<div dir="ltr"><div id=":6c" class="ArwC7c ckChnd">J@pan Inc Newsletter<br>
The 'JIN' J@pan Inc Newsletter<br>
A weekly opinion piece on social, economic and political trends<br>
in Japan.<br>
Issue No. 485 Wednesday October 8, 2008, Tokyo<br>
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<br>
The ripples of the fallout on Wall Street continued to spread Tuesday<br>
with Japanese shares plunging to their lowest point in half a decade.<br>
As the world continued to watch the widening financial crisis, the<br>
focus turned to Tokyo again as the Nikkei 225 index dropped 3.03<br>
percent to close at 10,155.90. This marked the lowest finish since<br>
December 2003. In the morning it was down more than 5 percent to<br>
9,916.21 but managed to recover by the end of the day. The Topix index<br>
also lost 2.15 percent to 977.61.<br>
<br>
Bank of Japan Governor Masaaki Shirakawa gave a typically pointless<br>
comment saying that the fall reflected the decline of stocks worldwide<br>
caused by the collapse of various financial institutions.<br>
"Share prices reflect a view on the economy. We will be carefully<br>
monitoring their impact on the economy as always," Shirakawa told a<br>
news conference. Thanks.<br>
The losses followed the Dow Jones industrial average in New York<br>
closing below 10,000 for the first time since 2000 on Monday. Markets<br>
across Europe were also hit hard.<br>
<br>
Japan's manufacturers have been taking a beating from all the turmoil.<br>
On Tuesday some of the big carmakers were badly battered. According to<br>
a report by AP, Mitsubishi was down 10.3 percent to 131 yen. Nissan<br>
fell 4.79 percent to 556 yen, and Toyota dropped 4.87 percent to 3,710<br>
yen.<br>
<br>
Of course it wasn't just Tuesday's drop in the share markets that<br>
damaged the nation's manufacturers. On Monday, Sharp cut its earnings<br>
forecast due to a slump in its domestic mobile phone business. The<br>
company cut its operating profit forecast for the year to March 2009<br>
by 33 percent to 130 billion yen. Worsening conditions over the last<br>
couple months were blamed.<br>
"The severe business environment should continue from the third<br>
quarter onward, especially for mobile phones and relevant electronic<br>
components," the company said in a Financial Times report. The<br>
situation within the financial markets is not the sole cause for<br>
Sharp's cutting of forecast earnings. Industry-wide mobile phone<br>
sales, down almost 30 percent on the previous year in July, were<br>
largely to blame.<br>
<br>
Also making news on Tuesday was the BOJ's announcement, after its<br>
two-day board meeting, that it would leave interest rates unchanged at<br>
0.5 percent (is that news if nothing happens?). It was the 20th<br>
consecutive month for this to happen. The central bank said in a<br>
statement;<br>
"With regard to risk factors, strains in global financial markets<br>
have intensified in the wake of failures and rescues of U.S. and<br>
European financial institutions and there are downside risks to the<br>
world economy."<br>
<br>
But it wasn't all bad, right? Not for Japan's banks, which continue to<br>
gobble up Wall Street. The US Fed announced that it would approve the<br>
purchase of a stake in Morgan Stanley by Japan's largest bank,<br>
Mitsubishi UFJ Financial Group. MUFG will acquire up to 24.9 percent<br>
of the voting shares of the U.S. investment giant. This of course<br>
follows Nomura's big Lehman acquistions.<br>
<br>
There are plenty of skeptics out there raising their eyebrows about<br>
the acquisitions being taken on by some of the big Japanese names. But<br>
at this point, those with capital are going to buy what they want and<br>
the fire sales on Wall Street will continue.<br>
<br>
Michael Condon<br>
Editor-in-chief<br>
<br>
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<br>
The 9th METROPOLIS HALLOWEEN GLITTERBALL is on again!<br>
<br>
In the seven years since its unholy birth, Metropolis'<br>
'Glitterball' has mutated into the monster it is today:<br>
Japan's largest and most rockin' Halloween party!<br>
<br>
The no-holds-barred celebration boasts a frighteningly fun<br>
atmosphere thanks to 2,000 revelers decked out in all manner of<br>
scary, sexy and crazy costumes.<br>
With its signature open bar, food buffet and free-for-all<br>
dance floor, the Metropolis Halloween Glitterball is a<br>
must attend event for any self-respecting beauty or beast<br>
in Tokyo. Get your Freak ON!<br>
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Wear a costume to win great prizes!<br>
<br>
WHAT: Metropolis Halloween Glitterball<br>
- All-you-can drink, eat, meet and dance!<br>
<br>
WHERE: Club Womb, Shibuya<br>
WHEN: Thursday, October 31st<br>
TIME: 19:00 - 24:00<br>
FEE: 2,500yen (Tickets available online, at Lawson ticket<br>
and at participating outlets)<br>
<br>
<a href="http://metropolis.co.jp/glitterball/glitterball2008.htm" target="_blank">http://metropolis.co.jp/glitterball/glitterball2008.htm</a><br>
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