* * * * * * * * * 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, February 12, 2012, Issue No. 649<br>
<br>+++ INDEX<br><br>- What's New -- Low-cost Carriers, Black Ships of Tourism?<br>- News -- 22 VC-backed companies IPO'd in 2011<br>- Candidate Roundup/Vacancies<br>- Upcoming Events<br>- Corrections/Feedback -- Don't forget "Cranks" for cycling<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 TOTAL TELEPHONY SOLUTION (TTS) ------------<br><br>PAYING TOO MUCH FOR MONTHLY CALLING CHARGES?<br>
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e-mail us at <a href="mailto:info@pbxl.jp">info@pbxl.jp</a> or call us at 03-4550-2557<br><br>------------ PBXL is BUSINESS COMMUNICATIONS --------------<br><br>+++ WHAT'S NEW<br><br>On March 1st this year, Peach Aviation, a Low-cost Carrier <br>
(LCC) that is a joint venture between All Nippon Airways <br>(ANA) and Hong Kong-based investment fund First Eastern <br>Investment Group, will start flying domestic legs at <br>greatly reduced rates over existing airlines. The company <br>
announced that it would offer one-way tickets between Osaka<br>and Sapporo for just JPY4,780 and between Osaka and Fukuoka<br>for JPY3,780. With prices like this, Peach could mark the <br>start of a massive price reduction in fares, and a <br>
subsequent surge in domestic air travel.<br><br>Actually, we find it interesting that the first two major <br>LCC announcements in Japan are both tie-ups with ANA. The <br>airline is already well ahead of its rival, Japan Airlines <br>
(JAL), in terms of revenue and profits, and one would have <br>thought that they would want to maintain the status quo. We<br>can only assume that the belated arrival of an Open Skies <br>agreement with the USA has meant that the inevitable, the <br>
penetration of foreign airlines into the domestic market, <br>was going to happen anyway and ANA has decided to become a<br>first mover as a result. This is smart, since studies <br>abroad show that first movers who have sufficient financial<br>
resources have become the dominant players in the LCC <br>market over the long term.<br><br>Also, we found ANA's choice of a partner for Peach <br>interesting. They picked the First Eastern Investment Group<br>(FEIG) of Hong Kong to kick off their first foray into <br>
LCCs, and yet FEIG seems to have very little background in <br>airline start-ups, to the extent that the partners hired an<br>outside consultancy, Mango Aviation, to design the LCC <br>structure, hire in key leadership, and form relationships <br>
with key vendors. We can only assume that ANA is thinking <br>to the future and China -- given FEIG's Victor Chu's famed <br>personal network amongst the leadership of China.<br><br>Probably the most hopeful note on the Peach investment is <br>
that Mango Aviation claims that "Determined to learn from <br>the mistakes of flag carriers that have unsuccessfully <br>established LCCs, the Osaka based JV is fully arms-length <br>from ANA." This means the airline will hopefully avoid the <br>
kiss of death that other LCC efforts have had when they <br>start to cannibalize the parent's earnings.<br><br>Over the next 12 months, it appears there will be a flood <br>of LCCs bursting on to Japan's domestic market. The Nikkei <br>
recently listed the following firms and routes, and we <br>imagine there will be quite a few more in the works:<br><br>Spring Airlines -- Ibaraki-Shanghai, Saga-Shanghai<br>JetStar Asia Airways -- Kansai Intnl-Taipei, -Singapore<br>
AirAsia X -- Haneda-Kuala Lumpur<br>JetStar Airways -- Narita-Cairns<br>Jeju Air -- Kansai International-Seoul<br>Cebu Pacific Air -- Kansai International-Manila<br>Eastar -- Chitose-Seoul<br><br>[Continued below...]<br><br>
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<br>---------- YOUR BOTTOM LINE IS OUR TOP PRIORITY------------<br><br>[...Article continues]<br><br>The arrival of the LCCs into the local market means some <br>interesting changes in local economies and in trade and <br>
tourism in general. Here are some of the knock-on <br>effects/benefits as we see them:<br><br>* Tourism<br>It goes without saying that Japanese tourism is going to <br>undergo some massive changes over the next 3-5 years. If <br>
each of the above listed LCCs is responsible for at least <br>3,000-10,000 new arrivals a month, that means an extra <br>500,000 tourists who may not have been thinking Japan <br>previously. We imagine that most of this traffic will come <br>
from Asia initially, and given that people will be able to <br>connect with budget domestic locations like Ibaraki and <br>Saga, repeat travelers will be looking at regional areas <br>that previously missed out on the tourist trade.<br>
<br>It also means that there will be a lot of people "popping <br>over" to Japan from China, Taiwan and various places in SE <br>Asia for a quick shop, soak in an onsen, or gourmet <br>experience. Taking LCCs, we can imagine that these people <br>
will be looking to offset their luxury expenses with <br>budget accommodation and easy language access -- leading to <br>new business opportunities for hotel operators willing to<br>service them. Backpacker and low-cost international <br>
traveler hotels are still a rarity in Japan, but we think <br>that within 24 months, most of the major brands will have <br>set up a beach head operation here.<br><br>The ability of LCCs to turn tourism upside down can be<br>
best demonstrated by Ireland's Ryanair experience. The <br>company last year successfully diverted 70m tourists from <br>major airports to secondary ones, and in so doing has given<br>those travelers somewhere new and cheaper to visit. The <br>
company is credited with making it possible for more than <br>100,000 British expats to live part-time in the Southwest <br>of France, essentially "commuting" from the UK, and in so <br>doing so they have changed the local real estate markets in<br>
those locations.<br><br>Similar changes are happening in the USA, where owners of <br>ski areas have joined together to offer carriers a <br>guaranteed number of seats, providing they will fly to <br>their destination. We can see this also happening with ski <br>
areas here in Japan, such as Niseko, although right now <br>most travelers are still happy to go via Tokyo or Osaka. <br>Still, the point is that when you think of the massive and <br>increasingly wealthy population in China, and how Shanghai <br>
is 20% closer to Fukuoka than London is to Marseille, then <br>the parallels of "weekend migrants" could be very similar <br>in the future. Obviously the Japanese authorities will need<br>to do their bit to help this process and they do appear <br>
willing to do so. For example, last year they introduced <br>3-year multiple re-entry visas for Chinese traveling to <br>Okinawa.<br><br>The potential of Japan as an off-shore holiday camp for <br>Asia is not lost on foreign, and particularly Asian <br>
investors. We have spoken to a number of groups over the <br>past months that are expressing increasing bullishness for <br>Japan, providing the Japanese government stays the course <br>of welcoming in more tourists -- which, given it set a <br>
recent target of 18m tourists by 2016, seems to be a <br>reasonable bet. Foreign money injected into a local <br>destination can dramatically change the economy of that <br>location. Niseko land used to sell for less than <br>
JPY30,000/tsubo, and is now priced at up to ten times that <br>amount -- money which largely has flowed into the pockets <br>of locals.<br><br>* Trade<br>Technology companies in particular will benefit from the <br>presence of LCCs. A 1999 US study found that high-tech <br>
employees flew 60% more than people in traditional <br>industries and those cities with hub airports enjoyed an <br>average 12,000 more high-tech jobs than comparable cities <br>without a hub. The presence of LCCs will accentuate this <br>
phenomenon. We think there could be a use for all those <br>under-utilized regional airports in the future after all, <br>especially since the move to smaller aircraft will mean <br>that runways won't necessarily need extending.<br>
<br>* Work styles (telecommuting)<br>Many Japanese already have made the choice to live outside <br>the big cities and commute in daily. Since the advent of <br>the shinkansen network to the north of Tokyo in the last 30<br>
years, daily commuters traveling in from Utsunomiya and the<br>mountains to the North and coastal areas to the South have <br>become commonplace. Companies willingly fork out up to <br>JPY50,000 a month for commuter passes and employees <br>
willingly add in an extra JPY30,000 since it's cheaper than<br>taking a similarly sized house in Tokyo and it's hard to <br>beat the lifestyle.<br><br>Now we're entering the era of telecommuters, the ability to<br>
live even further away is becoming a reality, particularly <br>for knowledge-intensive firms who measure employee output <br>in terms of lines of code and social media contacts rather <br>than hours spent putting in a personal appearance. With the<br>
advent of LCCs, it will be possible for telecommuters based<br>in Hokkaido or Miyazaki to be in the Tokyo office 2-3 days <br>of the week, and be working the rest of the time from home.<br>Indeed, this phenomenon is already well underway between <br>
Kitakyushu and Tokyo, where residents booking 30 days ahead<br>can get StarFlyer flights for JPY9,800. The LCCs will <br>probably push this fee down another 30%, meaning that if <br>you add in the cost of 2-3 nights at a "weekly mansion" in <br>
Tokyo, your overall commute cost will be a mere JPY20,000 a<br>week -- about the same as people spend now for a 50km <br>train-based commute.<br><br>* Transport pricing<br>Air freight now accounts for 40% of world trade, and is <br>
particularly suited for advanced economies that require <br>high value, smaller packages which are time sensitive. The <br>hollowing out of Japan's heavy manufacturing operations to <br>China means that Japan is now forced to move up the value<br>
curve as well, ensuring a strong demand for air freight. <br>Now that we have LCCs arriving on the scene, we can imagine<br>that these operators will try to make money whichever way <br>they can, and if there is a business in carrying goods in <br>
addition to people, then the overall net effect will be to <br>continue the price erosion in international airfreight. <br>This will encourage more on-demand shipments of goods that <br>are not yet available in Japan, and give consumers a <br>
plethora of choices.<br><br>* International employee flows<br>Off-shoring of manufacturing, back office work, and <br>technology services is already in full swing in Japan, and <br>the LCCs are simply going to make it even easier to do. In <br>
particular, it will be possible for companies to maintain <br>operations bases in China (Dalian and Shanghai) or in <br>Malaysia or Singapore, keep employees on low local <br>salaries, then fly them in for temporary assignments on <br>
tourist visas. So long as they are paid in their base <br>country, and they are present for short periods of time, <br>the Japanese authorities so far have no problem with them <br>being here. <br><br>* International residencies<br>
The long-term trend that we're most interested in seeing, <br>is where foreigners active in business in Asia start to see<br>Japan as a desirable place to live in again. The acceptance<br>of some international schools into the Japanese education <br>
system (enabling subsidies), the quality of air, food, <br>shopping, and general safety, will at some point start to <br>overcome the fear of not living in an English-speaking (or<br>Chinese-speaking) country -- as is proved by France's <br>
allure to British expats. Yes, taxes will still be an <br>issue, but for a senior multinational manager based in <br>Japan for 5 years, their international income is not taxed <br>by the Japanese, thus presenting a useful window to base <br>
someone and their family here. We could think of few better<br>places to live if low cost of living is not a major <br>objective. <br><br>...The information janitors/<br><br>***------------------------****-------------------------***<br>
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<br>Please visit <a href="http://delta.com">delta.com</a> for more details.<br>-----------------------------------------------------------<br><br>+++ NEWS<br><br>- 22 VC-backed companies IPO'd in 2011<br>- China visitors recover, Singapore still off 38%<br>
- Oil-fired power proves costly<br>- Internet life insurance firm to IPO<br>- Government debt rises to record amount<br><br><br><br>-> 22 VC-backed companies IPO'd in 2011<br><br>Tokyo VC research consultancy Japan Venture Research has <br>
put out a report stating that 22 VC-invested companies did<br>IPOs in 2011, up from just 9 IPOs in 2010, despite the <br>impact of the 3/11 disaster. The biggest sector represented<br>was biotech/health. The average IPO saw book building <br>
valuations of about 2.2x investment costs, representing a <br>modest but consistent return to later stage investors. <br>(Source: TT commentary from original press release, Feb 8, <br>2012)<br><br><a href="http://www.jvr.jp/news-press-releases/press-releases/20120208">http://www.jvr.jp/news-press-releases/press-releases/20120208</a><br>
<br>-> China visitors recover, Singapore still off 38%<br><br>The Japan National Tourism Organization (JNTO) has <br>published data showing that while the number of tourists <br>from China have recovered by 32% compared to the same <br>
time a year ago, travelers from Singapore are still down <br>by 38.5% from the peak of 180,000 last year. In fact <br>Singaporeans were one of the biggest stay-aways after the <br>3/11 disaster with April 2011 numbers down a massive 83% <br>
over the same month in 2010. ***Ed: That's what happens <br>when you have tourists rich enough to accept the<br>cancellation fees and a radiation scare to keep them <br>away.** (Source: TT commentary from <a href="http://japantimes.co.jp">japantimes.co.jp</a>, Feb <br>
11, 2012)<br><br><a href="http://www.japantimes.co.jp/text/nn20120211f2.html">http://www.japantimes.co.jp/text/nn20120211f2.html</a><br><br>-> Oil-fired power proves costly<br><br>In the absence of nuclear power, Japan's utilities are <br>
having to consume an additional 465,000 barrels of oil a <br>day to maintain electricity output levels. This means that <br>Japan's overall daily consumption has risen 0.9% to 4.5m <br>barrels. There are now just 3 nuclear power plants still <br>
operating, supplying 6.4% of the nation's electricity. <br>***Ed: Well, let's hope that the Iranian situation in the <br>Middle East can be contained, else Japan is going to be in <br>trouble this summer.** (Source: TT commentary from <br>
<a href="http://bloomberg.com">bloomberg.com</a>, Feb 10, 2012) <br><br><a href="http://bloom.bg/z4wLPu">http://bloom.bg/z4wLPu</a> <br><br>-> Internet life insurance firm to IPO<br><br>Japan's first all-web life insurance company, called <br>
Lifenet Insurance, has announced that it plans to list on <br>the Mother's Market on March 15th. The company is hoping to<br>raise JPY9.2bn from the IPO, and receive a valuation of <br>around JPY50bn. Lifenet started operations in 2008 and is <br>
the largest online provider of life insurance. The <br>company's revenues will double this year to around <br>JPY3.77bn, but it is still making a net loss (projected to <br>be around JPY1.15bn this year). (Source: TT commentary from<br>
<a href="http://e.nikkei.com">e.nikkei.com</a>, Feb 11, 2012)<br><br><a href="http://e.nikkei.com/e/ac/tnks/Nni20120210D1002N01.htm">http://e.nikkei.com/e/ac/tnks/Nni20120210D1002N01.htm</a><br><br>-> Government debt rises to record amount<br>
<br>The Finance Ministry has revealed that the central <br>government debt hit a record JPY958trn in December, up 0.4%<br>from September 2011. The per capita debt is now JPY7.59m <br>per person, up from JPY7.56m in April 2011. Broken down, <br>
the debt is around JPY782trn of government bonds, JPY52trn <br>in bank borrowings, and JPY123trn in short-term fundings. <br>Most of the increase in debt went to cover reconstruction <br>of the Tohoku area (even though this hasn't really started <br>
in earnest yet) and financing to back up TEPCO after the <br>Fukushima disaster. (Source: TT commentary from <br><a href="http://e.nikkei.com">e.nikkei.com</a>, Feb 10, 2012)<br><br><a href="http://e.nikkei.com/e/ac/tnks/Nni20120210D10JF080.htm">http://e.nikkei.com/e/ac/tnks/Nni20120210D10JF080.htm</a><br>
<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>----------- Changing Japan's Corporate Governance ---------<br><br>If there ever was a time to support for the improvement of <br>corporate governance in Japan, now is it. The Board<br>Director Training Institute of Japan (BDTI) needs only 80 <br>
more donations of 3,000 Yen each in order to qualify for <br>special “turbo-charged” tax treatment. If it can qualify, <br>BDTI will get greater visibility, and donors in the next <br>five years will receive approximately double the tax <br>
benefits they now receive. Please help!<br><br>Inquiries: <a href="mailto:info@bdti.or.jp">info@bdti.or.jp</a><br><a href="http://bdti.or.jp/english/home">http://bdti.or.jp/english/home</a><br><a href="http://bdti.or.jp/english/introduction">http://bdti.or.jp/english/introduction</a><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<br><br>BiOS is urgently looking for a Network Engineer with <br>experience in maintaining enterprise network systems on <br>
24/7-style shifts, at our client's office in Okinawa. The <br>candidate will be responsible for monitoring and operating <br>the client's network, and cooperating with the technical <br>engineering team, managers, and vendors. You will also be <br>
responsible for replacement of network equipment by <br>coordinating with IT equipment vendors.<br><br>Due to the technical nature and demanding work environment, <br>this position is suitable for someone with solid experience<br>
of at least two years of experience as a network engineer <br>with CCNA or higher-level technical skills. In addition, <br>since this role requires coordination with staff in English<br>and Japanese, fluent English and minimum <br>
conversational-level Japanese will be required.<br><br>Remuneration is JPY3.5m – JPY4.5m depending on your <br>experience and skill level.<br><br>** POSITIONS VACANT<br><br>- Bilingual Infra Engr, global telco, JPY4M – JPY4.5M<br>
- Tech Support Engr, global medical co, JPY4.5M – JPY5M<br>- Account Mgr (Business Development), BiOS, JPY4M – JPY5M<br>- Wintel Engineer, global IT co, JPY4M – JPY5M<br>- Administration Assistant (Osaka), BiOS, JPY3M – JPY3.5M<br>
<br>Interested individuals may e-mail resumes to:<br><a href="mailto:tomohiro.kimura@biosjp.com">tomohiro.kimura@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:kenji.sakota@biosjp.com">kenji.sakota@biosjp.com</a>.<br><br>Interested individuals may e-mail resumes to:<br>
<a href="mailto:tomohiro.kimura@biosjp.com">tomohiro.kimura@biosjp.com</a><br><br>-----------------------------------------------------------<br><br>--------- BIOS - Bilingual IT Systems and Support ---------<br><br>BiOS full-service IT solutions has a new service.<br>
<br>Now the largest independently owned bilingual IT support<br>company in Tokyo, BiOS offers some of the most competitive<br>services available to multinationals whether large or<br>small.<br><br>Data Center staff and managed services, Help Desk, desktop,<br>
and network support. Server virtualization, cloud computing<br>hosting and solutions, general software development. <br><br>For more information on these and other SI and IT services,<br>in English or Japanese:<br><br>Phone: (03) 4588-2220, 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><br>+++ UPCOMING EVENTS/ANNOUNCEMENTS<br>
<br>----------------- Start a Company in Japan ----------------<br><br>Entrepreneur's Handbook Seminar 18th of February, 2012<br><br>This seminar has been postponed. Further details to come <br>soon.<br>-----------------------------------------------------------<br>
<br>----------------- ICA Event - February 16 -----------------<br><br>Speaker: James Hollow<br>Title: Harness Social Media for your Business - for Free<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, February 16, 2012<br>Time: 6:30 Doors open, Drinks and Snacks<br>Cost: 2,000 yen (members), 3,000 yen (non-members)<br>Open to all, venue is Wall Street Associates<br><br><a href="http://bit.ly/yIn2sE">http://bit.ly/yIn2sE</a><br>
-----------------------------------------------------------<br><br>------------- Tokyo Teacher Training Academy --------------<br><br>Starting from February. For each program, workshops are <br>held once a month on Sundays in central Tokyo.<br>
Programs offered: TESOL Certificate, TESOL Certificate <br>(Young Learners)<br>Trainers include: David Paul, Rob Waring, Alastair <br>Graham-Marr, Robert S. Murphy<br><br>Information: <a href="http://ltprofessionals.com/en/tta.html">http://ltprofessionals.com/en/tta.html</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>=> Reader comment: <br><br>Great piece on bicycles in Tokyo. I was wondering is there<br>
anything in English that actually describes the key rules <br>for cyclists (I have looked but never found anything)<br><br>Also, you "forgot" to mention one of the more mature cycle <br>groups here, the "Tokyo Cranks". We cycle every Sunday <br>
morning at 7:30am around Tama river. We have quite a few <br>Austrialians... If you're interested:<br><br><a href="http://www.facebook.com/groups/tokyocranks/">http://www.facebook.com/groups/tokyocranks/</a><br><br>*** Our response<br>
<br>Although we've not found anything specifically translating<br>those laws relating to bicycles, some good commentary on <br>the subject can be found here:<br><br><a href="http://bit.ly/wPWLoR">http://bit.ly/wPWLoR</a> <br>
<a href="http://www.japancycling.org/v2/info/biking.shtml">http://www.japancycling.org/v2/info/biking.shtml</a><br><br>***********************************************************<br>END<br><br>SUBSCRIBERS: 8,214 members as of Feb 12, 2012<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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