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-----------------------------------------------------------</p><p>J@pan Inc Newsletter<br>
The '<span class="nfakPe">JIN</span>' J@pan Inc Newsletter<br>
A weekly opinion piece on social, economic and political trends<br>
in Japan.<br>
Issue No. 489 Wednesday November 05, 2008, Tokyo</p>When Japan's youth take a verbal battering for placing more value in<br>
their video game consoles than their textbooks they should pick up the<br>
financial newspapers and pull out a few select articles to back up the<br>
case for more Nintendo-time.<br>
<br>
In the midst of the continuing global financial crisis, Nintendo has<br>
reported that video game sales have so far remained strong. Its first<br>
half operating profits were 252 billion yen ($2.6 billion), up 34<br>
percent on the same period in 2007. It also raised its sales forecast<br>
for the Wii console by 1 million to 27.5 million units.<br>
<br>
This follows a report in the Financial Times that said that the<br>
average Nintendo employee earns $1.6 million for the company compared<br>
to the $1.24 million that the average Goldman Sachs employee makes for<br>
the investment bank (the average Goldman Sachs banker, though, makes<br>
660,000 million compared while your run-of-the-mill Nintendo employee<br>
makes just $90,900). It's not all good news for Nintendo - the strong<br>
yen did however cause the gaming giant to cut this year's net income<br>
forecast by 16 percent to 345 billion yen.<br>
<br>
While playing video games probably doesn't make you a good programmer,<br>
it can't hurt. And when the nation's banks slash their profit<br>
forecasts like they did in the last week, it probably makes most<br>
bankers wish they could lock themselves in their rooms with their games <br>consoles or maybe wish they had paid more attention to the video geeks <br>at school and become programmers in the first place.<br>
<br>
After the initial strength that the banks showed as they moved into<br>
Wall Street, following the collapse of Lehman Brothers, the financial<br>
institutions have faltered as the crisis continued to spread to Japan.<br>
<br>
Mitsubishi UFJ Group (MUFG), announced that its net profits would be<br>
66 percent lower than previously forecast at 220 billion yen ($2.2<br>
billion) on lower ordinary income of 2,900 billion yen. This was due<br>
to lower fee and trading income, impairment losses on stocks and<br>
higher credit costs.<br>
<br>
Mizuho has also announced that its net profits would be 250 billion<br>
yen, less than half its previous estimate. This was mainly due to a<br>
writedown in value of its securities holdings and higher credit costs.<br>
<br>
Nintendo's performance indicates that consumers are turning to at-home<br>
entertainment as the global economy worsens. Buying games for<br>
Nintendo's Wii console or its DS handheld console remains a cheaper<br>
option to going to the cinema or dining out (after multiple games,<br>
anyway).<br>
<br>
So, the moral of the story? Certain industries are going to do well out of <br>the current economic woe. Don't sell your Nintendo shares… or if you<br>
are depressed because you didn't buy any Nintendo shares when they<br>
were a lot cheaper (and all your investments have halved in value)?<br>
Buy a Nintendo and sit at home, attempting to distract yourself from<br>
your own misery.<br>
<br>Of course another remedy would be to buy the latest edition of J@pan Inc<br>
magazine. This week our November issue is available across the<br>
country. As part of our IT special, we take a look at some of Japan's<br>
hottest Web innovators. Writer Chris Salzberg, meanwhile, delves into<br>
the Akihabara massacre and the use of new media to report on the<br>
tragedy. We also feature IT company Fusion Systems as they take on<br>
Asia.<br>
<br>
Also examined, is the ongoing global financial crisis – writer Hugh<br>
Ashton takes a look inside Lehman Brothers as Nomura moves in.<br>
Columnist Jesper Koll tells us why the US banks cannot be compared to<br>
their Japanese counterparts during the early 90s. We also peer around<br>
the corner to see what lies ahead.<br>
<br>
These, plus all our regular columns and sections, should keep you away<br>
from the Nintendo Wii, at least for now.<br>
<font color="#888888"><br>
Michael Condon<br>
Editor-in-chief<br>
</font></div><br><p>-------------Japan Inc is worth every penny!---------------</p>
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REGISTER TO MIDEM / MIDEMNET BEFORE NOVEMBER 17 TO SAVE 420 €</p>
<p>Speaking at MIDEM / MidemNet 2009<br>
* David Eun, VP Content Partnerships, Google Inc<br>
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<p>* J.Y. Park, Founder and President, JYP Entertainment<br>
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<p>------------------ ICA Event - Nov 20 --------------------<br>
Topic: Focused on the Bottom Line, Using third party solutions<br>
in Japan for SMEs</p>
<p>Presenter: Tony Fujii - Partner, Fusion Systems<br>
Details: Complete event details at <a href="http://www.icajapan.jp/" title="http://www.icajapan.jp/">http://www.icajapan.jp/</a><br>
(RSVP Required)</p>
<p>Date: Thursday, Nov 20, 2008</p>
<p>Time: 6:30 Doors open, Buffet Dinner included, cash bar<br>
Cost: 4,000 yen (members), 6,000 yen (non-members)<br>
Open to all-venue is The Foreign Correspondents' Club of Japan</p>
<p><a href="http://www.fccj.or.jp/aboutus/map" title="http://www.fccj.or.jp/aboutus/map">http://www.fccj.or.jp/aboutus/map</a></p>
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</p>