Friday, October 28, 2011
Anti-Yakuza Laws Begin to Bite II- No Life Insurance
Life insurance companies will include a provisional clause in their guidelines which allows them to deny coverage to the yakuza, Japan’s organized crime groups, according to life insurance industry officials.
The Japanese insurers will need approval for the provision by Japan’s Financial Service Agency (FSA), which they are expected to receive. Once the provision is approved, it will be implemented immediately.
The clause will allow insurance companies to cancel payments for injuries or death if the person is a member of a crime group. In other words, the insurer will have the right to refuse to cover anyone who belongs to a gang, which is involved in fraud or other criminal activities. They could even refuse to cover a person with a tattoo that is recognized as a symbol of gang membership.
Additionally, they can also deny or cancel a policy if it is learned that the person has provided false information about being a gang member.
In the past, if a person who was a gang member signed a contract with an insurance company, the company would be obligated to pay.
About 45 major life insurance companies who belong to the Life Insurance Association in Tokyo created the provision to deny life coverage to members of crime groups. They describe these groups as anti-social elements of society.
Once approved, each company will implement the provision, allowing companies to refuse payment or unconditionally cancel an individual’s policy.
In addition, insurance policy holders or beneficiaries will not be able to collect life insurance if it is learned that they are involved in organized crime.
http://www.majiroxnews.com/2011/10/26/no-life-insurance-for-yakuza/
The Japanese insurers will need approval for the provision by Japan’s Financial Service Agency (FSA), which they are expected to receive. Once the provision is approved, it will be implemented immediately.
The clause will allow insurance companies to cancel payments for injuries or death if the person is a member of a crime group. In other words, the insurer will have the right to refuse to cover anyone who belongs to a gang, which is involved in fraud or other criminal activities. They could even refuse to cover a person with a tattoo that is recognized as a symbol of gang membership.
Additionally, they can also deny or cancel a policy if it is learned that the person has provided false information about being a gang member.
In the past, if a person who was a gang member signed a contract with an insurance company, the company would be obligated to pay.
About 45 major life insurance companies who belong to the Life Insurance Association in Tokyo created the provision to deny life coverage to members of crime groups. They describe these groups as anti-social elements of society.
Once approved, each company will implement the provision, allowing companies to refuse payment or unconditionally cancel an individual’s policy.
In addition, insurance policy holders or beneficiaries will not be able to collect life insurance if it is learned that they are involved in organized crime.
http://www.majiroxnews.com/2011/10/26/no-life-insurance-for-yakuza/
2010 - Population Marks slowest growth ever
Japan's population stood at 128,057,352 as of Oct. 1, 2010, up 0.2 percent from five years earlier, marking the slowest growth since the once-in-five-years census began in 1920, the final results of the survey showed Wednesday.
When non-Japanese residents are excluded, the population dropped by about 371,000, or 0.3 percent, decreasing for the first time since 1975, when it began compiling the population of Japanese citizens separately from non-Japanese, the Internal Affairs and Communications Ministry said.
"While Japan has entered an era of population decline, its total population has been flat because of an increase in foreign nationals," a ministry official said.
The number of non-Japanese residents rose 5.9 percent, or about 93,000.
Japan remains the 10th most populous nation, accounting for 1.9 percent of the world's population, according to a U.N. population estimate for 2010.
The male population stood at 62,327,737, while the female population came to 65,729,615.
Those aged 65 or older numbered about 29,246,000, accounting for 23.0 percent of the total population, up from 20.2 percent in the previous census. The country's graying trend stayed at the top level in the world, surpassing Germany and Italy.
In contrast, those below 15 accounted for 13.2 percent of the population, down 0.6 percentage point, confirming that the population of the young is shrinking as the country grays rapidly.
The number of households rose 4.8 percent from 2005 to 51,950,504, topping the 50 million mark for the first time ever, but the average number of members per household hit an all-time low of 2.42, the report showed.
The number of single-member households stood at around 16,785,000, comprising more than 30 percent of the total households for the first time.
Of Japan's 47 prefectures, population increased only in nine -- including Tokyo and Okinawa -- while it declined in the rest. Six prefectures -- Tochigi, Shizuoka, Mie, Kyoto, Hyogo and Okayama -- saw their population growth turn negative.
At the municipal level, population decreased in 1,321 cities, towns and villages, or 76.4 percent of all the country's municipalities.
http://mdn.mainichi.jp/mdnnews/news/20111027p2g00m0dm003000c.html
When non-Japanese residents are excluded, the population dropped by about 371,000, or 0.3 percent, decreasing for the first time since 1975, when it began compiling the population of Japanese citizens separately from non-Japanese, the Internal Affairs and Communications Ministry said.
"While Japan has entered an era of population decline, its total population has been flat because of an increase in foreign nationals," a ministry official said.
The number of non-Japanese residents rose 5.9 percent, or about 93,000.
Japan remains the 10th most populous nation, accounting for 1.9 percent of the world's population, according to a U.N. population estimate for 2010.
The male population stood at 62,327,737, while the female population came to 65,729,615.
Those aged 65 or older numbered about 29,246,000, accounting for 23.0 percent of the total population, up from 20.2 percent in the previous census. The country's graying trend stayed at the top level in the world, surpassing Germany and Italy.
In contrast, those below 15 accounted for 13.2 percent of the population, down 0.6 percentage point, confirming that the population of the young is shrinking as the country grays rapidly.
The number of households rose 4.8 percent from 2005 to 51,950,504, topping the 50 million mark for the first time ever, but the average number of members per household hit an all-time low of 2.42, the report showed.
The number of single-member households stood at around 16,785,000, comprising more than 30 percent of the total households for the first time.
Of Japan's 47 prefectures, population increased only in nine -- including Tokyo and Okinawa -- while it declined in the rest. Six prefectures -- Tochigi, Shizuoka, Mie, Kyoto, Hyogo and Okayama -- saw their population growth turn negative.
At the municipal level, population decreased in 1,321 cities, towns and villages, or 76.4 percent of all the country's municipalities.
http://mdn.mainichi.jp/mdnnews/news/20111027p2g00m0dm003000c.html
Tuesday, October 25, 2011
H1 2011/12 (April - Sept) - First Trade Deficit since Lehman Shock as 3/11 EQ Impacts Exports
Japan registered a 1.67 trillion yen trade deficit during the first half of fiscal 2011 as exports fell sharply due to the Great East Japan Earthquake, according to data released Monday by the Finance Ministry.
The nation's trade balance fell into the red for the first time since the second half of fiscal 2008, when the bankruptcy of Lehman Brothers Holdings Inc. of the United States triggered the global economic downturn.
The 1.67 trillion yen deficit in the April-September period is the second-largest on record, after the 2.35 trillion yen deficit registered during the second half of fiscal 1979 when crude oil prices soared in the wake of the second oil crisis.
Exports of automobiles and semiconductors plunged after the March 11 quake, while imports of liquefied natural gas and other fuels increased as the electricity industry relied more on thermal power generation due to the suspension of many nuclear power plants after the quake.
Overall, exports dropped 3.8 percent from a year earlier to 32.81 trillion yen. The automobile industry slumped 18.4 percent over the period, although its exports did increase in August and September from a year earlier.
Exports of semiconductors and other electronic components declined 15.8 percent, due to a sluggish market and the aftereffects of the March quake.
In contrast, imports expanded 12.1 percent to 34.48 trillion yen. LNG and crude oil imports increased 40.3 percent and 24.9 percent, respectively, as a result of stronger demand.
Higher prices for natural resources also contributed to the increase.
The September trade balance recorded a surplus of 300.4 billion yen, moving into the black for the first time since July. Exports increased 2.4 percent from a year earlier to 5.98 trillion yen, while imports grew 12.1 percent to 5.68 trillion yen.
However, the trade surplus decreased 61.2 percent from a year earlier with growth in imports exceeding that in exports.
http://www.yomiuri.co.jp/dy/business/T111024003843.htm
The nation's trade balance fell into the red for the first time since the second half of fiscal 2008, when the bankruptcy of Lehman Brothers Holdings Inc. of the United States triggered the global economic downturn.
The 1.67 trillion yen deficit in the April-September period is the second-largest on record, after the 2.35 trillion yen deficit registered during the second half of fiscal 1979 when crude oil prices soared in the wake of the second oil crisis.
Exports of automobiles and semiconductors plunged after the March 11 quake, while imports of liquefied natural gas and other fuels increased as the electricity industry relied more on thermal power generation due to the suspension of many nuclear power plants after the quake.
Overall, exports dropped 3.8 percent from a year earlier to 32.81 trillion yen. The automobile industry slumped 18.4 percent over the period, although its exports did increase in August and September from a year earlier.
Exports of semiconductors and other electronic components declined 15.8 percent, due to a sluggish market and the aftereffects of the March quake.
In contrast, imports expanded 12.1 percent to 34.48 trillion yen. LNG and crude oil imports increased 40.3 percent and 24.9 percent, respectively, as a result of stronger demand.
Higher prices for natural resources also contributed to the increase.
The September trade balance recorded a surplus of 300.4 billion yen, moving into the black for the first time since July. Exports increased 2.4 percent from a year earlier to 5.98 trillion yen, while imports grew 12.1 percent to 5.68 trillion yen.
However, the trade surplus decreased 61.2 percent from a year earlier with growth in imports exceeding that in exports.
http://www.yomiuri.co.jp/dy/business/T111024003843.htm
Thursday, October 20, 2011
Financial Firms and Brokers Cutting Staff
Major domestic securities firms as well as overseas brokerages with operations in Japan are all cutting back because of dropping profitability due to the worldwide constriction of the stock and bond markets. The waning investment activity has resulted in foreign firms shrugging off the high yen and seeking easier markets, forcing security companies across the board to cut employment.
Mitsubishi YFJ Morgan Stanley Securities will let go of about 20% of its employees in October as “early retirement.” This follows a similar cutback in February of this year. This means that somewhere between 1,200 and 1,300 employees will leave the company.
Mizuho, Merrill Lynch and UBS AG are also all cutting back.
“We’ve noticed a recent increase in the number of candidates from these firms who have placed their resumes on some of the job boards that recruiting firms use,” said Joe Peters, a Tokyo-based recruiter and managing director of an executive search firm.
Some firms have also begun to close down branch offices. Mitsubishi UFJ Morgan Stanley, which by May of 2010 had already reduced its number of branches from 103 to 75, is looking to close another 5 to 10 locations.
At the same time, Japanese and foreign firms continue to move Asian area operations out of Japan to locations with greater growth potential.
http://www.majiroxnews.com/2011/10/17/global-downturn-means-brokers-in-japan-cutting-workforce/
Mitsubishi YFJ Morgan Stanley Securities will let go of about 20% of its employees in October as “early retirement.” This follows a similar cutback in February of this year. This means that somewhere between 1,200 and 1,300 employees will leave the company.
Mizuho, Merrill Lynch and UBS AG are also all cutting back.
“We’ve noticed a recent increase in the number of candidates from these firms who have placed their resumes on some of the job boards that recruiting firms use,” said Joe Peters, a Tokyo-based recruiter and managing director of an executive search firm.
Some firms have also begun to close down branch offices. Mitsubishi UFJ Morgan Stanley, which by May of 2010 had already reduced its number of branches from 103 to 75, is looking to close another 5 to 10 locations.
At the same time, Japanese and foreign firms continue to move Asian area operations out of Japan to locations with greater growth potential.
http://www.majiroxnews.com/2011/10/17/global-downturn-means-brokers-in-japan-cutting-workforce/
Electronics Makers Slashing Jobs, Closing Plants
Panasonic closing TV Plasma plant and losing 1000 jobs in Amagasaki and looking to sell LCD plant in Mobara
http://news.ninemsn.com.au/world/8363070/panasonic-to-trim-tv-side-cut-1000-jobs-report
Sanyo slashing 800 jobs in Gunma from industrial a/c plant
http://www.japantimes.co.jp/text/nb20111020a4.html
http://news.ninemsn.com.au/world/8363070/panasonic-to-trim-tv-side-cut-1000-jobs-report
Sanyo slashing 800 jobs in Gunma from industrial a/c plant
http://www.japantimes.co.jp/text/nb20111020a4.html
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