Posts Tagged ‘business’

Japanese Salary Data

A TV special about yearly earnings for certain occupations in Japan aired on Sunday night, and a Japanese blogger recorded some of the figures mentioned. Here is a partial translation of the list (currency converted at 100 yen to the US dollar):

I was only able to catch a few minutes of the program, but from what I saw it was obvious that the figures were not averages for each occupation, nor could many of them be considered representative of typical earnings. The TV show just sent a crew to interview one person from each occupation, using that single person’s earnings as an example of how much his/her occupation earns in a year. Some, such as the ramen store owner who actually owns 3 popular stores in downtown Tokyo, probably gave viewers a very skewed image of how much one can expect to earn in such a profession.

Those looking for more accurate salary information might want to check out Claytonian’s latest blog post, which he translates some average salaries he came across in a new book.

Getting Rich In Japan By Buying Court Auctioned Properties

This is a follow-up to an article I wrote more than three years ago on buying distressed properties. I have had so many people who have responded and asked various questions on this subject I wanted to update and address some of these questions here on JP. There have been some changes in the law and court procedures since I wrote this and I feel a strong need to address them, along with the experiences of myself and numerous others who have been kind enough to contact me describing their ordeals and accomplishments.

[Before reading this post, check out the original article.]

THERE HAVE BEEN SOME CHANGES IN THE LAWS regarding disposal and transference of distressed properties that are auctioned by the court. These changes have resulted in making court auctioned properties more attractive to potential bidders in several ways.

THE PROCESS HAS BEEN SIMPLIFIED AND SPED UP so that from application to closure, what used to take months for administration, has been shortened and made more efficient. I understand now that what previously used to require a substantial period of time, from start to finish, now requires only a matter of weeks in some cases. This obviously benefits the buyer eager to get hold of their property.

IT IS EASIER TO EVICT THE DEBTOR/OCCUPANT after the property has been auctioned. One of the biggest worries to many potential bidders has been getting rid of former owner/occupants who will claim possession of their property ’till they drag out my dead bones.’ Formerly occupants rights in Japan favored the tenant who absolutely refused to vacate. Now the process of eviction is simpler and covers the new owners rights in getting access to his property in a timely manner.

PHOTOGRAPHIC EVIDENCE OF THE INTERIOR WILL BE PROVIDED to the potential bidder. This is truly a godsend to the potential buyer of a property who up till now has wondered and had no idea of what the interior of the property consisted of. Whether it was left neatly or totally trashed was always a mystery and never known by the winning bidder until after purchase was finished and they finally had access to the inside. Also this evidence will be taken twice by the court once at the beginning and again shortly before closure to ensure that the interior has not been destroyed or gutted by the former occupants.

ANYONE CAN BID a little known fact has been that ANYONE can bid on a property at court auction in Japan, you don’t even need to be a resident of the country. This is great for the potential investor or anyone not currently residing in Japan who wishes to bid on a property. Several enterprises have sprung up in recent years to assist non-native speakers through the process, for a fee of course.

OWNING SOMETHING MAKES IT A LOT EASIER TO GET FINANCING as many have found when trying to obtain mortgages from Japan banks. Any sort of property ownership already demonstrates long term stability and gives the bank something to attach a mortgage to when granting a loan. Some people have used property they purchased at auction to finance their own or other real projects. It also has come in very beneficial for some while seeking Permanent Residency.

Since writing that article, I have had the chance to hear from many happy folks who were able to not only obtain real property for themselves and their families at reasonable prices, but many have taken advantage of the opportunity to greatly increase their net worth. Whether for resale/rental income/retirement, and other opportunities, becoming a real estate millionaire is a dream that has been achievable even over a relatively short period of time (3 years) for some I am glad to be able to say.

Government Tells Ikea To Modify Manuals

Ikea Japan will modify its furniture assembly manuals after a man injured himself putting together a chest of drawers:

The industry ministry has instructed Ikea Japan K.K., the Japanese unit of the Swedish retail furniture giant, to improve its product manuals after receiving a report that a customer was severely injured while assembling a chest of drawers.

The Economy, Trade and Industry Ministry has been informed that a man in his 60s from Yotsukaido, Chiba Prefecture, was hit in the eye by a fragment from a screw that cracked while he was assembling a Mandal chest of drawers he bought from Ikea last July. He has been having eye problems ever since.

In response to the instruction, Ikea Japan compiled special assembly manuals written in Japanese in addition to its conventional manuals, which contain simple illustrations and brief instructions.

“The explanations were not sufficient and we doubt that the accident resulted simply from carelessness on the user’s part,” said a ministry official at the office in charge of product accidents.

The man had been using using a screwdriver that did not match the size of the drawer’s screws.

Can Japan Overcome Its Fear Of Foreigners?

Speaking at a Tokyo hotel on Monday, European External Trade Commissioner Peter Mandelson had this to say:

“For decades Japan has taken advantage of an open global investment climate, yet at home it remains the most closed investment market in the developed world.”

His comment, it seems, was prompted by the government’s rejection of a British hedge fund’s plans to increase its stake in the Electric Power Development Co., also known as J-Power, on the grounds of energy security. This is the latest in a string of high-profile rejections of foreign capital by the Japanese government and courts. In August of 2007, the Supreme Court ruled against Steel Partners, a U.S. investment fund which was making a takeover bid for Bull-Dog Sauce Co., upholding a lower-court verdict that had labeled the fund an “abusive acquirer”. In a March 10 contribution to the Japan Times, German business consultant Jochen Legewie comments:

“Opposition to hostile takeover attempts that originate off-shore is nothing unusual in Europe, or the even the U.S., but it was the blunt phrase coined by Japan’s highest legal institution that shocked the foreign business community. For many observers, both foreign and Japanese, the overwhelming lesson to be learned from this case was that external capital is no longer welcome in Japan.”

And during the debate over the idea of introducing a cap on foreign investment in Japan’s major airports, the governor of Chiba Prefecture, where Japan’s main international airport is located, made these remarks:

“Restrictions on foreign investment are necessary to ensure Japanese and Chiba citizen’s security. It would be a great problem if foreign investors in airport companies made decisions that would harm the interests of both Japan and Chiba Prefecture, if not as bad as terrorism.”

It’s interesting how terrorism comes up when foreigners are mentioned. Of course, xenophobia is not only a sticking point for those who would like to invest in Japan. The controversial practice of forcing foreigners who come to Japan to submit fingerprints was reintroduced last October with the new policy of taking fingerprints and photographs of all foreigners when they enter Japan, even those who actually live here. The justification for this heavy-handed measure is that it will prevent terrorists from entering the country and reduce the crime rate.

So, here we find ourselves in 21^st century Japan, and foreigners are still stereotyped as either being rapacious businessmen, terrorists, or just out and out criminals. It goes without saying that, in the end, Japan is the country that will be hurt by its own discriminatory policies. Even so, I don’t foresee any change in the status quo. I mean, we are talking about a country that has designated the creation of humanoid robots as a main priority in order to stave off the need for immigrant workers. I understand the frustration of the aforementioned Peter Mandelson, but I don’t think that his complaints will cause a sudden change of heart in the Japanese government. Actually, his kvetching reminds me of an old Beatles’ song which goes, in part, like this:

“Come on, come on, come on, come on,

Please please me oh yeah like I please you.

I don’t want to sound complaining

But you know there’s always rain in my heart.

I do all the pleasing with you

It’s so hard to reason with you.

Oh yeah why do you make me blue?”

Please please me was released in 1963 which was the year when Beatlemania really started to take off, so I’m sure the Beatles were in no short supply of people, especially those of the female persuasion, who were willing to please them. I’m afraid that Peter Mandelson, on the other hand, is not likely to get any joy from his Japanese counterparts.