Fresh & Hot from Japan, 10 to 15 June 2016

Please enjoy fresh & hot news from Japan with comments by Europe-Japan Dynamics.

10 Jun. The Bank of Tokyo-Mitsubishi UFJ to issue an original virtual currency for the public in next autumn

The Bank of Tokyo-Mitsubishi UFJ publishes an original virtual currency “MUFG coin” currently under development for wide users in next autumn. MUFG coin is a part of the bank’s”Fintech”, financial services based on information technology (IT), and is the first case in the world in which a major bank issues a virtual coin for the general public. The virtual currency will allow users to exchange it between themselves easily or to exchange it with foreign currencies at a low fee. A wide variety of use of the virtual currency may develop by the full-scale entry of a major bank such as the Bank of Tokyo-Mitsubishi UFJ.

Comments: It is an interesting move by a major bank in Japan. It remains to be seen how much a conservative bank may explore potential of virtual currencies without changing the rigid paradigm of banking business.

13 Jun. The negative business perception of large companies two quarters in a row, April to June

 According to the quarterly survey by the Cabinet Office and Ministry of Finance, the business forecast index of large companies in the period from April to June was negative 7.9 for all the industries. The negative result continued for two quarters in a row. The negative value is larger than the one in the first quarter due to the suspension of production by the Kumamoto earthquake, and strong yen in international currency markets.

Among large companies, the business perception of the manufacturing industry largely became worse than before with -11.1. This is due to a large decrease of the index in the automobile and information and communication apparatuses (such as smart phones) sectors. The index of the small- and medium-sized companies was -16.9 for all the industries, returning negative figures nine quarters in a row.

Comments: The economy is still gloomy. Small companies are hit much harder than large ones.

14 Jun. Clot found in 9.1% of people, examination by doctors of 2000 people staying in the refuge after the Kumamoto earthquake

A team of doctors and other medical service professionals who have been working to prevent the “economy-class syndrome” (lungs embolus symptoms) as a consequence of the Kumamoto earthquake released results of the work that they found the clot which could cause the pulmonary embolism in 9.1% of 2,000 people examined. The likelihood of having the clot is high in particular among those women who are more than 70 years old, and 70% or more of the patients are women.

Comments: This news makes me speechless. Could someone invent medicine to recover from the worn-out feet.

15 Jun. An election of governor of Tokyo on 31 July at the earliest, Mr. Masuzoe is resigning

Governor of Tokyo, Yoichi Masuzoe submitted the resignation through his staff to Chairperson of assembly of metropolitan Tokyo.  Over the financial scandals such as using public finds for private purposes, both the ruling and opposition parties of the assembly have agreed on the submission of the no-confidence motion. With this move, Mr. Masuzoe appears to have decided that he could not stay in the Governors seat as the motion would be approved in the second ordinary assembly this afternoon.

Comments: It is a shame that two Governors in a row resigned due to inappropriate use of money in Tokyo. Voters will have huge responsibility in deciding whom to vote at the forthcoming election.

  • All the news items are picked up from “Asahi Digital”, and summarized and translated by Europe-Japan Dynamics. The articles are not an official translation by the Asahi Newspaper.

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