More evidence of the growing irrelevance of Japan?

[Bucky]

As a side note to the article below. Many of you may remember my posting about Bucky Jr. heading off to Japan in search of fame and fortune in January of '09. I can report that he has now landed a job at Morgan Stanley in Tokyo. He spent the last year working for a foreign exchange trading house in Akasaka Mitsuke.

Foreign financial firms move out

BY ETSUSHI TSURU, THE ASAHI SHIMBUN
2010/03/12


Foreign financial companies in Japan are increasingly shedding their local staff and leaving the country for greener pastures elsewhere in Asia, according to a recent report by a human resources company.

The report issued by Executive Search Partners Co. said that roughly 4,500 full-time employees at foreign banks, securities companies, investment funds and asset management firms lost their jobs between early 2008 and August 2009.

Of that total, only about 900 found new work at foreign financial companies, while the remaining 3,600 landed jobs in other industries or remained more or less unemployed, the report estimated.

Even if the economy improves, those companies will only increase hiring by around 2,000 people in total, according to the ESP.

"Many foreign companies have concluded that investing in the Japanese market is not profitable," the report said.

For example, the British banking group Hongkong and Shanghai Banking Corp. moved its Japanese stock research and investment operations to its Hong Kong office. According to sources, 40 to 50 employees lost their jobs in the consolidation.

An executive of a European financial company said the scale of profitability in Japan today is "less than half that during the peak."

"Many companies are now cutting back on staff and diverting resources to emerging economies in Asia," the executive said.

Foreign financial companies enhanced their Japanese operations in the 1990s as the Tokyo Stock Exchange emerged as the world's second largest bourse in terms of aggregate value.

After major Japanese securities companies such as Yamaichi Securities Co. went belly up in the mid- to late 1990s, many foreign financial companies scooped up the employees who lost their jobs.

However, the companies have since scaled back their business in Japan.

According to a report compiled by Thomson Reuters, since 1998, the share of stock underwriting commissions of foreign securities companies peaked at 45.8 percent in 2001, but fell to 25.7 percent in 2009.

"The withdrawal of foreign companies from Japan will deal a severe blow to this country, as the foreign financials have helped Japanese companies procure funds, have supported entry into foreign markets and supported individual investors by managing their funds," said Katsunobu Komizo, the ESP founder and chief executive officer.

[Ganma]

[rooboy]

Yeah but at least they're consistent.

Try Korea where they want foreign investment and to be 'globalised' but nearly every week in the K news there's some fucking racist generalisations about waygugin - English teachers have Aids, are defiling the national honour by screwing Korean women (and in Nippon we all thought consensual, legal sex was, shit - consensual, legal sex) and that's some prison deserving action etc - plus it's okey dokey to stalk foreign English teachers to make sure they don't give Aids, screw K women etc etc.

Got a mate there, have visited him there, and the Korean govt doesnt see the link between encouraging foreign investment and making the place less of one where foreign women die cause some K scum threw a lighted cigarette outside the room they were staying,where some poor bastard teenager is found dead in the male sauna and nobody saw anything (theories are a K man tried to rape him, wouldnt be surprised cause 'straight' K men seem to fondle their dick and hang outside gents way too much), and attacks on single foreign men by a group of K men aint rare.

Japan bottom line doesn't really care about international praise. It does what shit it likes. The Koreans on the other hand want praise but want to behave like complete fuckwits (death threats and harassment to refs who don't think their cheats deserve medals), justify their racism by pretending they've had centuries of oppression (40 or so years of Japanese colonisation anybody?), and are fucking silent on their slave trade over centuries - enslaving other Koreans that is.

We can, lucky bastards, go there and invest only half a million dollars to live in some shithole on Jeju Island. Yeah right - if you've got that money you aint want to threw it all away on a country that wants to be respected by foreigners but blatantly hates them as a normal way of life.

[Mock Cockpit]

Yeah but yaki niku is yummy.

[Christoff]