In my new job I deal a lot with the stock market. Here is one fun fact I learned at work:

Sazae-san is a better indicator of Japanese stock performance than the US

Sazae-san (episodic story of a quirky but happy Japanese family, sort of like the Simpsons but more like Leave it to Beaver in the execution) has been the top-rated animated TV show in Japan for almost 40 years. A Daiwa Institute of Research study showed that there is a 0.86 correlation coefficient between Sazae-san viewership and TOPIX movements. This is even higher than the correlation between TOPIX and the NYSE composite index, even though the US markets are supposed to be one of the main drivers of Tokyo trading.

The explanation for this phenomenon is that people tend to go out on Sundays when the stock market is booming and people have money to spend and stay home to watch Sazae-san when it’s slumping and everyone is broke.

Now, just because there is a correlation, that doesn’t mean that you should break into Video Research (the Japanese ratings house) on Sunday night to plan your Monday morning trades. At any rate, if you want to read this theory in detail it is available in paperback.

Much to the annoyance of Mrs. Adamu, I have a soft spot for enka, Japanese-style country music that sings of tragic loves, unhappy marriages, and the sheer beauty of Japan’s natural landscape. One aspect of this music that I like is that, perhaps thanks to Japanese colonialism, this style of music is found all over Asia with the requisite local twists. Wikipedia’s article is a great summary:

Modern enka (演歌 — from 演 en performance, entertainment, and 歌 ka song) came into being in the postwar years of the Shōwa period. It was the first style to synthesize the Japanese pentatonic scale with Western harmonies. Enka lyrics, as in Portuguese Fado, usually are about the themes of love and loss, loneliness, enduring hardships, and persevering in the face of difficulties, even suicide or death. Enka suggests a more traditional, idealized, or romanticized aspect of Japanese culture and attitudes, comparable to American country and western music.

This video features a recent NHK performance of Sayuri Ishikawa’s 1977 hit song “Tsugaru Straits Winter Scene.” The singer’s haunting wail and that swank, sleazy saxophone pay tribute to the utter sadness of taking the four-hour ferry connecting Honshu and Hokkaido. Specifically, the woman in the song takes the (then 13-hour) trip from Tokyo to Aomori before getting on the boat. According to pre-song banter, the ride was a good way for women leaving their lovers in Tokyo to come home to Hokkaido to “get their thoughts together.” Here is a quick, fairly unpoetic translation of the lyrics:

Since the time I stepped off the train originating in Ueno
Aomori Station is surrounded by snow
The masses heading back to their homes back north are silent
Listening only to the sea
I get on the ferry, alone
I stare at the gulls in the cold
I am crying
O, Tsugaru Straits winter scene

“Look! that’s the Tappi Headlands, far to the north!”
Says a stranger, pointing
I wipe the the window, which has steamed with breath
All I can see is mist in the distance
Farewell, my love! I am going home
The sound of the wind sways my heart
As if commanding me to cry
O, Tsugaru Straits winter scene

Farewell, my love! I am going home
The sound of the wind sways my heart
As if commanding me to cry
O, Tsugaru Straits winter scene

So what makes this song obsolete? The opening of a highway tunnel in the 80s meant that the main ferry (the Hakodate Ferry) closed and this melancholy feeling, perhaps experienced by thousands of women hailing from Hokkaido, is now a thing of the past. It’s worth noting that since this song was such a huge hit and Ishikawa has stuck around as an enka veteran, its obsolescence hasn’t affected its status as a classic.

I could have sworn that the “Westerner’s Fear of Neonsigns” blog was written by Marxy on a gaijin-baiting stint, but apparently that’s not the case. Whoever writes it, however, is amazing and I especially love his post “How’s your Japan blog?”

1. Japan is unintentionally hilarious – in particular, misuse of English – or Engrish – is so funny that I devote considerable time to documenting and disseminating it. To avoid a similar fate, I will not be blogging in Japanese.
2. Japan is barbaric – it fails to treat sacred Western food with due decorum (bread in a can) and celebrates Christian festivals all wrong (Kentucky Fried Chicken on Christmas Eve). Check my blog for further examples.
3. Japan is sexually deviant – society operates in the tacit knowledge that Japanese men are paedophiles by default. Look at all the photographic evidence I have amassed to prove it. They just don’t know how to treat a woman properly. That I do is the underlying message I want you to receive from my blog.
4. Japan is a visual paradise (1) – all Japanese have a heightened visual sensibility; they spend their coffee breaks contemplating tiny design modifications to plastic cups and bathe in the juice of fonts come evening. Not actually living in Japan, I can safely say that they never drive ugly white minivans or fill their tatami rooms with tat.
5. Japan is a visual paradise (2) – the thing I love about Japan is how it allows me to me indulge in the objectification of women without guilt or reproach. The pornography here is just fantastic. Oh, of course, this will be known as The Great Unmentioned in my blog.
6. Japan is spineless and work-addicted – people will do any job rather than lose esteem by not working. Look at this old man waving past cars with a pair of red wands – you wouldn’t catch me stooping to do such a demeaning and unnecessary job. Oh, excuse me, I’m late for my English conversation school class.
7. Japan is childish – public announcements are only heeded when they are delivered by curtseying cartoon characters. To prove it, I will photograph them all. Even though the large incidence of such messages is obvious, I will continue to treat each one as a fantastic novelty.
8. I am childish – only in Japan can I indulge my secret love of toys and games while presenting it as sociological research. I never miss an opportunity to make the sweeping observation that Japan is populated by inadequate geeks. I visit Akihabara every weekend in search of corroborating evidence, but it’s purely research you understand.
9. Japan loves me – it’s always saying how tall I am, how handsome I am, how intelligent I am (admit it, I am pretty hot at producing those L/R sounds), how good I am at sports, how amazing it is that I am a man and yet I cook for myself. Nobody said anything in my home country except: “So, are you finally going to get laid in Japan?” Deeper awareness of Japanese social etiquette would have saved me the trouble of believing any of this.
10. Japan is mine – I am the Alpha Gaijin. If Japan can be said to exist at all, it is only because I have brought it to life with my intellectual efforts. Other foreigners intruding on my turf better be able to withstand the fire of my comments. Japan will thank me for everything I have accomplished once it knows who I am. Until then, I have an immersion experience more impressive than yours to attend to.

I feel like I was the opposite of other Japan bloggers, at least by this person’s definition – I was more into blogging about Japan when I wasn’t here. Now that I live here it is all so uninspiring.

This analysis of Japan blogs is as spot-on as it has been curiously absent in unfiltered form. Still, in defense of Japan blogs I will say that it is often a lot of fun to post and discuss the interesting and weird stuff in a foreign land, whether that’s Japan or elsewhere. It is definitely shrill-sounding when people make their experiences out to be more than they are (god, there are thousands of expats just in Asia, you’re not that special), but really the antidote to Japan blog fatigue is to just tune them out.

The truth is I am sad we weren’t even mentioned (though in a separate post he calls translation one of the “brilliant arts” so maybe I don’t get called on my own cultural imperialism. Or maybe I just didn’t get noticed by not posting when the blog launched…)

Speaking of cautionary tales and immersion experiences, I took no less than 4 friends on a wild goose chase the other day to see what was supposedly an exhibit of Nazified kimonos celebrating the tripartite alliance in the WW2 era. This is all we found next to a display of books on wartime Japan:

Meanwhile, today’s Asahi (I read the print edition now, screw the crap online version!) ran a feature on a sweet sounding historical fiction “Tokyo Year Zero” about a double murder in early postwar Japan. The author, David Peace, grew interested in postwar Japan after teaching English here in the early 90s and reading Seidenstecker’s Tokyo Rising. He later returned to his native England and became an award-winning mystery writer on non-Japan related subject matter. His new book is enjoying a simultaneous bilingual release and a major PR push from the Japanese publisher Bungei Shunju.

Just goes to show, if you’re willing to shed a little baggage and be friendly to the like-minded (most of the research for his new book was apparently provided by the in-house Bungei Shunju translator after the two hit it off during negotiations for translation rights to an earlier Peace book), you too can have success and avoid the stench of “slow-burning underachievement” that apparently afflicts the expat population in Japan.

Continuing my dirt-digging exercise in the last post, here are some edits that Nikkei, Japan’s leading business newspaper, has made about itself in the “Nihon Keizai Shimbun” article:

Deleted passage (2005): “The upper floors of the company headquarters are shared with (top business lobby) Nippon Keidanren headquarters, and there are critics who characterize its editorial stance as “the official gazette of Japan Inc.” I can’t tell if this is true from Google Maps (and I’ve never been there) but they are at least right freakin next to each other. Similar (and somewhat harsher) language has survived in the current article.

Deleted mention that the company plans to move its head quarters to Otemachi in 2011 (just the mention of Otemachi not the 2011 move). (2005) Mention of Otemachi now survives and the move is characterized as “part of redevelopment of the Otemachi area.”

Diluting responsibilty over its treatment of the three Japanese hostages in Iraq in April 2004 (edit made in April 2007): A passage which read “In its reporting, [Nikkei] posted the detailed addresses of the three hostages on the Web. While it deleted the information after reader complaints, the addresses were widely distributed and are belieted to have aided in the harassment, insults, and embarrassment endured by the victims’ families” was changed to include “as other companies did.”

An edit made over the same time period deleted a passage: “One reason the mass media does not report these several scandals (including an insider trading scandal and a faked photograph that I will mention later) despite their being open to the public owes to the dubious tradition unique to the mass media in which they protect each other by hiding each other’s scandals. Perhaps that is why no apologies are ever posted on Nikkei’s website. Though it mercilessly attacks companies that commit crimes or cause accidents, it actively hides competitors’ scandals as if in collusion with them. This perhaps reveals one extreme example of the Japanese media’s closed nature.” This is the sort of editorializing that may not belong in Wiki, but it is funny that someone within Nikkei felt the need to get rid of it. The “we were not alone” passage survived (after being deleted more than once, evidence of some back-and-forth) and the deletion of the anti-Nikkei rant has also survived to this day.

A passage on a 2003 faked photo scandal, in which a Nikkei reporter covering the release of Sony DVD recorder PSX photographed himself for a photo of a random “man buying a PSX” and passed it off as actual reporting (great photo here). The original passage read “criticism mounted by people claiming the incident was a faked stunt” since the reporter’s armband was visible, and continues “Nihon Keizai Shimbun admitted that the man was a Nikkei BP reporter and apologized.” The text in quotes was deleted and replaced with “Nihon Keizai Shimbun admitted that the man was a Nikkei BP reporter and apologized since he was negligent in his duties while reporting.” Interestingly, this shifts the blame from the company as a whole to the one misbehaving reporter.

Comments that writing for Nikkei’s back-page “My Resume” column is “considered the greatest honor for people who have been successful.” This passage was deleted and then re-added and remains.

That’s about it for interesting edits… there are also the usual mundane ones on actors, economy-related stuff, cars, etc. More to come!

I am generally quite careful not to post anything work related on here, but this particular quote from an internal corporate employee survey I’m translating was just too choice, and utterly anonymous and unidentifiable.

I am opposed to foreigners in the front office. Since it is difficult to convey minor nuances of Japanese within the company it must be even more difficult for customers to understand when conversing with them. I have received two whole claims about this.  (One claim said they could not understand what they were saying, and the other said, a foreigner huh? A Japanese would be better.)

For contrast, here is an excerpt from a customer survey from some rich asshole country club in the US that was forwarded to me a few weeks ago.

I am personally upset about the use of the Mexican labor on the golf
course. I understand you have contracted, and it is the contractors
who are responsible for hiring, but the club is responsible for hiring
the contractor. We get letters about “responsibility” and “right and
wrong,” well, I think the club management had better look at itself.
If all these workers are legal, then I will apologize, but I very much
doubt they are legal. This is a very poor example of judgment and
sends the wrong message. I know I am not the only one that thinks like
this, and if my concerns are unfounded, then the club should issue an
explanation and correct the image.

It’s well worth remembering that there is a certain extent of xenophobia in any country, and I believe that suffering from it firsthand when traveling or living abroad-such as the minor (or major in some unfortunate cases) annoyances that many of us have experiences in places like Japan-is actually a rather good learning experience, which can make one more sensitive to despicable attitudes back home that one may have overlooked before.

Today’s New York Times has published a moderate sized article on the Chinese phenomenon.

No one can say with any certainty what the full tally is, but there are easily a dozen unauthorized Harry Potter titles on the market here already, and that is counting only bound versions that are sold on street corners and can even be found in school libraries. Still more versions exist online.

These include “Harry Potter and the Half-Blooded Relative Prince,” a creation whose name in Chinese closely resembles the title of the genuine sixth book by Ms. Rowling, as well as pure inventions that include “Harry Potter and the Hiking Dragon,” “Harry Potter and the Chinese Empire,” “Harry Potter and the Young Heroes,” “Harry Potter and Leopard-Walk-Up-to-Dragon,” and “Harry Potter and the Big Funnel.”

Some borrow little more than the names of Ms. Rowling’s characters, lifting plots from other well-known authors, like J. R. R. Tolkien, or placing the famously British protagonist in plots lifted from well-known kung-fu epics and introducing new characters from Chinese literary classics like “Journey to the West.”

Harry Potter and the Big Funnel? I’ve heard of that one somewhere before… 

In related news, of the 100 or so blogs and other websites that linked to my fake Harry Potter post, this post at the blog of the comic book fansite Newsarama may be the only one to offer a substantial contribution. Now, I had posted a couple of pages from a nice, wholesome Harry Potter Japanese fan comic (dojinshi), but someone at Newsarama had apparently dug into their personal bookmarks collection and dug out links to online archives of-ahem-less than wholesome product. The sort of thing that chronicles the sort of activity that English boarding school was famous for before Hogwarts. Am I going to paste the links here? No, but anyone curious enough to click can take that extra step.

For the many thousands of readers who can’t get enough of fake Harry Potter, NPR’s Morning edition had a story on Chinese sequel-legging for their July 13 broadcast. And no, they don’t mention either of the two presented here.

Also, don’t forget the truly awe-inspiring Harry Potter in Chinese, Japanese, and Vietnamese Translation web site, which gives detailed comparisons of the Mainland Chinese, Taiwanese Chinese, Japanese and Vietnamese translations of the novels. Fascinating reading for hardcore fans of the series (particularly those with some knowledge of one or more of the languages treated), and truly essential reading for any translators familiar with the world of Harry Potter.

The following translation was done with the aid of my brand new copy of the Nikkei Japanese-English Dictionary of Current Economic and Financial Terms, an amazingly helpful (if pricey at 9000 yen) resource for anyone who does business or finance-related translation. It was put together by the people who write Nikkei Net Interactive, Nikkei’s English-language news site, so it includes a wealth of examples taken from actual Nikkei articles on recent events.

Normally, I use a combination of 3 free online dictionaries—Eijiro, WWWJDIC, and goo’s Japanese-Japanese dictionary (Yahoo’s is useful since it has both 大辞泉 AND 大辞林). But I’ve noticed that it’s not always easy to get financial terminology all in one place, or in a format that can be easily used offline (so far my attempts to download a bunch of online glossaries and search them using Google Desktop have proven time-consuming and ultimately unsuccessful), so I decided to splurge on a dead-tree solution.

If you just want a reference that explains recent events in the Japanese economy in simple (Japanese-language) terms, I would recommend picking up the much cheaper Dictionary of New Economic Terms 2007. I picked up a used lite version of the 2006 edition at Book Off and it is already coming in handy.

Anyway, here’s an article on the consolidation in some of the major consumer credit companies that occured after long-running string of crimes and suicides by people in deep to usurious consumer lenders, along with 2006 Supreme Court decisions ruling that companies like Aiful could not keep loans made over the legal limits, caused the Diet and Financial Services Agency to crack down on consumer lending. Measures that were taken included, in no particular order:
1) Business suspension orders on lenders for using threats to collect loans;
2) a phased-out closing of the “gray zone” interest rate regulatory framework that allowed lenders to legally charge 30% annual interest (as opposed to the legal limit of 15-20%) as long as borrowers gave legal consent;
3) a ban on the practice of taking out life insurance policies on borrowers that will pay out if the borrower commits suicide (a standard Japanese practice);
4) allowing borrowers to recover interest retroactively that was collected over the 20% legal limit; and last but not least
5) A thorough public humiliation in the media.

Number 4 was a particularly large factor in the net loss of a whopping combined 540 billion yen by the nation’s top consumer credit companies. Now that the times of easy money are over for Japan’s lenders, only the most healthy companies will survive, and as you will read below there is intense competition among the megabanks to find and acquire the picks of the litter:

Ambitious Mitsui Sumitomo Takes a Step Toward Acquiring OMC Card
May 17, 2007 (from Shukan Toyo Keizai’s May 19 edition)

A shockwave is rocking the financial industry—an unprecedented “change of management.” Central Finance is leaving Mitsubishi UFJ and joining the Sumitomo Mitsui group. Observers are watching to see what effects this will have on the battle for OMC Card.

Not all is quiet on the consumer finance front. Central Finance, a former member of the Tokai Bank group, has decided to leave Mitsubishi UFJ. Its new partners will be Sumitomo Mitsui Financial Group and Mitsui & Co. (recently famous for building the new Tokyo Midtown building complex).

Here are the details of the new capital tie-up: First, SMFG (including subsidiary banks) and Mitsui & Co. will invest 19.4 billion yen in common stock and corporate bonds with equity warrants. After those bonds are traded in for shares, the total investment by both companies will rise to 20%. Meanwhile, Central Finance will buy 7.5 billion yen of common shares in Quark, a Sumitomo Mitsui-owned consumer finance firm. Central and Quark will then merge by September 2009.

Shockwaves continue to riddle the consumer finance and credit card industries over developments such as the lowering of the legally permitted interest rate for nonbank “cash” lending dictated by a revision of the law regulating non-banking moneylenders. Yet even in such difficult times, at least one president of a major consumer finance firm was “frankly surprised” to hear about this most recent capital tie-up, since such a “change of management” is almost unheard of in Japan’s financial industry, which prefers to build up tight group-oriented relationships in both both capital and personnel.

That is part of what makes this such a big gain for SMFG. Compared to the group’s rivals, Mitsubishi UFJ and Mizuho, SMFG faces a conspicuous lack of consumer finance capabilities. And it was no small accomplishment to successfully bring in Mitsui & Co. in this capital tie-up. Of Japan’s major trading companies, Mitsui has been a latecomer to investments in finance businesses. This has allowed the banking side to cooperate in Mitsui’s plans to get back in the game, thus putting Mitsui in SMFG’s debt.

Past Merger Plans Crushed

What was behing the decision by Central Finance President Tatsuo Tsuchikawa? A former UFJ Bank official explains: “When UFJ was [created by the merger of Sanwa and Tokai Banks in 2002], Tsuchikawa, who was the Executive Director for Project Planning at the former Tokai Bank, strongly objected to the strongarm integration tactics of former Sanwa Bank officials.” Central Finance held tight to its independent strategy even amid the rapid-fire merger. It charted its own course amid the Mitsubishi UFJ-owned credit/consumer companies, including NICOS, UFJ Card, and DC Card.

A top official at a rival company points out that “that’s not the end of the story.”

“Central Finance had entered merger talks with another card company before, but the move was stifled after opposition from Mitsubishi UFJ.” In fact, that company was OMC Card. OMC is currently in the eye of the storm of reorganiztion in the credit card industry. Daiei, which is currently undergoing management rehabilitation, is currently in the process of selecting a buyer for its 30% stake in OMC. SMFG is one of the bidders.

CEO Masayuki Oku of SMFG, outwardly denies a relationship between the new capital tie-up and the battle for control of OMC: “We have not even remotely considered (bringing the two companies together).” However, another senior staff member of the group reveals what are likely SMFG’s true intentions: “(OMC) will probably be happy about this new capital tie-up.”

The first round of bidding for OMC has already ended, and hearings including the top executives of the remaining bidders will be held in mid-May. SMFG is more than likely going to play up a growth scenario for OMC involving Central Finance.

And the benefits for SMFG don’t end there. Central Finance is generally considered a consumer credit form run by the former Tokai Bank, but a glance at the company’s history shows a unique character of support from influential Nagoya business people. The former Tokai is just one powerful parent of several. President Tsuchikawa is a major presence in the Nagoya business community, and is said to be close with the founder of Toyota. That would quickly shorten the distance between SMFG and the Toyota Group.

The economy of the Nagoya area, which is experiencing continued vitality, is considered friendly territory for Mitsubishi UFJ, which is the successor organization to Tokai. However, the drama surrounding this capital tie-up could change the lines of battle in the “financial wars.”

(by Osamu Namikawa)