Word: japanism
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...After a full week of campaigning, there were few policy differences between the two candidates on many important issues, including the handling of over 50 million lost pension records, rural economic stagnation and tax reforms. Abe's failure to address these problems cost his party control of Japan's upper house, and yet, like their fallen predecessor, both Fukuda and Aso preferred to highlight their foreign policy differences - Fukuda called for open talks with Japan's neighbors, while the hawkish Aso took a conservative stance on the Yasukuni war shrine, a sore point in Asian relations. Both favored postponing...
...campaign pegged the election as a battle between the old and the new LDP; the party decided that a return to the old faction-driven politics of compromise was what it needed. Whether the old ways can provide solutions to Japan's problems, though, remains to be seen; with Fukuda still unclear on how he intends to solve Japan's domestic economic issues, the LDP has until next spring's general elections to prove it can answer to the country's needs...
Call it a reaction to years of austerity, but China is the world's third largest consumer of luxury goods, accounting for 12% of global sales, according to a December 2004 Goldman Sachs report. If this trend continues, China could surpass the U.S. to become, along with Japan, the world's largest purchaser of luxury items by 2015. Chinese yuppies are driving the demand, buying everything from expensive watches to imported cars. And luxury purveyors are responding: Armani plans to open 24 stores in China...
...that many now know about brands. "Always give them the latest. What Hong Kong has, China has to have," she counsels. As for the future, Wong predicts that by 2012, consumer spending on luxury goods in China will surpass America's, and by 2015, it will be equal to Japan's. "Presently," Wong says, "it's about 1.5% of the population?or, you could say, the tip of the iceberg...
...what will the luxury consumer want in 2012? Analysts and experts may have a clear definition of luxury as it pertains to established markets like the U.S., Europe and Japan, but for many affluent consumers in emerging markets like China, India and Russia, the concept of luxury is still new. In this special supplement to TIME magazine, we introduce the Global Luxury Survey, the first in a series that will look at how consumers in different markets around the world define luxury...