Word: japanned
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Meanwhile, Japan's central bank has finally conceded that deflation is a critical problem and signaled that Japanese interest rates will remain at historically low levels for at least the balance of 2010 as the government prepares to devalue its currency...
...economic malaise of the E.U. and Japan has central bankers and bondholders worried. But it has currency speculators and arbitragers licking their lips at the prospect of riding the euro and yen on their downward slide, while at the same time making fat profits on high-yield investments and rising currencies in emerging markets...
...Tourism, where minister Seiji Maehara also learned the chief of the world's largest automobile maker is headed to the U.S. on an apology tour. Maehara has condemned Toyota for being insensitive and slow in responding to domestic consumer complaints - the first report of the brake problems in Japan goes back to July, and 84 had been filed as of Feb. 1 - and the minister didn't appear to be overly confident in Toyoda's ability to deliver a more convincing message abroad. "I understand Mr. Toyoda is visiting the United States, so I asked that he speaks with care...
...That gloom is enveloping Toyota City. The town of 420,000 in eastern Japan has been synonymous with Japanese manufacturing prowess for decades. The residents were so proud of Toyota that in 1959 they changed the city's then name, Koromo, to match its most important citizen. But the town's fortunes rise and fall with Toyota's. The firm's sprawling factory complexes lie only a short distance from the town center, and, as in any company town, the paychecks of Toyota employees are the main source of support for its restaurants and shops. According to city statistics...
...proprietor of the Happy End café in Toyota City's center sees Toyota's current crisis as yet another stop in the town's 30-year decline. Toyota City, he says, has never regained the bustle it enjoyed back in the 1980s, during the go-go years when Japan was the rising force of the global economy. Since the Toyota shock, Kamiya's sales are down 50%. "We're very worried that we can't continue," he says. And that all depends on Toyota...