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Japanese developer to pay $445 million for 2.5-acre downtown Tokyo pad

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Just when you thought there was no more commercial land left on which to build in Downtown Tokyo, here comes Japan Prime Realty Investment Corp. with an announcement of a planned 47 story, 2.13 million square-foot office complex on a little more than 2.5 acres. The planned project is the most ambitious of its kind in Tokyo over the last five years, according to recent economic announcements from private and government sources. Tokyo's depressed economy has not lent itself to large commercial, residential or luxury resort development. For the 118,777-square-foot pad itself, Japan Prime will pay $445 million or about $3,746 per square foot. (worldpropertychannel.com)

Cherry blossom festivals a rite of spring

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It was a simple ceremony on the northern bank of Washington's Tidal Basin, attended by only a few people. First lady Helen Taft and Viscountess Chinda, wife of the Japanese ambassador to the United States, planted two Yoshino cherry trees, part of a gift of 3,000 cherry trees from Japan to the United States. One hundred years later, those two trees -- still standing -- and thousands more will be at the center of Washington's annual National Cherry Blossom Festival, starting March 20 and continuing through April 27. Diplomats still honor the friendship symbolized by the gift of the cherry trees. At press conference Thursday, Kazuhide Ishikawa, the charge d'affaires of the Embassy of Japan, emphasized his country's commitment to "deepening our bond and friendship for another 100 years." (CNN)

Japan says possible all reactors shut this summer

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It is possible none of Japan's nuclear reactors, all but two of which were shut down after last year's Fukushima disaster, will be up and running this summer when electricity demand peaks, the trade minister said on Thursday. Only two of 54 reactors are still operating amid safety concerns after the March 11 earthquake and tsunami triggered a radiation crisis at Tokyo Electric Power Co's Fukushima Daiichi nuclear plant, leading to widespread contamination and mass evacuations. (Reuters)

Ousted Woodford launches Olympus lawsuit

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Michael Woodford, the ousted Olympus chief executive who blew the whistle on one of Japan's most high-profile frauds, vowed he would hold his former employer to account as he kicked off his legal battle for wrongful dismissal in London on Thursday. "I found wrongdoing, I raised that wrongdoing and for doing that I was dismissed ... in a way in which I'll never forget," he told a small throng of reporters gathered outside the tribunal building in east London.

"(I was) thrown out of my apartment and told to get the bus to the airport. We now know why ... I'm looking today to hold Olympus to account." (Reuters)

Fiery Nara festival promises to spark some good luck for its visitors

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Shuni-e, a ceremony consisting of a series of rituals that have celebrated the coming of spring for over 1,000 years, will take place at Nara's Todai-ji Temple this month. The rituals are performed to bring good fortune to all of those who visit. During the two-week-long event, the Otaimatsu (fire ceremony) will be performed. Visitors gather in the temple's Nigatsu-do Hall after sunset and wait for a priest to emerge on the balcony above. The priest then holds out torches over the crowd, who touch the sparks that fall from those torches to receive good luck. On the final day, the last ritual to take place is the Omizutori (water ceremony). The temple's priest draws water from a well in the temple that only fills up during this time of year and passes it to visitors. (Japan Times)

Doll displays celebrate Japan's girls

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Japanese families have traditionally used dolls to decorate their homes ahead of March 3 Girls' Day celebrations. Known as the hina matsuri (doll festival) it's a time to pray for the health and welfare of the nation's daughters. If you don't have hina dolls in your home, don't worry. You can still take part in the tradition if you head out to Konosu, Saitama Prefecture. Konosu, which has a history as a doll-making center that dates back to the Edo Period (1603-1867), vows to impress visitors with its gigantic set made up of a 31-step, red-carpeted staircase decked with 1,807 traditional ornamental dolls. (Japan Times)

Visa problem makes separation from kids even worse

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For some foreign parents who have been separated from their children due to divorce from their Japanese spouses, the expiration of their spousal visa makes matters worse as intervention by immigration officials can easily sever their ties with their kids. Supporters of these foreign parents say immigration authorities often view their visitation rights as not being enough to permit their continued residence in the country and issue deportation orders, thereby depriving children of access to one of their parents. (Japan Times)

Better stalking measures needed

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Two murders in Nagasaki Prefecture in December 2011 show that the police are ineffective in preventing stalking-related crime. Police nationwide need to improve their methods for deterring stalkers, including how and when to share information with different police units. They should not forget that a stalker may attack relatives in addition to the targeted person. A 27-year-old man from Kuwana, Mie Prefecture, was arrested on Dec. 17 on suspicion of murdering a 56-year-old woman and a 77-year-old woman in Saikai, Nagasaki Prefecture, the day before. The victims turned out to be the mother and grandmother of a 27-year-old woman whom the suspect, Gota Tsutsui, had repeatedly stalked. She had lived in Chiba Prefecture but returned to Nagasaki Prefecture in late October. (Japan Times)

AIJ likely lost pension funds trading futures

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AIJ Investment Advisors Co. used clients' corporate pension money to conduct futures trading in Japan, after first transferring the money to the Cayman Islands and Hong Kong, sources said. The details offer clues on how the suspended asset manager allegedly burned through most of what is now believed to be ¥210 billion entrusted to it by 84 employee pension funds covering more than 880,000 people as of the end of 2011. In a related development Thursday, the Health, Labor and Welfare Ministry published the names of 36 of the 84 corporate pension funds damaged by AIJ after they agreed to be publicly identified. (Japan Times)

Golf: Slow golfers to receive yellow cards

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The Japan LPGA Tour has decided to use soccer-like yellow cards for slow play to avoid confusion caused by verbal warnings. "Slow play has been a big issue in recent years, and we concluded it's better to show a yellow card for problematic slow play than to explain," Yoko Ema, tour official in charge of rules and scoring, told a press conference Thursday at Ryukyu Golf Club in Okinawa Prefecture, the venue for the season-opening Daikin Orchid Ladies. (Japan Times)

Silence! Japanese researchers build speech-jamming gun

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Meet the SpeechJammer, a disturbing piece of gadgetry that can remotely stop a person from talking. A pair of Japanese researchers have create a solution to a problem we didn't even know existed: People talking too loudly, for too long, or out of turn. Their answer - a "gun" that silences the person speaking. Dubbed the "SpeechJammer," this unique device, created by Kazutaka Kurihara of the National Institute of Advanced Industrial Science and Technology, and Koji Tsukada of Ochanomizu University, uses a directional microphone to record the person speaking. (digitaltrends.com)

Toshiba ex-staff suspected of embezzling 700 million yen

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A former female employee of a subsidiary of Toshiba Corp. is suspected to have embezzled about 700 million yen by making fake orders worth more than 1 billion yen over more than 10 years, it was learned Thursday. The former female employee, 57, of Toshiba Lighting & Technology Corp., a Yokosuka, Kanagawa Prefecture-based subsidiary of Toshiba Corp., was fired in June last year as punishment. The subsidiary, fully owned by Toshiba, has already filed a criminal complaint against the former employee with the Yokohama District Public Prosecutors Office, as it believes her actions constituted a breach of trust, according to informed sources. (Yomiuri)

Japan spending down as deflation persists

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Japanese unemployment inched up and household spending fell more sharply than expected in January, latest government data showed, but analysts said the nation's economic recovery was still on track. Figures from the internal affairs ministry showed the unemployment rate crept up to 4.6 percent in January from a revised 4.5 percent in the previous month while household spending dropped by 2.3 percent year-on-year.

The inflation-adjusted fall in spending was far bigger than the 0.8 percent dip economists had expected. However, analysts said the figures did not indicate Japan's economic recovery was in trouble because they were more than offset by upbeat production figures earlier in the week. (AFP)

Japan and China brace for confrontation in the East China sea

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Japan and China may face a serious conflict in the East China Sea. A Chinese ship came close to a Japanese research vessel in a disputable zone and demanded to stop studying the sea bottom in the Chinese territorial waters. Japan responded to Beijing with a strong protest. Sharp exchange of diplomatic notes was not the end of the story. Another Beijing's demand to Tokyo to stop marine research was met by the Japan Cabinet's order broadening powers of the coast guard. Presently Japanese ships are entitled to make arrests of suspicious foreign ships in their territorial waters and investigate property damage at remote islands. Within the last year Chinese ships came dangerously close to Japanese research vessels four times, threatening collision in the East China Sea. (ruvr.ru)

Man held over fatal stabbing in Tokyo apartment

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Police on Friday arrested a 24-year-old man over the fatal stabbing of a man in his 20s in Tokyo's Shinjuku Ward on Thursday night. According to police, the victim was stabbed in the neck and stomach in his apartment in Takadanobaba at about 9 p.m., TV Asahi reported.

Police went to the apartment after a man called 110 reporting that a man might be dead at the apartment. Police arrived to find the victim bleeding but still alive. He was taken to hospital where he was pronounced dead a short time later. (Japan Today)


Japan pension fund bounces back with $7.6 bln profit

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Japan's public pension fund, the world's largest, posted a $7.6 billion investment profit in October-December helped by good returns on foreign equities after suffering its worst performance in three years in the previous quarter. The Government Pension Investment Fund (GPIF), whose portfolio is nearly as big as Spain's economy, said its rate of return improved to positive 0.58 percent, or a profit of 618.7 billion yen. The fund, which needs to raise returns to help cover pensions for a rapidly ageing population, had total assets of 108.1 trillion yen ($1.33 trillion) at the end of December. (Reuters)

The man who floated out to sea on his house remembers the tragedy

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Nearly one year after he was rescued floating on the roof of his destroyed home 10 miles out to sea, Hiromitsu Shinkawa says all that he wants now is a peaceful life. Shinkawa, 61, moved to an apartment in the city of Kawasaki in August of last year to be closer to his daughter and 2-year-old grandson, but will be returning to the town of Minami Soma for the anniversary of the event that made his miraculous escape front-page news around the world.

When he was rescued by a passing warship on March 13 - 43 hours after he was swept out to sea by the retreating tsunami - Hiromitsu gulped down an energy drink and immediately burst into tears. "I thought today was the last day of my life," he told his rescuers. (telegraph.co.uk)

Evacuated Fukushima town becomes first to return home

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A town in Japan's nuclear-hit Fukushima region has become the first of nine communities evacuated during last year's crisis to return home. Officials from Hirono, located just outside the no-entry 12-mile exclusion zone surrounding Fukushima Daiichi nuclear power plant, have reopened its original town hall offices.

Hirono's local government offices, which were evacuated outside the region following last year's disaster, are the first in the region to return home, marking a significant step towards the renewal of Fukushima communities hit hard by the nuclear crisis. (telegraph.co.uk)

Japanese bank increases Aussie presence

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A large Japanese bank has opened an office in Australia this week to tap the local debt markets and in turn, giving Australian banks more access to the Japanese investors. SMBC Nikko Capital Markets, the UK-subsidiary of Japan-based Sumitomo Mitsui Bank and SMBC Nikko Securities opened its securities business in Sydney yesterday. "As Japanese investors continue to seek investment opportunities in Australia, SMBC Nikko Capital Markets has established an office in Sydney to service local financial institutions and other frequent borrowers looking to diversify their funding sources and access the Japanese market," the company said in a statement. (Sydney Morning Herald)

AIJ suspension to be 'Livedoor moment' for Japan pension funds, GFIA says

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Japanese pension funds may shun smaller hedge funds in favor of larger ones after the suspension of AIJ Investment Advisors Co. by the nation's regulator for possibly losing clients' money, according to GFIA Pte. AIJ was suspended on Feb. 24 by Japan's financial regulator after it couldn't account for all of the 185.3 billion yen ($2.3 billion) it managed for clients as of March 2011. Japanese pensions including those representing unions were among clients that had money with AIJ, which hasn't been accused of wrongdoing. The suspension of AIJ that sparked the biggest investigation in the history of Japan's fund industry resembles the impact on the hedge fund industry after executives at Internet provider Livedoor Co. were arrested in 2006 for fabricating profits, according to a client report by GFIA, which advises investors seeking to allocate money to hedge funds. (Bloomberg)
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