Word: japanned
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...Japan was nearly 30 years ahead of us, as usual.Yasutaka Tsutsui’s quirky and entertaining “Salmonella Men on Planet Porno,” a collection of short stories written in 1979, is just now making its debut in the United States, but the stories capitalize on the same theme—the bizarre nature of systemized society—that the contemporary television series “The Office” exploits today. Tsutsui shrewdly reveals the hairline stresses, lusts, and insanities that no society can ever completely wall in.But while Tsutsui?...
...think selling raw fish in the sushi capital of the world would be a recession-proof business. But Japan's economy, the world's second largest, is weakening so quickly, not even seemingly strong enterprises are safe. In September, the number of Japanese companies filing for bankruptcy shot up 34.5% compared with September 2007. That's the biggest spike in business failures since March...
...Analysts say government officials are trying to keep a wave of business failures in the property sector from engulfing the larger domestic economy. Commercial and residential real estate markets in Japan are slumping, and with banks reluctant to lend, developers, contractors and other property companies are increasingly in peril. On Oct. 9, New City Residence Corp., a real estate investment trust, went bust, becoming the first REIT to fail since the trusts were allowed to sell stock to the public. "Property developers could face more bankruptcies if banks continue their severe attitude," says Masahiro Mochizuki, a REIT analyst at Credit...
...Andreas Schuster, head of research at CLSA, says smaller property developers are most at risk and might face severe losses in the coming months. A lack of financing means it's nearly impossible for them to find the cash to continue operations. Japan has not yet seen "the colossal collapse you could expect if you look at the oversupply that is built into the system," he adds. But Schuster says falling property prices will result in big losses for developers large and small...
...even if the real estate slide is halted, that may not be enough to keep the domestic economy afloat. The Bank of Japan and the Ministry of Finance recently released reports projecting weakening local economies throughout the country. Japanese household spending in September is down for the seventh straight month. The number of heads of households without a job rose 20,000 from last year, up for the sixth straight month...