* * * * * * * * * T E R R I E 'S T A K E * * * * * * *<br>A weekly roundup of news & information from Terrie Lloyd.<br>(<a href="http://www.terrie.com">http://www.terrie.com</a>)<br><br>General Edition Sunday, October 03 2010, Issue No. 584<br>
<br>+++ INDEX<br><br>- What's New<br>- Short Takes<br>- News<br>- Candidate Roundup/Vacancies<br>- Upcoming Events<br>- Corrections/Feedback<br>- News Credits<br><br>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br>
<a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a><br><br>BACK ISSUES<br><a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br>
<a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a><br><br><br>----------------- PBXL WILL BUY YOUR PBX ------------------<br><br>Is your PBX vendor requiring you to purchase a new PBX <br>
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<br>Offer expires 15 Dec 2010.<br><br>------------ PBXL is BUSINESS COMMUNICATIONS --------------<br><br><br>+++ WHAT'S NEW<br><br>One of the draw backs about being a foreign business <br>person in Japan is getting bombarded with direct sales <br>
phone calls from financial advisers. If you've been unlucky <br>enough to make it on their lists, you can wind up getting <br>multiple calls a day from salespeople trying to solicit <br>interest in investments in one fund or another. We always <br>
tell them that we have no spare cash -- which is true, but <br>this just seems to cause our contact details to be moved <br>down the line to the next newest sales person.<br><br>Actually, you have to feel sorry for these callers. It's a <br>
tough job, and while we try to let them down kindly, it can<br>be difficult to try to be nice to someone after they have <br>used "phone tricks" to get past the administration people, <br>or are asking the same irritating questions their predecessors<br>
have. Why don't those guys use their database and save <br>themselves a phone call by reading in the comments column <br>"Has no money"?<br><br>It's no surprise that these financial advisory firms are so<br>
persistent. Not just the foreigners, all of Japan is a rich<br>hunting ground. While the investment levels are off 25% <br>from 2007, none-the-less, the Nikkei says that Japanese <br>household investment in securities amounted to JPY111trn <br>
(US$1.3trn approx.) as of June 30th, or around 7.7% of <br>overall household financial assets. <br><br>But come to think of it, we haven't been getting anywhere <br>near as many calls these days as we used to. A friend and <br>
reader reckons that one major reason might be because <br>the Financial Services Agency (FSA) is bearing down on <br>the call callers, and driving them off shore.<br><br>[Continued below...]<br><br>--------------- Standardizing Your Website ----------------<br>
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-----------------------------------------------------------<br><br>[...Article continues]<br><br>If you go to the FSA's website, there is a link to a page <br>called Alerts, and the current alert is about financial <br>
adviser cold calling. The FSA says in no uncertain terms <br>that ''Cold Calling is a fraudulent practice... whereby an <br>entity disguises itself as a brokerage firm or an asset <br>management firm and approaches potential investors via non <br>
face-to-face channels, such as by phone, fax, and emails, <br>in order to solicit investment in securities or financial <br>products."<br><br>The FSA seems to be concerned with several different types <br>of cold callers: those companies operating in Japan and who<br>
are misusing a limited financial advisory license , and<br>those which are based off-shore and are no better than <br>Nigerian scammers cajoling money out of prospects then <br>disappearing with the cash. Or as a variation of this, they <br>
will fulfill a couple of orders for securities, then work <br>the "mark" (that's you) for a big deal and after the money <br>is paid, disappear.<br><br>Actually about a year ago, we received an email from an <br>
investor in South Africa who had apparently placed several <br>million yen into a fund sold by a company here in Tokyo. <br>The company listed a respectable address just down the <br>road from us, and had built up a relationship with the <br>
client before stinging him the final time. The writer asked<br>us if the company really existed, so for the hell of it we <br>went down to the Omote Sando address and checked it out. It<br>turned out to be an old apartment building opposite the <br>
Nezu Art Museum. So the building really did exist, but <br>going up to the 10th floor it was obviously not a suitable <br>location for a securities firm. It looks like our new South<br>African friend had been taken for a ride.<br>
<br>Delving into the topic of foreign advisory firms is an article<br><<a href="http://www.bnai.com/JapaneseSESCSanction/default.aspx">http://www.bnai.com/JapaneseSESCSanction/default.aspx</a>> <br>written by Chris Wells, who is a partner over at White & <br>
Case. It discusses the FSA's recent punitive action against <br>a Tokyo-based financial advisory firm called Meyer Asset <br>Management Limited and how the action "shocked" the <br>financial advisory market since this is one of the few <br>
aggressive actions taken by the FSA against players in this<br>sector.<br><br>Our understanding is that Meyer had been around for years <br>with no license and was never challenged for doing so, <br>until now that is. They were well known for working the <br>
expat market and no doubt called us up a number of times. <br>According to the report there is speculation that after <br>being nabbed Meyer may have squealed on the rest of the <br>industry and that is possibly how the FSA developed their <br>
black list. <br><br>Since their operations in Japan are being squeezed, an <br>industry observer told us that cold callers are now most <br>frequently operating out of HK, Dubai, and other far-flung <br>locations. Because they're not physically located in <br>
Japan, apparently it's getting harder for them to get <br>membership lists for business organizations, so hopefully <br>this will slow them down a bit.<br><br>The FSA's Alert on cold calling gives a pretty clear <br>
warning for consumers to not buy securities from an <br>unlicensed reseller. They then proceed to publish that long<br>list of names of companies that are suspected cold callers <br>and who are thereby breaching Japanese law. Perhaps more <br>
surprising, they also list phone numbers and websites for <br>companies that from all appearances look like and represent<br>themselves as being the real McCoy. If you don't know about<br>this list and you're dealing with a financial advisory <br>
firm, you'd better check it out. <br><br><a href="http://www.fsa.go.jp/en/refer/cold/index.html">http://www.fsa.go.jp/en/refer/cold/index.html</a><br><br>The funny thing is that one of the firms on the FSA's black<br>
list, Central Exchange Bureau <<a href="http://cexb.org">http://cexb.org</a>>, itself <br>claims to be a watch dog for the securities industry in <br>Japan, and lists companies that it says are illegal. It <br>makes for interesting reading... Again, some of this <br>
material is quite sophisticated, and if you didn't know <br>that the FSA had blacklisted them, is quite believable.<br><br>However, perhaps a giveaway is their company address, which <br>is Level 16, Yebisu Garden Place Tower, 4-8-3 Ebisu, <br>
Shibuya-ku, Tokyo 150-6018 Japan. Plugging this into Google<br>quickly shows that it is a ServCorp office. So CEB may well<br>be a legit company, we haven't checked, but the FSA doesn't<br>think so -- and being tenanted at a serviced office does <br>
not give an impression of credibility or permanence.<br><br>So it's the old story -- buyer beware, especially for <br>offshore investment funds from smaller advisory firms. But <br>at least now there is a list to check against.<br>
<br>*******<br><br>Lastly, we all know that real estate prices and rents are <br>coming down, but every now and again an outstanding deal <br>comes up. We heard about one such deal just yesterday. A<br>company called Noguchi Co. owns a modern office in Kuramae<br>
and wants to rent out one floor. The asking rent is just <br>JPY7,500/tsubo! That is not a typo. The office is 40 tsubo<br>in size -- good for 15-20 people, and is just 4 mins walk <br>from Kuramae Station. Never heard of Kuramae? Neither had<br>
we. It turns out to be very close to Akihabara and Asakusa.<br>If you're interested, you can contact H. Shimizu, at<br><a href="mailto:shimizu@noguchi-ss.com">shimizu@noguchi-ss.com</a>. He has photos he can send you.<br>
<br>...The information janitors/<br><br>***------------------------****-------------------------***<br><br><br>+++ SHORT TAKES<br><br>We recommend products and services that you might find <br>interesting or useful while living in Japan.<br>
<br>=> 1. How to Kill Colds<br>Last week we mentioned that the first line of defense <br>against colds is to build up your immunity. However, the <br>best intentions are not always effective. Therefore, if <br>you find yourself with a scratchy throat and providing <br>
you're in the first few hours of catching one, you may be<br>able to "kill" that cold with a surprising remedy -- Olive<br>Leaf. We swear by this remedy and frequently take it before<br>traveling on airplanes -- a really easy environment in <br>
which to catch a cold. The active ingredient is <br>Oleuropein, which is a very effective antimicrobial. <br><br><a href="http://www.iherb.com/Nature-s-Way-Olive-Leaf-Standardized-60-Capsules/2037?at=0">http://www.iherb.com/Nature-s-Way-Olive-Leaf-Standardized-60-Capsules/2037?at=0</a><br>
* <a href="http://iherb.com">iherb.com</a> referral code -- LOY499<br>* Pays us a small commission at no extra cost to you.<br><br>=> 2. Coming week's MMC prize<br>Next week's prize in the Metropolis Members Club is one <br>
night's accommodation at the Okinawa Marriott Resort & Spa,<br>courtesy of Marriott. This week's prize was a romantic <br>dinner for two at 148Hiroo, and was won by Luis Lazarte.<br><br><a href="http://blogs.metropolis.co.jp/club/">http://blogs.metropolis.co.jp/club/</a><br>
* 40 prizes scheduled in the next 40 weeks. <br>* No charge to enter.<br>* Simply receive the MMC newsletter to stay in the draw.<br><br>***------------------------****-------------------------***<br><br>--------- BIOS - Bilingual IT Systems and Support ---------<br>
<br>BiOS full-service IT solutions has a new service.<br><br>Working with our fully licensed temporary dispatch group,<br>we are now able to provide Japan in-country workers<br>for companies not yet registered in Japan.<br>
<br>This innovative service is available for companies needing<br>to hire staff for Japanese customers, but who are unable<br>to commit to the expense and infrastructure of maintaining<br>an office in Japan. We take care of all aspects of the<br>
employment, contracting, and dispatch -- including <br>management of the employee.<br><br>For more information on this and other SI and IT services,<br>in English or Japanese:<br><br>Phone: 03-5773-3090, Email: <a href="mailto:solutions@biosjp.com">solutions@biosjp.com</a><br>
Web: <a href="http://www.biosjp.com">www.biosjp.com</a><br>-----------------------------------------------------------<br><br><br>+++ NEWS<br><br>- Foreign property purchases to be controlled?<br>- Tiffany building repossessed by banks<br>
- Chuo Senko Advertising goes bankrupt<br>- Household spending up 1.7%<br>- Rare Earths from Mongolia<br><br><br><br>-> Foreign property purchases to be controlled?<br><br>Speaking on a TV debate, the Foreign Minister, Seiji <br>
Maehara, said that Japan may start to regulate foreign land<br>purchases in Japan. The comment came in a discussion <br>about the increasing purchase of land by Chinese and South<br>Koreans. Maehara was quick to qualify his statement by <br>
saying that since Japan has very low FDI, it should be <br>careful about how to implement such measures. ***Ed: This, <br>in our opinion, is the start of a government push towards <br>restricting foreigners' investments in Japan. The Japanese <br>
are not used to having their economy overtaken by their <br>neighbors and are not ready to see lots of foreign <br>investors takeover. We subscribe the theory that foreigners<br>can come and buy, but they can't take it home with them, so<br>
what's the problem? Regulate the land use by all means, but<br>any kind of active investment by foreigners has to be good <br>for land prices overall and of minimal threat to the locals<br>(other than it makes land more expensive -- but no one <br>
seems to mind that).** (Source: TT commentary from <br><a href="http://nikkei.com">nikkei.com</a>, Oct 3, 2010)<br><br><a href="http://e.nikkei.com/e/ac/tnks/Nni20101003D03JF895.htm">http://e.nikkei.com/e/ac/tnks/Nni20101003D03JF895.htm</a><br>
<br>-> Tiffany building repossessed by banks<br><br>Goldman Sachs has ceded its ownership of the Tiffany <br>Building in Ginza, in a tacit admission that the property <br>is not likely to recover in value from the 50% drop it has <br>
suffered in the last 3 years. Goldman will lose its entire <br>JPY7.6bn investment in the building, walking away from the <br>JPY38bn purchase it made in 2007. The banks now possess the<br>building and are in the process of selling it. (Source: TT <br>
commentary from <a href="http://ft.com">ft.com</a>, Sep 29, 2010)<br><br><a href="http://www.ft.com/cms/s/0/18177888-cbe6-11df-bd28-00144feab49a.html">http://www.ft.com/cms/s/0/18177888-cbe6-11df-bd28-00144feab49a.html</a><br>
<br>-> Chuo Senko Advertising goes bankrupt<br><br>In what we think will be the start of a trend over the next<br>18 months, mid-sized advertising company Chuo Senko has <br>filed for bankruptcy with debts of JPY7.6bn. The company's <br>
major customer was Takefuji, which itself went bankrupt <br>last week. The company says that its situation has come <br>about from the dramatic decrease in corporate advertising <br>in Japan. ***Ed: Many other ad companies are in the same <br>
boat, and as consumer spending on luxury goods continues to<br>stay low, other companies will follow Chuo Senko.** <br>(Source: TT commentary from <a href="http://nikkei.co.jp">nikkei.co.jp</a>, Oct 1, 2010)<br><br><a href="http://e.nikkei.com/e/fr/tnks/Nni20101001D01SS759.htm">http://e.nikkei.com/e/fr/tnks/Nni20101001D01SS759.htm</a><br>
<br>-> Household spending up 1.7%<br><br>Although we all think the economy is terrible, according to<br>the Ministry of Internal Affairs and Communications, <br>average household spending rose 1.7% in August, over the <br>
same period last year. The average household now spends <br>JPY293,361/month, while wage earner households spend <br>JPY323,758/month. ***Ed: Strange, you might think, why is <br>household spending going up when there is so much doom and <br>
gloom? The Ministry says the spending gains were in <br>housing, communications, and education -- i.e., the low <br>mortgage rates are causing people to buy their own homes, <br>and the iPhone/iPad are driving an increase in <br>
communications spending... Education, we're not sure what's<br>driving that.** (Source: TT commentary from <a href="http://rttnews.com">rttnews.com</a>, <br>Sep 30, 2010) <br><br><a href="http://tinyurl.com/2fmaejf">http://tinyurl.com/2fmaejf</a><br>
<br>-> Rare Earths from Mongolia<br><br>China may have a defacto ban against exporting rare earth <br>minerals to Japan, but that doesn't seem to be slowing <br>down the Japanese too much. Instead, they have turned to <br>
an ally, Mongolia, to start test drilling rare earth <br>reserves estimated to be in the millions of tons. Japan has<br>said it hopes to cut its dependence on Chinese rare earths <br>from 90% down to 70%. ***Ed: we did a little research, and <br>
while Japan imported 28,417 tons in 2008 from China, <br>apparently Mongolia has the following massive reserves of <br>minerals: to a depth of 200 m -- 600,000 tons of niobium <br>oxides, 35,000 tons of tantalum oxides, 4m tons of <br>
zirconium oxides, 1m tons of rare earth oxides, and <br>100,000+ tons of yttrium oxides. Sounds like Mongolia has <br>a winner on its hands.** (Source: TT commentary from <br><a href="http://businessweek.com">businessweek.com</a>, Oct 3, 2010)<br>
<br><a href="http://tinyurl.com/2g9e83d">http://tinyurl.com/2g9e83d</a><br><br><br>NOTE: Broken links<br>Many online news sources remove their articles after just a<br>few days of posting them, thus breaking our links -- we<br>
apologize for the inconvenience.<br><br>***------------------------****-------------------------***<br><br>+++ CANDIDATE ROUND UP/VACANCIES<br><br>=> BiOS, a Division of the LINC Media group, is actively <br>marketing the following positions for customers setting up <br>
or expanding in Japan, as well as other employers of <br>bilinguals.<br><br>** HIGHLIGHTED POSITION(S)<br><br>BiOS is currently interviewing for a number of helpdesk and<br>deskside support roles across a various industries and <br>
clients, both onsite and internally. With the variety of <br>roles that we currently have in this area, from 1st level <br>helpdesk to onsite IT coordinator level, these <br>opportunities represent a great chance for IT support <br>
professionals from junior level up to experienced deskside <br>support engineer, for the ideal “next step” in your IT <br>career.<br><br>The ideal applicant will have at least a year of helpdesk <br>or deskside support experience under their belt, and will <br>
also be certified to MCP level, though depending on the <br>role there is also scope for this to be done during your <br>time with BiOS, for the more junior roles, and to assist <br>you with broadening your skill base. For all roles, as you <br>
will be user and customer facing at all times, polished <br>personal skills are an absolute must, as well as <br>serviceable Japanese language ability. In addition to that,<br>for the higher end roles proven technical skill and <br>
experience, across a wide base of office based IT <br>technologies will be essential<br><br>Remuneration is between JPY3m and JPY6m, depending on <br>your experience and level.<br><br>** POSITIONS VACANT<br><br>- APAC HR Director, Singapore, JP17m – JPY21m<br>
- Data Center Engineer, JPY3.5m – JPY5.5m<br>- Web Apps Support, LCD Manuf JPY3.5m – JPY4m<br>- IT Support Engineer, Euro Pharma client, JPY4m – JPY5m<br>- Security Analyst, Global Security Vendor, JPY5m – JPY6m<br><br>Interested individuals may e-mail resumes to:<br>
<a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a><br><br>** BiOS Job Mail<br><br>Every 2 weeks BiOS sends out a regular communication to its<br>job seeking candidates, called BiOS Job Mail. Every edition<br>
carries a list of BiOS's current and most up-to-date<br>vacancies, with each entry featuring a short job<br>description and a direct link to the main entry on the BiOS<br>home page. Regardless of whether you are unemployed and<br>
searching, thinking about a career change, or just curious<br>to know if there is something out there that might suit you<br>better, the BiOS Job Mail newsletter is an easy and<br>convenient way for you to stay informed. If you would like<br>
to register for the BiOS Job Mail, or to find out more,<br>please email <a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a>.<br><br>Interested individuals may e-mail resumes to:<br><a href="mailto:stuart.gibson@biosjp.com">stuart.gibson@biosjp.com</a><br>
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Capitol Hill. Includes kitchen, conference room, gym, and <br>more. Competitive rates.<br><br>Contact <a href="mailto:amakusashiro1@msn.com">amakusashiro1@msn.com</a>, for more information. <br>-----------------------------------------------------------<br>
<br>***------------------------****-------------------------***<br><br><br>+++ UPCOMING EVENTS/ANNOUNCEMENTS<br><br>----------------- ICA Event - October 21 ------------------<br><br>Speaker: Dominic Ashton, Sales Manager, AINEO Networks<br>
Title: 'Heads in the Cloud'<br><br>Details: Complete event details at <a href="http://www.icajapan.jp/">http://www.icajapan.jp/</a><br>(RSVP Required)<br><br>Date: Thursday, October 21, 2010<br>Time: 6:30 Doors open, Buffet Dinner included and cash bar<br>
Cost: 4,000 yen (members), 6,000 yen (non-members)<br>Open to all - Venue is The Foreign Correspondents' Club of <br>Japan.<br><br><a href="http://www.fccj.or.jp/aboutus/map">http://www.fccj.or.jp/aboutus/map</a><br>-----------------------------------------------------------<br>
<br>***------------------------****-------------------------***<br><br>+++ CORRECTIONS/FEEDBACK<br><br>In this section we run comments and corrections submitted<br>by readers. We encourage you to spot our mistakes and<br>
amplify our points, by email, to <a href="mailto:editors@terrie.com">editors@terrie.com</a>.<br><br>*** No comments or feedback this week.<br><br>--------- Essential Business References in English --------<br><br>- Japan Master Tax Guide 2010/11: Published July, 2010<br>
(JPY18,375)<br>- Transfer Pricing in Japan: Published August, 2010<br>(JPY23,100)<br>- Japan GAAP Guide: Published October, 2010 (JPY19,950)<br><br>*Above prices are included tax<br><br>As a limited time offer, orders placed by the 29th of October<br>
will receive the following discounts: 1 title: 5% discount,<br>more than 2 titles: 10% discount.<br><br>For more details: <a href="mailto:support@cch.co.jp">support@cch.co.jp</a>, or 03-6234-3980.<br>Order at: <a href="https://www.cch-japan.jp/order/index.php">https://www.cch-japan.jp/order/index.php</a><br>
<br><a href="http://www.cch-japan.jp">www.cch-japan.jp</a><br>-----------------------------------------------------------<br><br>***********************************************************<br>END<br><br>SUBSCRIBERS: 8,888 members as of October 03, 2010<br>
(We purge our list regularly.)<br><br>+++ ABOUT US<br><br>STAFF<br>Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)<br><br>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a><br>
with the word 'help' in the subject or body (don't include<br>the quotes), and you will get back a message with<br>instructions.<br><br>FEEDBACK<br>Send letters (Feedback, Inquiries & Information) to the<br>
editor to <a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>.<br><br>ADVERTISING INFORMATION<br>For more information on advertising in this newsletter,<br>Contact <a href="mailto:ads@japaninc.com">ads@japaninc.com</a>.<br>
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<br>J@pan Inc is Japan's only independently published English-<br>language business website. Authoritatively chronicling <br>online the business trends in Japan, each posting brings <br>you in-depth analysis of business, people and technology in<br>
the world's second largest economy. <br><br>Visit <a href="http://www.japaninc.com">www.japaninc.com</a> for the best business insight on<br>Japan available.<br>-----------------------------------------------------------<br>
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