. Con América Latina, sin embargo, la balanza comercial de Japón supuso apenas una caída del 2,2%, debido a que con Brasil su superávit anual creció el 75%, lo que contrarrestó los descensos del 22,7% con México y del 36,3 con Chile.
El déficit comercial anual de Japón responde a los aumentos de precio del petróleo y otras materias primas en el primer semestre, que afectó a las importaciones, mientras en la segunda mitad del año el impacto de la crisis fue brutal sobre las exportaciones, algo especialmente evidente en Asia. Con China, su segundo socio tras Estados Unidos, Japón incrementó en un 13% su déficit comercial por primera vez en tres años, lo mismo que ocurrió con el resto de Asia, aunque ahí el retroceso fue más acusado, del 35 por ciento.
Indicios de recuperaciónNo obstante, los analistas veían hoy indicios para el optimismo en los resultados de marzo: segundo superávit consecutivo en la balanza comercial de Japón, uno de los países más afectados por la recesión en todo el mundo según los datos macroeconómicos. El superávit fue de 111 millones de dólares, un retroceso del 99% frente al registrado en ese mes de 2008, pero las exportaciones disminuyeron el 45,6%, por debajo del 49,4% de caída en febrero, su tercer récord mínimo consecutivo. Fue especialmente significativo el dato de las ventas de bienes japoneses a China, que descendió el 31,5% en marzo, menos que el casi 40% de caída en febrero y del 45% de retroceso de enero.