Showing posts with label Tokyo. Show all posts
Showing posts with label Tokyo. Show all posts

Sunday, May 23, 2021

Simone Biles returns to competition with historic vault

LOS ANGELES -- US gymnastics superstar Simone Biles returned to competition with a bang Saturday, completing an historic vault to launch her final run to the Tokyo Olympics.

The five-time Olympic gold medallist, who hadn't competed since winning five golds, including a fifth all-around title, at the 2019 World Championships, delivered on the vault she's been preparing -- a Yurchenko double pike -- at the US Classic in Indianapolis, Indiana.

The vault, featuring a roundoff onto the springboard and back handspring into a piked double backflip, had never before been done in women's competition.

Biles sailed through it with so much power that she over-rotated slightly and stepped back on the landing.

"I was just thinking, do it like training," she said of her mindset as she took off down the runway.

"Don't try to overdo anything, because I have a tendency as soon as I raise my hand to kind of overpower things. I did a little bit, but at least I still was on my feet and it's a new vault."

Posts of Biles completing the vault in practice had set social media sites buzzing. NBA superstar LeBron James had retweeted a video of Biles landing it.

"It's nice to see all the support," Biles said, adding that she was "feeling confident" heading into the US championships June 3-6.

They'll be followed by the US Olympic Trials June 24-27, where the top two finishers will book Tokyo berths, along with two other gymnasts named by USA Gymnastics selectors.

Biles wasn't perfect on Saturday. In addition to her step back on the vault landing she had a bobble on her floor routine and on the asymmetrical bars.

But she won the all-around competition with a score of 58.400, with Jordan Chiles second on 57.100 points and Kayla DiCello third on 56.100.

"I'm just happy to be back out here on the competition floor in an arena with all of the girls, especially after the long year and time off we've had," Biles said.

Agence France-Presse

Tuesday, May 18, 2021

Japan Q1 GDP shrinks 1.3 percent, hit by virus restrictions

TOKYO - Japan's economy contracted 1.3 percent in the three months to March after the government reimposed virus restrictions in major cities as infections surged, data showed Tuesday.

The quarter-on-quarter fall came after the world's third-largest economy grew for two quarters to December, but the expansion was stopped in its tracks by a winter increase in coronavirus cases.

The government imposed new virus states of emergency in January in response, urging people to stay at home and calling for restaurants to close earlier.

The measures slowed consumption, hitting growth despite the relative strength of the manufacturing sector.

The 1.3 percent contraction was largely in line with economist expectations.

"Personal consumption has been particularly hard hit by the Covid-19 emergency measures," Naoya Oshikubo, senior economist at SuMi TRUST, said in an analysis issued before the release of the official data.

"On a positive note, private capital investment is expected to continue to pick up as the manufacturing industry as a whole remains strong," Oshikubo said.

Economists warn that the slowdown is likely to continue, with the government forced to impose a third state of emergency in several parts of the country -- including economic engines Tokyo and Osaka -- earlier this month.

The emergency measures are tougher than in the past, and have been extended to the end of May and expanded to several other regions in recent days.

Further complicating the growth picture is Japan's comparatively slow vaccine rollout, said Marcel Thieliant, senior Japan economist at Capital Economics.

"With the medical situation still worsening and the vaccine rollout too slow, it will take until the end of the year for output to return to pre-virus levels," he said in a note.

Agence France-Presse

Monday, February 17, 2020

'United by Emotion': Tokyo 2020 unveils Olympics motto


TOKYO – Tokyo 2020 organizers on Monday rolled out the motto for this year's Olympics, "United by Emotion", which they said reflected the "universal values" and "unifying power of sport".

"Crowds of spectators who do not know each other prior to the Games will come together and learn that there is more that unites them than divides them," Tokyo 2020 said as it unveiled the motto.

The official Olympic motto is "Citius, Altius, Fortius" or "Faster, Higher, Stronger", but each host city chooses its own motto to accompany that edition of the Games.


London's motto in 2012 was "Inspire a Generation", whereas Athens in 2004 went for "Welcome Home" — a nod to the birthplace of the Games in Olympia.

Less well-received was Sochi, which plumped for "Hot. Cool. Yours", sparking derision in some quarters.

Tokyo said the motto would be beamed onto the Skytree tower in the Japanese capital to raise awareness as it will be seen for miles around.

The opening ceremony will be on July 24 and organizers have stressed there is no discussion about changing this date despite the coronavirus crisis hitting global transport.

Tokyo 2020 roll-outs have not always been smooth. In September 2015, the Games logo was ditched after accusations of plagiarism.

Designer Olivier Debie said the design was stolen from his logo for a Belgian theatre and threatened court action before officials withdrew the emblem, saying it "no longer has public support".

Agence France-Presse

Wednesday, March 6, 2013

Hope and despair as Japan marks tsunami anniversary


TOKYO -- In the dark months after a catastrophic tsunami smashed into Japan, killing almost 19,000 people and sparking a nuclear disaster, hopes for a rapid recovery and a national rebirth were frustrated by political paralysis.

Now, two years on and with an energized new administration in Tokyo, some are daring to believe that better times lie ahead for the stricken northeast, and the country as a whole.

Monday marks the second anniversary of the 9.0 magnitude earthquake that sent a huge wall of water into the coast of the Tohoku region, splintering whole communities and ruining swathes of prime farmland.

Waves battered the Fukushima Daiichi nuclear plant, 220 kilometers (136 miles) northeast of Tokyo, where reactors went into meltdown, sending out radioactive material that forced tens of thousands of people to flee.

More than a million homes were destroyed or damaged by the natural disaster.

Of the roughly 470,000 people who fled during the initial catastrophe and in the weeks after the nuclear crisis began, more than 315,000 people still live in temporary housing -- many of them dreary public units.

But hopes that massive infrastructure spending would put the region back on its feet, and reinvigorate a national economy that has suffered more than a decade of growth-sapping deflation, did not materialize.

Debris has largely been cleared from the streets of coastal settlements. But it remains piled up in parks and empty lots, grim monuments to the worst crisis to hit Japan since World War II.

Nearly 10,000 aftershocks have been recorded, including 736 jolts that measured above magnitude 5.0, some shaking the ground at Fukushima where there are still no permanent fixes for the damaged reactors.

Recovery work in places has stalled, victim sometimes of turf battles between local and national governments, or of indecision in communities unsure whether to rebuild on the same spot or move to higher ground.

Then in December Shinzo Abe swept into the prime minister's office, promising a succession of massive spending programs to speed up reconstruction and boost the national economy.

Abe's unapologetic and aggressive stimulus steps are divisive, with detractors criticizing his seeming love affair with debt-financed spending.

But they mark a stark reversal from the purposelessness many felt was the mark of his predecessors, who battled with hemorrhaging public support and ill-disciplined and fractious Tokyo politics.

"We will build a Tohoku in which young people are able to have hearts full of hope," said Abe in a recent policy speech.

Norio Kanno, mayor of Iitate village, 40 kilometers from Fukushima Daiichi nuclear plant, said he and other local leaders have great hopes of the new government.

"It's been said 'There won't be any recovery of Japan without the recovery of Fukushima,'" said Kanno, whose village became a radiation hotspot from which its 6,000 residents evacuated.

"We have great expectations of the new government, which appears to be tackling this issue seriously," he said.

To be sure, government reconstruction money has already brought an economic and construction boon of sorts to some parts of Tohoku, where consumers whose entire lives had been washed away had to buy everything from fridges to cars.

But many tsunami-hit communities have become fragmented ghosts of their former selves, split by the need for safety and the desire to return to ancestral lands.

Many young people are leaving the region, particularly nuclear-tainted Fukushima where the economy is faltering, to start new lives. Some leave their parents behind, hoping they can one day go back to what they knew.

Meanwhile, Japan is still debating how it should power its massive economy, with the public split on whether atomic power should ever be trusted again.

Only two of its 50 commercial nuclear reactors have been restarted, with strict safety standards and a political nervousness keeping the others offline.

But with no commercially viable alternatives available and a staunchly pro-nuclear prime minister at the helm, commentators say it is likely just a matter of time before some units are fired up again.

At Fukushima, where engineers say the crippled reactors are no longer leaking radiation, experts believe it will be as long as 40 years before the site is completely decommissioned.

A poll by national broadcaster NHK found that 60 percent of viewers outside the disaster zone said their memories of Japan's worst post-WWII catastrophe were beginning to fade.

But for Mayor Kanno the wounds of two years ago are still fresh.

"Everybody feels, 'We don't need money if we can just get things back as they used to be"," he said. "But that can never happen."

source: interaksyon.com

Monday, January 28, 2013

17 'relaxation' establishments raided; 76 high school girls in custody

TOKYO - Police in Tokyo on Sunday conducted simultaneous raids on 17 establishments in Tokyo for using high school girls to perform “relaxation services.” Police said 115 girls aged between 16 and 22 were taken out of the establishments. Of those, 76 were younger than 18 and were taken into custody, according to a TBS report on Monday.

The establishments, known as “JK rifure,” which is a contraction of the Japanese for “high school girl massage,” allow customers to receive massages from high school girls and to sleep next to them in private rooms. Police say such establishments, with names like “sweet jewel,” have been appearing at a rapid rate across the country, with around 80 having now opened in the center of Tokyo, most of them in Akihabara.

TBS said that police raids revealed that some establishments had been knowingly breaking the law by employing girls under the age of 18. Police say that dozens of young girls were taken into care in the raids.

According to police, many of the girls said they were introduced to the job by their friends who said they could earn up to 20,000 yen a day, TBS reported.

source: japantoday.com



Monday, December 3, 2012

At least 9 dead as Japanese road tunnel collapses


TOKYO -- At least nine people died after a major Japanese road tunnel collapsed at the weekend, trapping vehicles and sparking a blaze, media reports said Monday.

Police have confirmed that nine bodies were found in three vehicles inside the Sasago tunnel on the Chuo Expressway, which collapsed Sunday morning, Jiji Press and Kyodo News said.

Concrete ceiling panels crushed cars and triggered the fire inside the nearly five-kilometer (three-mile) tunnel, 80 kilometers (50 miles) west of Tokyo.

Emergency workers had collected five charred bodies -- three men and two women -- from a vehicle by early Monday, Jiji said.

They had also recovered the body of a truck driver, according to the Fire and Disaster Management Agency.

He has been identified as 50-year-old Tatsuya Nakagawa, who contacted his firm immediately after the incident to ask for help, national broadcaster NHK said.

Three other deaths have been confirmed, an elderly man and two elderly women, who were all in the same passenger vehicle, Kyodo News said.

Local police officials in Yamanashi prefecture could not be reached for immediate confirmation.

Footage from security cameras inside the tunnel showed large concrete panels that had apparently fallen from the ceiling with teams of men in protective gear scrambling over them.

Police had launched a negligence probe, Jiji said, while the operator of the highway said they found no abnormality during a regular inspection of the tunnel in September.

source: interaksyon.com

Friday, September 21, 2012

Long lines greet Apple’s iPhone 5 in Sydney, Tokyo


SYDNEY/TOKYO — Apple Inc’s iPhone 5 hit stores around the globe on Friday, giving the consumer giant a boost ahead of the crucial end-of-year holiday season as rival Samsung Electronics Co stepped up its legal challenge over key technologies.

The new phone – which was unveiled last week – went on sale first in Australia, where long lines formed for the opening of the California company’s Sydney store at 8 a.m. local time (2200 GMT, Thursday).





Apple has booked more than 2 million pre-orders for the device in the first 24 hours, double the first-day sales of the previous iPhone 4S.

But South Korea’s Samsung moved to crash the party on the eve of the phone’s debut, saying it planned to add the new device to existing patent lawsuits against its U.S. rival.

Samsung and Apple are locked in patent battle in 10 countries and the stakes are high as the two vie for top spot in the booming smartphone market.

Both companies are also raising marketing spending to promote their latest products ahead of the holiday sales quarter.

Long queues

An estimated 600 people queued around the block from the Apple store in central Sydney and customers were limited to buying a maximum of two phones. In a rainy Tokyo, the lines stretched back several blocks.

Guerrilla marketers grabbed the first dozen or so spots in the queue in Sydney, with companies paying staff members to line up for several days in the hope of being photographed and interviewed for being among the first in the world to get their hands on the new devices.

At the head of the queue was Todd Foot, who lined up with colleagues – all wearing clothing branded with their price comparison website logo – for three days. Staff from an online buyer and seller of used Apple products roamed the long lines offering free coffees.

But most of those waiting were aficionados already hooked on Apple’s earlier iPhones and best-selling iPad tablet computers.

“I feel like if I leave it at home, I go a bit crazy,” James Vohradsky, a 20-year-old student said of his current iPhone. “I have to drive back and get it. I can’t do my normal day without it,” said Vohradsky, who had queued for 17 hours with his younger sister.

Some analysts expect Apple to sell up to 10 million iPhone 5 models in the remaining days of September and JP Morgan estimates the phone release could provide a $3.2 billion boost to the U.S. economy in the fourth quarter.

In Japan, where the line outside the Tokyo Apple store stretched for several blocks, one of the two carriers selling the iPhone 5 said it was concerned the U.S. company does not have enough production capacity to meet demand.

Softbank president and founder, Masayoshi Son, said demand for the iPhone 5 was greater than the first iPhone. KDDI Corp, the other Japanese carrier offering the iPhone, said that it had already run out of the iPhone 5.

The new phone has a larger, 4-inch screen and is slimmer and far lighter than the previous model. The iPhone 5 supports faster 4G mobile networks and also comes with a number of software updates, including Apple’s new in-house maps feature.

Maps miss mark

The new maps feature, however has been criticized by some users for a number of geographical errors, missing information and a lack of features.

Kim Tudo, a student at the University of New South Wales who queued overnight, said he was disappointed the turn-by-turn navigation feature under the iOS 6 mobile operating system behind the new phone is not immediately available in Australia.

Vohradsky said the lack of mobile payment chip was also “a bit of a letdown”. Apple did not embed Near Field Communication (NFC) technology used to turn cellphones into mobile wallets into the iPhone 5.

Tudo and Vohradsky were less bothered by Apple’s decision to drop the wide dock connector used in the company’s gadgets for the best part of a decade in favor of a smaller one, a move that some critics have noted adds to costs for users who will now have to buy an adaptor for speakers or other accessories.

The iPhone is Apple’s highest-margin product and accounts for half of its annual revenue. Apple has said it will make initial deliveries of the iPhone 5 on Friday in the United States and most of the major European markets, such as France, Germany and Britain. The phone then goes on sale on September 28 in 22 other countries.

Apple plans to sell the new phone in 100 countries by the end of the year.

Influential reviewer Walt Mossberg labeled it the best smartphone on the market but criticized the mapping application.

The latest iPhone comes as competition in the smartphone market has reached a fever pitch with Apple up against phones that run on Google Inc’s Android software. Android has become the most-used mobile operating system in the world, while Samsung has taken the lead in smartphone sales.

Samsung released new ads mocking Apple fans queuing for the new iPhone, showing users favorably comparing the features of Samsung’s top-selling Galaxy S3 smartphone.

source: interaksyon.com

Tuesday, April 24, 2012

Stocks close 0.78% lower

TOKYO — Tokyo shares closed 0.78% lower on Tuesday following losses on Wall Street stoked by political and economic uncertainty in Europe and softer Chinese manufacturing figures.

The Nikkei 225 index at the Tokyo Stock Exchange fell 74.13 points to close at 9,468.04. The broader Topix index of all first-section issues slipped 0.69%, or 5.60 points, to 803.94.

U.S. and European markets fell as Chinese factory output contracted for the sixth straight month, and in the 17-nation eurozone private-sector activity shrank the most in five months.

The Dutch government collapsed Monday after a breakdown on budget talks, a day after French President Nicolas Sarkozy lost a first-round presidential vote to Socialist Francois Hollande, both weighing on markets.

But weakness in the Japanese market would likely be limited ahead of central bank policy meetings in Washington and Tokyo and next week’s public holiday in Japan, said Tatsunori Kawai, chief strategist at kabu.com Securities.

“While many investors are clearly sidelined ahead of both U.S. Fed and BOJ (Bank of Japan) policy announcements (this week), the upcoming Golden Week holiday next week is also going to hold participation levels down for the time being,” he said.

Investors were also looking to Japanese corporate earnings, but markets had largely priced in concerns of soft profits, said Mattia Ciancaleoni, director of equity sales at Citigroup Global Markets Japan.

“Even if companies’ earnings guidance come in weaker-than-expected, markets could remain firm considering many players have hedged their positions with downside protection,” she told Dow Jones Newswires.

source: japantoday.com

Sunday, April 15, 2012

Bank to install palm-reading ATMs


TOKYO — A regional bank in central Japan will become the country’s first financial institution to adopt automated teller machines that will identify users by their palms.

Ogaki Kyoritsu Bank in Gifu Prefecture said it would install about a dozen palm-scanning biometric ATMs in late September and planned more in the future.

Under the system, developed by Fujitsu Ltd, users will be able to prove who they are simply by scanning their hands and entering a PIN and date of birth, the bank said.

Demand for a system that does not require a cashcard or a passbook increased after the earthquake-tsunami disaster that ravaged northeast Japan last March in which many people lost personal possessions and were left without the means to get at their money.

The bank said it will be only the second in the world to introduce biometric-dependent ATMs, after Ziraat Bank, Turkey’s largest state bank.

source: japantoday.com


Hosting 2020 Olympics would aid healing process - Tokyo bid chief


MOSCOW — The International Olympic Committee could give a huge boost to the healing process in Japan after the trauma of last year’s tsunami—if they award Tokyo the 2020 Games, bid leader Tsunekazu Takeda said on Saturday.

Takeda was leading the presentation to the General Assembly of the Association of National Olympic Committees (ANOC), as Tokyo and their four rivals for the hosting of the Games vie to make the short-list which is decided in Quebec, Canada, next month.

The vote for the winning bidder itself will be held in Buenos Aires next year.

Tokyo—which previously hosted the Games in 1964 and lost out to Rio de Janeiro for the 2016 edition—is competing against dark horses Istanbul, Baku, Madrid and Doha.

Takeda, a former Olympic show jumper, said that he and his team were desperate to bring the Games back to Tokyo and help in the recovery of the country’s morale following the catastrophic tsunami.

Tokyo is seen as the early favorite, not only because technically it is seen as an outstanding bid, but also because it is the choice of the sentimental voter.

“The many comments we received during our discussions with Olympic Family members provided us with invaluable feedback about their expectations for future Games,” said Takeda, who is also president of the Japanese Olympic Committee (JOC).

“We believe that Tokyo 2020 offers a responsible and sustainable plan for compact, centralised Games with a showcase stadium to be built on the site of the historic 1964 Olympic Stadium.

“We are highly motivated to leverage the power of sport, with the firm commitment of the Tokyo and national governments, to help heal, unite and inspire Japan at a time of national rebuilding.”

Istanbul has been rebuffed five times previously but is seen as a genuine contender this time round, not only because the city is seen as a bridge between Asia and Europe but also thanks to its vibrant economy and huge young population.

Hasan Arat, the bid’s vice president, said that a Games in Istanbul would bring to a climax a period of unifying several different strands of society.

“Our commitment to you (the NOCs) goes beyond a robust Games plan,” said the 52-year-old former professional basketball player.

“We promise a spectacular Games, taking the Olympic Movement to new shores.

“This is a period of convergence for Istanbul; convergence of our economy with our vision for sport; convergence of our government support with our youthful population; convergence of our commitment to you with our ability to meet every promise.”

Doha’s bid team were led by Sheikh Tamim bin Hamad Al Thani, the heir to the throne.

He said he hoped they had laid to rest any debate over it being too hot for the athletes to compete—a criticism of the 2022 World Cup being awarded to Qatar, with the players due to perform in piping hot temperatures in July.

“Athletes are at the heart of this vision. They must have the right conditions to perform,” he said.

“That is why the QOC has been engaging with the International Federations on the timing of a possible Doha 2020 Games.

“This has resulted in our proposal to host the Olympic Games from the 2nd to the 18th of October and the Paralympic Games from the 4th to the 15th of November.

“We have chosen those dates to deal directly with the issue of temperature. To ensure excellent conditions for athletes, spectators, and media, similar to those of previous Olympic Host cities.

“We are grateful to the Federations for the support they have given to these proposals. You could say, we have finally taken the heat out of Doha’s so called ‘hot issue’.”

source: japantoday.com

Tuesday, April 3, 2012

2 dead, 163 injured, traffic paralyzed by typhoon-strength storm


TOKYO — A typhoon-strength storm brought travel chaos to Japan on Tuesday, as violent winds and rain killed at least two people and left tens of thousands of people stranded in 23 prefectures.

Gusts of up to 150 kilometers per hour have been recorded in western Japan, with coastal areas likely seeing even stronger winds, Japan’s weather agency said.

At least 163 people suffered injuries across the country, knocked over by sudden gusts or hit by flying debris, public broadcaster NHK said.

With the agency warning of possible tornadoes in the western part of Japan, airlines grounded over 550 flights and a number of train services were suspended.

An 81-year-old man died in central Toyama prefecture when the wind blew over a shed, trapping him underneath, police said.

In Kagawa Prefecture, Shikoku, a 69-year-old woman was crushed to death when a warehouse collapsed, police said.

Forecasters said an expanding low pressure system in the Sea of Japan (East Sea) was forcing a cold front over the country, where it was bringing heavy rains and strong winds.

“This is like the core of a typhoon, but it is staying for a long time, whereas a typhoon usually moves rather quickly,” a spokesman for the Japan Meteorological Agency said, adding that it was a “rare” situation.

The meteorological agency said on its website the strong winds would move northwards into Wednesday, producing waves up to 10 meters high.

“In particular, ferocious winds are expected at sea (in the north) on the Sea of Japan side. Please be extremely wary of violent winds and high waves.”
The agency also warned heavy rain could trigger landslides and flooding.

Japan Airlines canceled 288 domestic and seven Asia-bound flights, affecting more than 32,000 passengers.

All Nippon Airways grounded 336 domestic flights, affecting nearly 40,000 people.

East Japan Railways, which operates a vast train network in the eastern and northern regions, including Tokyo, cancelled some commuter lines and a number of long-distance services.

The nation’s main bullet train, linking Tokyo and Osaka, was experiencing delays after a brief suspension, but was running as of early evening.

A number of trucks were blown over by the winds, creating localised traffic jams in Toyama prefecture.

NHK also reported a recently-constructed 10,000-ton tanker, which was moored off Ehime Prefecture, had run aground.

A train, carrying some 170 passengers, was stranded on the Seto-Ohashi Line for seven hours due to heavy winds on a bridge linking the main islands of Honshu and Shikoku, the network said.

Many companies sent employees home early. Canon told about 14,000 workers mostly in Tokyo and neighbouring Kanagawa prefecture to leave before the storm worsened.

“Most of them use public transportation to commute. The rain isn’t so strong yet (in Tokyo) but the storm is likely to intensify and could disrupt train and other services,” said company spokesman Hirotomo Fujimori.

Fujitsu permitted 25,000 employees in Tokyo and neighbouring prefectures to go home early if they wish, according to a company spokesman.

source: japantoday.com

Friday, March 30, 2012

Noda says he will stake career on consumption tax bill


TOKYO — Prime Minister Yoshihiko Noda said Friday he is staking his political career on doubling the consumption tax to 10% as the cabinet approved a revised bill, overcoming an earlier scare after the head of a coalition partner said it may leave the government over the issue.

The agreement is a step closer to a deal the government says will help rein in Japan’s gigantic public debt, but it is still likely to face a rocky road with opposition to the unpopular tax hike both inside and outside the ruling Democratic Party of Japan (DPJ).

Noda is playing a balancing act between keeping his fragile coalition together and seeing through the bill’s passage.

Noda has warned that the future of the world’s third-largest economy rests on tackling its public debt while financing an increasingly expensive social welfare system.

“We must create a society in which people can be assured that tomorrow will be better than today,” he told a press briefing Friday. “I will stake my political career to achieve the goal.

“We must weigh the sustainability of social security. Everybody has fears about their post-retirement years. We must remove these fears and that is the most important point of this reform.

“Now it is time for the whole Diet to make a decision without any postponement, strictly for the benefit of people.”

The bill was Friday sent to the lower house, which will ultimately pass the legislation or shut it down—a process expected to take several months.

A group of DPJ lawmakers is threatening to vote against it, due mainly to worries that a tax increase would derail Japan’s uncertain economic recovery.

The DPJ’s former head and major political power broker Ichiro Ozawa, who leads the party’s anti-tax group, told local media that he “can’t support a simple tax hike.”

“If Mr Noda pushes for a publicly unpopular tax hike, his party support base will disappear,” Ozawa was quoted as saying.

The opposition, which controls Japan’s upper house, is also unhappy with the bill and could scupper its passage.

The law would see the consumption tax rise from 5% to 10% by 2015.

The expected rise in government revenue is earmarked to cover Japan’s snowballing social welfare costs, including public pensions and a universal health insurance system in a country that boasts one of the world’s highest life expectancy rates.

Only about 40% of what the government currently spends comes from taxes.

The rest is financed by borrowing, leaving Japan’s debt at more than double gross domestic product, dwarfing troubled Greece, with analysts warning that only higher tax revenue or spending cuts can bridge the gap.

source: japantoday.com


Thursday, March 22, 2012

Olympus foreign investors call for board rethink

TOKYO — Foreign shareholders in Japan’s scandal-hit Olympus have called for a rethink of new board appointments, saying creditor banks have exerted “undue influence” on the lineup.

In an open letter to the company, nine institutional investors, who collectively hold up to a 30% stake, said an “independent” chairman should be selected to head a board that would represent broad interests.

“To accept a bank-led rehabilitation would be a setback, in our view, to the interests of shareholders, as well as to the earnest efforts of the Japanese Financial Services Agency and the Tokyo Stock Exchange to improve corporate governance standards in Japan,” the institutions said.

“While shareholders and employees both have as their prime objective the growth and development of the company as an independent entity, creditors’ first concern is likely to be Olympus’s current balance sheet status,” it said.

The letter came as the company attempts to rebuild its reputation following a $1.7 billion cover-up scandal by present and former top executives.

The losses stem from bad investments made since the 1990s, which were brought starkly into focus by ousted CEO Michael Woodford.

Woodford went public with the matter to the international media after being sacked in October when he raised concerns over the losses, which were moved off the company’s balance sheet.

Olympus eventually admitted wrongdoing and several implicated executives were forced out.

However, despite support from foreign stakeholders, Woodford abandoned his campaign to get his job back, citing a lack of enthusiasm among Japanese institutional shareholders, who are traditionally unwilling to rock the corporate boat.

He has a Japanese-language book on the scandal due out in April.

Wednesday’s open letter came a month after the company nominated former Sumitomo Mitsui Banking Corp senior managing director Yasuyuki Kimoto as its next chairman of the board and former executive officer of the Bank of Tokyo-Mitsubishi UFJ Hideaki Fujizuka as a director.

The company also nominated serving Olympus executive Hiroyuki Sasa as the next president to replace incumbent Shuichi Takayama.

The medical equipment and camera maker has nominated a 11-member board for approval at an extraordinary shareholders meeting on April 20.

Olympus declined to comment on the letter, saying it was yet to receive it.

source: japantoday.com