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Today's Pick

Sep 26, 2018
byAkane Hashimoto

Bank of Japan Maintains Promise to Keep Extremely Low Rates for ‘Extended Period’"No interest rate means no time value…"Japan’s Successful Economic Model"Talks about GDP per capita growth"Why Japanese Hedge Funds Continue to Impress Us"Interesting observation, in such a low volatility market." Recent NewsGPIFGPIF, World's Largest Pension Fund, Selects New Environmental Indices Launched by S&P Dow Jones IndicesGPIF has appointed an investment manager for Global Real Estate Mandate ("Core Strategy") Policy(BOJ)With Fed set to raise rates again, other central banks sound ready to end the easy money, too MarketJapan’s Markets Have Been Transformed by the Overwhelming Abenomics Wave BusinessSoftbank Looking at Blockchain for Global Payments

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Recent News

J-REIT : Corporate action-One REIT, Inc.

Sep 25, 2018
byInvestment in Japan

J-REIT>One REIT's announcement①One REIT, Inc. (hereafter referred to as “One REIT”) announced that Mizuho REIT Management Co., Ltd. (hereafter referred to as the “Asset Management Company”), an asset management company to which One REIT entrusts management of its assets, today made a decision to acquire and lease the assets described below (hereafter referred to as the “Assets to be Acquired”). >One REIT's announcement②One REIT, Inc. (hereafter referred to as “One REIT”) announced today the determination of interest rate with respect to the borrowing of funds (hereafter referred to as the “Borrowings”) announced in the press release “Notice concerning Borrowing of Funds” dated September 4, 2018 as well as the conclusion of interest rate swap agreement (hereafter referred to as the “Interest Rate Swap Agreement”) with respect to the Borrowings as follows. >One REIT's announcement③One REIT, Inc. (hereafter referred to as “One REIT”) announced that it has resolved at the board of directors meeting held today, the issue price, the selling price and other conditions concerning the issuance of new investment units and secondary offering of investment units that was decided at the board of directors’ meeting held on September 4, 2018 as follow. 

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Noriyuki Morimoto's Blog

Japanese banks cannot decide what they want to eat

Sep 25, 2018
byNoriyuki Morimoto

In November 2013, the Financial Stability Board issued the Principles for an Effective Risk Appetite Framework. According to the Financial Services Agency, this is a management framework to be used as an internal common language that covers the whole range of risk-taking policies, including capital allocation and maximization of profit, with “risk appetite” defined as the types and total amount of risk that each institution actively takes in order to achieve its business plan, based on its specific business model. Japanese banks are also building RAFs, but it is no exaggeration to say that it is just form without substance. The core of the RAF, as the FSA states, is the definition of risks that the bank actively takes in order to achieve its business plan, based on its specific business model. The active appetite for risks is an important issue precisely because the risks are to be actively taken. However, as far as the disclosed descriptions of the Japanese banks’ RAFs are concerned, they lack any concrete description of "risks to actively take". What is written there is merely how to manage the risks that are currently passively accepted. Even if RAF terms are used to describe the management system as reinforcing risk culture, it is at best just a technical improvement, not fundamental governance reform. In the case of Japanese banks, is it not even possible to consider the specific business models, that is, differentiation in business objectives? Can’t they decide what they want to eat based on their own will and desire? Then, will they eat whatever is around them? A creature that eats anything with a strong appetite seems to be a bit dangerous.

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Recent News

J-REIT: Notice Regarding Acquisition of Domestic Real Estate Trust Beneficiary Interests

Sep 21, 2018
byInvestment in Japan

J-REIT>Nippon Prologis REIT's announcementNippon Prologis  REIT,  Inc.  (“NPR”)  today announced the final determination  of  the  acquisition price for Prologis Park Koga 3, as shown below, which was previously described in  the press release “Nippon Prologis REIT Announces Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease Contract with New Tenants” dated Feb. 26, 2018. In addition, regarding the property, some details are changed and revised from that press  release dated Feb. 26, 2018. The changes of details are described below.

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Recent News

J-REIT: Corporate action - LaSalle LOGIPORT REIT

Sep 20, 2018
byInvestment in Japan

J-REIT>LaSalle LOGIPORT's announcement①LaSalle LOGIPORT REIT (hereinafter referred to as “LLR”) who has entrusted the management of its assets to LaSalle REIT Advisors K.K. (“LRA” or the “Asset Manager”), announces that it has decided to acquire (the “Subject Acquisition”) the following preferred shares (hereinafter referred to as the “Newly Acquired Asset” or “Preferred Securities”). >LaSalle LOGIPORT's announcement②LaSalle LOGIPORT REIT (“LLR”) announces today that debt financing (the “Borrowing”) was procured based on the following terms and conditions. 

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Recent News

Today's Pick

Sep 19, 2018
byInvestment in Japan

Demand for lowly ¥1 coin sinks as consumers take to cashless transactions"Slowly but changing to cashless socieity"Suruga Bank’s improper lending practices simply outrageous"Banks are struggling to seek business opportunities but they must be required fiduciary attitude" Recent NewsEconomyAnother Bubble in JAPAN?Plan to push down solar power pricesTokyo new condo supply declines for 2nd month Policy(BOJ)BOJ expected to keep policy steady until 2020 And moreToyota ready to share hybrid secrets with China to advance in world’s largest auto marketInterest Towards Crypto in Japan is Rising So Rapidly That FSA Expands     

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Recent News

J-REIT:Notice Concerning Acquisition of Investment Asset (GRANCREER CENTER-MINAMI)

Sep 18, 2018
byInvestment in Japan

J-REIT>Comforia Residential REIT's announcementComforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc., to which CRR entrusts management of its assets (“TRM”) decided today for CRR to acquire the investment asset.

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Recent News

Notice Concerning Disposition of an Asset

Sep 13, 2018
byInvestment in Japan

J-REIT>Japan Logistics Fund's announcementMitsui & Co., Logistics Partners Ltd. (hereafter referred to as “MLP”), the asset management company of Japan Logistics Fund Inc. (hereafter referred to as “JLF”), announced today that MLP has decided to dispose an asset.

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Recent News

Today's Pick

Sep 12, 2018
byInvestment in Japan

Bad news around mutual funds does little to boost Japanese people’s appetite for investment"Issues to be addressed but could be an opportunity for good managers on the flip side."10 years on, crisis mode is new normal for central banks"Bank of Japan may be facing the most serious problem." Recent NewsPolicy(BOJ)BoJ’s Kataoka: BoJ should expand stimulus to quicken achievement of price target Governance/Stewardship/FiduciaryStewardship Code : 233 institutional investors have signed up to the Principles for Responsible Institutional Investors as of August 31, 2018 

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Noriyuki Morimoto's Blog

Osekkai Japanese Finance

Sep 10, 2018
byNoriyuki Morimoto

If you look up the word “osekkai” in the dictionary, it is defined as unnecessarily interfering with people’s matters. But whether any act is unnecessary or not depends on the subjective view of the recipient of osekkai: for the person who carried out the osekkai act, it is done because it is necessary. Tetsugoro Obara, who was a leading figure in the Japanese financial industry, is quoted as saying "not lending is also kindness". He meant that when considering a loan application based on the customer's true benefit, there are cases where refusing the loan may be beneficial to the customer, depending on factors like the purpose of the money. Tetsugoro Obara was adamant in refusing loans, even with sufficient collateral, when their intended use was something like real estate speculation. He reasoned that it would ultimately prove to hurt the customer. Whoever was refused a loan in this manner must have been very frustrated. By contrast, those who took out loans to buy real estate during the Showa bubble period must have felt very satisfied at the moment. However, given that many of them were economically destroyed, such actions of the financial industry had been proven to run against the true interests of their customers, and the financial community itself suffered a huge loss as well. If the financial community had been faithful to Tetsugoro Obara’s philosophy, the Showa bubble could have been prevented. Tetsugoro Obara believed that it is kindness to consider the real benefit of the customer. Therefore, as long as one maintains kindness, he believed that he could not lend what he could not lend, even if it damaged customer satisfaction. And he was convinced that maintaining that kindness would prove beneficial for the financial community. Actually, Tetsugoro Obara referred to financing a customer as "worrying for” a customer. That is a totally osekkai attitude.

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Recent News

Private Equity in Japan: Longreach completes Tender Offer for Fujitsu Component

Sep 10, 2018
byInvestment in Japan

Private Equity in Japan>LONGREACH GROUP's announcement[Tokyo / Hong Kong, 7 September 2018] The Longreach Group (“Longreach”) today announced the completion of a tender offer launched on July 27, 2018 (the “Offer”) by FC Holdings G.K. (“FC Holdings”), a special purpose company established under investment funds managed by Longreach, to acquire common shares of Fujitsu Component Limited (Tokyo Stock Exchange Second Section: 6719, “Fujitsu Component”) held by shareholders other than Fujitsu Limited (“Fujitsu”).

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Recent News

Today's Pick

Sep 05, 2018
byAkane Hashimoto

Japan’s Shinzo Abe vows to raise retirement age "Most of the talks today is to be preared for a 100 years life."Japan, savings superpower of the world"Domestic growth should be supported by innovations to support aging society."

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