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J-REIT: Notice Concerning Issuance of Investment Corporation Bonds- AEON REIT

Nov 19, 2018
byInvestment in Japan

J-REIT>AEON REIT's announcementAEON REIT Investment Corporation (the “Investment Corporation”) plans to issue investment corporation bonds based on the comprehensive resolution of its Board of Directors on the issuance of investment corporation bonds announced in “Notice Concerning Comprehensive Resolution on Issuance of Investment Corporation Bonds” dated October 24, 2018, and the shelf registration statement dated August 25, 2017 (including subsequent amendments) and hereby announces that today, the Investment Corporation submitted the amended shelf registration statement to the Director-General of Kanto Local Finance Bureau. 

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Noriyuki Morimoto's Blog

In the past, money had a say in Japanese companies.

Nov 19, 2018
byNoriyuki Morimoto

Money can have more influence than its actual amount. A key practice of the HR department in traditional Japanese companies was to make small amounts meaningful. In other words, by devising various ways of payment based on expense items (e.g. allowances), timing (e.g. advance payment, belayed payment), method (e.g. directly handing cash), form (e.g. provision of environment, provision in kind, treasury stock), they could expect to generate an oversized or additional effect. In hardboiled novels, when a detective pulls out information from someone like a bartender, he would often flicker bank notes while skillfully playing the phycology of his counterpart. This method would definitely not work with just the promise of paying. It is essential to show the cash for it to work. What moves people is not the amount, but the bank notes in front of them. This is a typical case in which money has a say. In the past, there was the case of paying bonuses in cash. There was the idea that even when monthly salaries were paid via bank transfer, bonuses have to be handed in cash for them to bear meaning. Moreover, companies would gather all of their employees and hand the cash over to each person, in front of everyone. It is clear that this ceremony carried more meaning than the actual amount. Apart from money, there was the case of apartments for government employees. They still exist, and are probably called civil servant housing nowadays. The apartments are quite stately, and moreover, despite being in a good location, the rent is inexplicably cheap: it was a very advantageous in-kind benefit. This was possibly due to the special nature of the bureaucratic career, where workers could be relocated to anywhere in the country at short intervals, and also circumstances of housing in the past. But it seems that an even stronger aspect was to symbolize the prestigious position of bureaucrats. For bureaucrats working in Hokkaido, cold weather allowances were provided. I do not know whether it still exists. This allowance was intended to compensate for increased heating expenses, but it seems to have represented a feeling of consolation for hard circumstances. Speaking of comfort, there might be the same aspect in severance pay. In modern enterprises in the global economy, will money not say things as well? Maybe we should give money a say.

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Recent News

J-REIT: Notice Concerning Disposition of Property (Solala Plaza)

Nov 15, 2018
byInvestment in Japan

J-REIT>Kenedix Retail REIT's announcement①Kenedix Retail REIT Corporation (“KRR”) announced today that Kenedix Real Estate Fund Management, Inc. (“the Asset Manager”), the asset manager for KRR, has decided to dispose the following property as follows. The buyer is defined as a related party both in the Investment Trusts and Investment Corporations Law (“the Investment Trust Law”) and in the Retail REIT Division Related-party Transactions Rules. >Kenedix Retail REIT's announcement②Kenedix Retail REIT Corporation (“KRR”) corrects a part of the press release “Notice Concerning Disposition of Property (Solala Plaza)” dated November 14, 2018.

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Recent News

J-REIT: Notice Concerning Property Acquisition-Nomura Real Estate Master Fund

Nov 14, 2018
byInvestment in Japan

J-REIT>Nomura  Real Estate Master Fund's announcementNomura Real Estate Master Fund, Inc. ("NMF" or the "Fund") announced the decision made today by Nomura Real Estate Asset Management Co., Ltd. (the "Asset Management Company"), a licensed investment trust management company retained by the Fund to provide asset management services, that it will acquire the assets (the "Acquisition").

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Recent News

Today's Pick

Nov 14, 2018
byAkane Hashimoto

Activist funds jump 50% to hit record levels in Japan"Funds agitating for change at Japanese companies include global names such as Oasis Management, Third Point, Elliott Management and Argyle Street." All about ToshibaToshiba buys back ¥120.8 billion worth of its own shares"Toshiba paid ¥3,635, the closing price Monday, per share in off-hour trading before the market reopened.They should have had a chance to buyback at a lower price."UK nuclear power station plans scrapped as Toshiba pulls out"Toshiba said it would take a 18.8bn Japanese yen (£125m) hit from closing its NuGeneration subsidiary"Toshiba to take more than $800m loss to exit US LNG business BusinessSoftBank Targets $20 Billion IPO for Japanese Mobile UnitAQR Capital Management to Offer Investment Solutions and Services in Japan EconomyFinancial assets at households average ¥11.51 million 

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Recent News

J-REIT:Notice Concerning a Plan of Corporate Bonds Issuance -AEON REIT

Nov 12, 2018
byInvestment in Japan

J-REIT>AEON REIT's announcementAEON REIT Investment Corporation (the “Investment Corporation”) plans to issue investment corporation bonds based on the comprehensive resolution of its Board of Directors on the issuance of investment corporation bonds announced in “Notice Concerning Comprehensive Resolution on Issuance of Investment Corporation Bonds” dated October 24, 2018, and the shelf registration statement dated August 25, 2017 (including subsequent amendments) and hereby announces that today, the Investment Corporation submitted the amended shelf registration statement to the Director-General of Kanto Local Finance Bureau.

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Recent News

J-REIT: Hankyu Hanshin REIT's announcement

Nov 09, 2018
byInvestment in Japan

J-REIT>Hankyu Hanshin REIT's announcement①Hankyu Hanshin REIT, Inc. (hereafter “Hankyu Hanshin REIT”) hereby announces resolution on issuance of new investment units and secondary offering for investment units was made at its Executive Meeting held on November 8, 2018. >Hankyu Hanshin REIT's announcement②Hankyu Hanshin REIT, Inc. (hereafter “Hankyu Hanshin REIT”) hereby notifies that Hankyu Hanshin REIT Asset Management, Inc., the asset management company that Hankyu Hanshin REIT has selected to manage its assets (hereafter the “Asset Management Company”), today decided to make the following acquisition, commencement of leasing and transfer of assets... >Hankyu Hanshin REIIT's announcement③Hankyu Hanshin REIT, Inc. (hereafter “Hankyu Hanshin REIT”) announces its decision made today to undertake debt financing (hereafter “Debt Financing”)

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Recent News

Today's Pick

Nov 07, 2018
byAkane Hashimoto

Why Pressure in Japan Is Undercutting Shares of U.S. Real-Estate Companies"Market trend may be caused by distributors, not final investors."China, Japan sign MOU on cooperation of securities market"Could be an interesting collaboration."Goldman Sachs to launch online retail bank Marcus in Japan"Technology should open up services to small transactions." Recent NewsEconomyJapan-EU trade deal clears hurdle for ’19 startFirms cut profit outlook on worries about trade tensions Policy(BOJ)BOJ minutes show worry over side effects of easingJapan needs China's business and pacified US-China relationsExclusive: BOJ eyes tweaks to bond-buying program, but won't rush changes - sources BusinessBoom In Japanese M&A Deals

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Recent News

J-REIT: Notice Concerning Sale of Investment Asset (COMFORIA MINAMIAOYAMA DEUX)

Nov 06, 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 sell the investment asset. (hereafter referred to as the “Sale”).

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Noriyuki Morimoto's Blog

Okinawa and Stamp Speculation

Nov 05, 2018
byNoriyuki Morimoto

There is a strange book with the title meaning The Guide to Make Money with Stamps. It was issued on November 1, 1964 by a company called Kitte Keizaisha (the Stamp Economy Company). The content is nothing of significance. If this book is to be meaningful today, it is not in the content, but in the issue year of 1964. Needless to say, this was the year of the Tokyo Olympic Games. This book opens from both sides. Opening from the back cover, there is the "1965 version stamp investment catalog", with photos of stamps and their prices. For example, the Ukiyo-e series "Mikaeri " is 2000 yen. 2000 yen in 1964 is extremely expensive. This part is called the investment catalog because of its evaluation of "investment value" for each stamp. The investment value of “Mikaeri” ranks the highest, with "triple circles", something like a three-star evaluation. Its definition is "Active buying, high popularity, shortage of stock, price has been rising but will definitely keep going up, should purchase even when found higher than the market price.” Now, when you look at online sites that sell stamps, apparently "Mikaeri" costs about 10,000 yen if it is in good condition. It seems that it was right to give it a three-star. However, looking at the whole picture, while there have been some price increases, others including Olympic stamps are lowering their value significantly. It seems that “Mikaeri” was rather an exception. Actually, in the period from the 1964 Olympic year to the 1972 return of Okinawa to Japan, there was what can be called a stamp boom, stamp bubble, or stamp speculation, which chased the price increase of commemorative stamps. This is the background of the publication of The Guide to Make Money with Stamps. And after the return of Okinawa, the bubble burst. Why did the return of Okinawa matter to stamps? Due to its return to the mainland, the Ryukyus government postal authority was to discontinue the issuance of stamps. This perceived rarity of Okinawan stamps was the reason for the inflow of speculative funds, which caused the Okinawa stamp bubble. One interesting thing is that one of the speculators that set up Okinawa stamp buyers was Kitte Keizaisha, the publisher of The Guide to Make Money with Stamps. This company apparently went bankrupt in June 1973 when the bubble burst.

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Recent News

INCJ to invest in BeeEdge Co., Ltd. Corporate start up studio to simultaneously launch new business based on business ideas/technologies unutilized within a large company

Nov 02, 2018
byInvestment in Japan

Private Equity in Japan>INCJ's announcementTokyo, November 1, 2018 - INCJ Ltd. ('INCJ') announced today its decision to make an investment of up to JPY 1 billion in BeeEdge Co., Ltd. (BeeEdge), and the completion of JPY 383 million as a milestone investment, to support the company's business development.

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Recent News

Today's Pick

Oct 31, 2018
byAkane Hashimoto

Why Pressure in Japan Is Undercutting Shares of U.S. Real-Estate Companies"Market trend may be caused by distributors, not final investors."China, Japan sign MOU on cooperation of securities market"Could be an interesting collaboration."Goldman Sachs to launch online retail bank Marcus in Japan"Technology should open up services to small transactions." Policy (BOJ)Japan needs China's business and pacified US-China relationsExclusive: BOJ eyes tweaks to bond-buying program, but won't rush changes - sources

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