Tokyo Disney shackled by COVID as leisure industry struggles
Oriental Land reported a 28.7 billion yen ($276 million) net loss for the April-December period, down from a year-earlier net profit of 70.9 billion yen. Revenue was on track to a recovery until Japan's recent spike in COVID-19 cases prompted new business restrictions.
Sales tumbled 65% on the year to 137.1 billion yen for the nine-month period. The operator of Tokyo Disneyland, Tokyo DisneySea and several hotels retained its full-year forecast for a 51.1 billion net loss.
For the October-December quarter, the company logged a net profit of 1.3 billion yen, its first in four quarters. Capacity was increased during the preceding quarter, while Oriental Land's hotels logged a smaller decline in guests thanks to Japan's tourism campaign. Fixed costs also were slashed.
But under the coronavirus state of emergency declared this month for the Tokyo area, Oriental Land has cut theme park hours and, per government request, limited daily attendance to 10,000 guests -- around 10% of pre-pandemic levels. Its capacity was 40,000 people in December.
"We were just about to raise our capacity, and the new restrictions are dealing a serious blow," a senior executive said.
Oriental Land plans to curb repair and event costs and continue tapping employment protection subsidies. The company held 286 billion yen in cash as of Dec. 31, and has yet to use a 200 billion yen line of credit or a 100 billion yen bond issuance quota. Financing remains available, but the company's upcoming park expansion will require substantial investments.
- Nikkei
Why only 1% of Japan's soy sauce is made this way
Business Insider - May 21
It can take 4 years to make one batch of barrel-aged soy sauce. The natural fermentation process was the norm in Japan for centuries, but when industrialization swept the nation, almost all the country's wooden barrels were replaced with steel ones.
Naomi Koshi Is elevating women in Japan's corporate world
TIME - May 21
Naomi Koshi remembers handing out flyers outside a train station during her second mayoral campaign in 2016, when an older man walked up to her and said, “You are too strong for a woman,” and kicked her.
Japan inflation hits seven year high in April
RTE - May 20
Japan's core consumer prices posted their biggest jump in seven years in April, official data showed today, as global commodity prices soared and the yen slumped against the dollar.
Japan notches trade deficit as imports surge on energy costs
marketwatch.com - May 19
TOKYO — Japan recorded a trade deficit in April as its imports ballooned 28% due to soaring energy costs and the yen’s weakness against the dollar.
Will Japan's Casino Resorts Be Able to Combat Money Laundering?
newsonjapan.com - May 19
Japan is planning to open its first casino on 'Dream Island.'
Toyota and Nissan models are only compatible with low-output chargers
Nikkei - May 18
Hyundai Motor's latest electric vehicle that hit the Japanese market this month can travel 220 km on a five-minute charge, a far cry from the lengthy charging Japanese EVs require using low-output chargers.
Japan's Jan.-Mar. GDP contracts annualized 1.0 percent
NHK - May 18
Japan's gross domestic product contracted an annualized 1.0 percent in real terms from January to March, compared to the previous quarter.
Japanese tatami mats, a home-grown tradition
CBS Sunday Morning - May 17
In Japan, grass-and-straw tatami mats – once a privilege reserved for the elite – have been a key feature of home design since the Middle Ages, crafted by gifted artisans. But now, with cheap knockoffs and changing lifestyles, the industry is at a crossroads.
Suntory hikes soft drink prices in Japan's latest taste of inflation
Nikkei - May 17
Suntory Beverage and Food, one of Japan's top sellers of soft drinks, will serve up its most wide-ranging price hike yet in a move expected to push rivals to follow suit in an industry squeezed by higher costs.
No chicken, no salami: Japanese eatery pulls items on shortages
Nikkei - May 17
Saizeriya, a Japan-based chain of family-style Italian restaurants, has discontinued certain dishes over supply chain disruptions abroad and is turning to domestic procurement of certain ingredients.
Tokyo court rules COVID-19 business order illegal
NHK - May 17
A Japanese court has ruled a local government broke the law by ordering a restaurant chain to shorten its business hours to curb the spread of the coronavirus.
How 'transitory' is Japanese inflation?
Nikkei - May 16
For over a year, the Federal Reserve insisted that the rise in U.S. inflation was "transitory," while evidence mounted to the contrary. It dropped the claim in November and the word is now a punchline for critics of the central bank, who say it should have acted to tame prices sooner.
Japan wholesale prices hit record 10% as energy costs soar
Business Times - May 16
Japan's wholesale prices in April jumped 10 per cent from the same month a year earlier, data showed on Monday (May 16), rising at a record rate as the Ukraine crisis and a weak yen pushed up the cost of energy and raw materials.
The history of Zen, from its roots in Buddhism to how the ancient religion became a capitalist darling
South China Morning Post - May 15
The term “Zen” has outgrown its origins as a sect of Buddhism, becoming an ubiquitous descriptor for design, lifestyle and even fashion, leaked from the East to the West and now prefixing a plethora of commodities, from “zen grey” paint to beauty products.
Classic Japanese audio brand Onkyo files for bankruptcy
Nikkei - May 14
Japanese audio equipment maker Onkyo Home Entertainment filed for bankruptcy at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million).
