Golden Toilet Symbolizes Era of Excess

Feb 24, 2024 | News On Japan

TOKYO - As the Nikkei reaches historic highs, investors are reminiscent of the last time the market reached such dizzy heights in 1989, the end of an era as Heisei began, marked by the emergence of the Recruit scandal, considered the largest corruption scandal in the post-war era, leading to the formation of a new government led by Prime Minister Takeshita.

It was the peak of the bubble economy, where everyone, not just in stocks, seemed to be flourishing. One of the iconic symbols of that era was the appearance of gold toilets, a sign of excess wealth.

In the Tokai region, attention was drawn to a company that even built a disco for its employees. Metec, a company that grew through the dispatch of technicians, made headlines with its president at the time, who surprised society with innovative ideas. However, looking back, one might wonder if they went too far. During the bubble era, doing something modest wouldn't excite young people, so every day was filled with extravagant ideas.

A luxurious Bugatti, displayed inside a car showroom designed by a famous designer, cost a staggering ¥2.4 billion, and a Ferrari could be bought by teenagers and lent to others for a ride. They didn't think much about spending ¥10,000, treating it more like ¥1,000.

Platinum Plating Industry, which manufactures automobile bumpers and door handles, employs about 220 people and supplies parts to Toyota Group, among others. The company experienced a significant drop in production and sales due to the impact of the corona crisis, but it has since recovered. Sales of automobile parts are strong, but there are concerns, such as Toyota and Daihatsu's suspension of shipments. Foreign investors find Japanese stocks more attractive, but the rapid rise is not felt by everyone.

The gap in wealth is likely widening, with only the wealthy and individual investors benefiting, while ordinary salaried workers who only invest in savings accounts are likely to see few benefits from the rising stock prices, possibly widening the wealth gap.

Source: NEWS ONE

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