Big in Japan: Why it sucks to have US dollars

by Matthew Firestone on

In case you haven’t heard, it seems as if the United States is rapidly sliding into a recession…

Then again, if you believe all of the buzz in the headlines as of recent, it seems that the US government is doing everything possible to prevent this from happening.

Of course, while the recent surge in the stock markets and the remarkable buyout of Bear Stearns are certainly good signs that things are returning to normal, not everyone (including myself) is convinced.

I should preface today’s posting by saying that I’m certainly not an economist!

(In fact, I didn’t even learn how to write a check as of recent, and am something of the black sheep in a family of bankers.)

But, one thing I do know is that American ex-pats here in Japan are feeling the crunch where it hurts the most, namely in their rapidly shrinking wallets.

The daily peaks and valleys of the Forex currency exchange market certainly aren’t the most fascinating of travel topics.

However, it’s worth pointing out that the US dollar is presently at a 12 and a 1/2 year low against the Japanese yen.

And this, my faithful audience, is why it sucks to have US dollars…

In one of my very first posts on Gadling, I tried to dispel the myth that Tokyo is a prohibitively expensive city to live in, and even went as far as to argue that it’s a bargain compared to most American and European cities.

One of the main reasons is that for the last decade or so, there has been a favorable dollar-yen exchange rate that has allowed Americans like myself to enjoy a higher standard of living here than in most other major cities.

Indeed, I have been able to maintain a fairly posh apartment in a ritzy area of Tokyo for less than US$1000 a month, and can eat out most nights of the week for less than US$10-15 a meal.

Of course, the sad reality of the failing US economy hit close to home last week when the dollar slid as much as 3.0 percent.

At its lowest point, it hovered below 96.00 yen, its lowest since 1995, bringing year-to-date losses to more than 13 percent.

To put things into perspective, a few months ago the US dollar was trading at about 115 yen, though today this seems like little more than a fond and distant memory.

Now, as I said at the beginning of this posting, I am certainly not an economist, but you don’t have to be good with numbers to realize that your bank account is dropping quicker than normal.

Of course, there are plenty of people out there who see financial trends better than I do, and there are talks of the dollar trading as low as 75 yen in the months ahead.

So, when you’re filing your taxes this season, and you happen to get that handy little $600 rebate check from the government, think twice about spending it at Applebee’s.

After all, there are warning signs that all is not well on the financial horizon, and I can assure you that I’m not the only one crying wolf out here in Asia.

** All images courtesy of the WikiCommons Media Project **

Search is on for the happiest Singaporean

by Aaron Hotfelder on

I once heard that stress is “nothing more than a socially acceptable mental illness.” If that’s true, there must be a lot of mentally ill walking around Singapore.

A recent survey found that 90% of all Singaporeans consider themselves stressed out, despite (or perhaps because of) the city-state’s booming economy and material wealth.

Now, a search is under way for the happiest person in Singapore, with the winner receiving a free week’s stay at a resort in Phuket, Thailand. Shouldn’t that go to the most unhappy person?

Singaporeans can nominate any resident over 18 by explaining, in 300 to 1000 words, how their nominee contributes to society and is happy “no matter what life throws at them.” The winner will be announced April 4.

More here.

Check out my recent chat with happiness researcher Will Wilkinson here.

GADLING TAKE 5: Week of 3-21-2008

by Catherine Bodry on

Did you have a happy St. Patrick’s Day? While I didn’t get in to any shenanigans (for once, it seems), I was able to have a few pints with friends up in Anchorage. Though they weren’t perfectly-poured Guinnesses, they were locally brewed and likely tasted as good as Guinness in Ireland tastes. But there’s plenty of non-St. Paddy’s Day news this week at Gadling:

And here are some more fun posts to set your weekend off right: Aaron’s post on headlines from North Korea still makes me laugh; I’m curiously following the fate of squat toilets in Beijing (because I love squat toilets and think everyone should try them — I know, I’m a freak); and an Australian put his entire life on eBay.

A bathroom problem of “Olympic” proportions

by Jeremy Kressmann on

When I first saw the venue designs for this summer’s Olympic games in Beijing, I was quite impressed. The Chinese have pulled out all the stops to create several cutting-edge stadiums for the games, including the Beijing National Stadium designed by award-winning architects Herzog & de Meuron and the Beijing National Aquatics Center, which looks like a huge floating cube of water.

However, as the BBC reports, China may have spent a little too much money on those architecture fees. Prompted by frequent visitor complaints at test events, the Chinese are scrambling to replace traditional squat toilets at the venues with western-style “loos” for an expected 500,000 visitors. According to the BBC, who quotes Yao Hui, Deputy Head of Venue Management, “Most of the Chinese people are used to the squat toilet, but nowadays more and more people demand sit-down toilets.”

Gee, Yao, do you think? I have no problem adapting to a traditional squat toilet if I’m coming to visit China on my own, but perhaps when you have visitors coming from as many as 200 different nationalities you might want to standardize? I guess if you’re headed to this summer’s games in Beijing, make sure you bring your own toilet paper and maybe take a look at this for advice. Also take a look at this for more “traditional” background info on Beijing before your visit.

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The top 10 World’s Dirtiest Cities:


You’ll never guess what made the list!

Here is to Arthur C. Clarke. Here is to Sri Lanka.

by Iva Skoch on

I just read that Arthur C. Clarke died in Sri Lanka at the age of 90. He was, no doubt, one of the coolest guys out there. Not only was he a great writer, but he was a pioneer traveler, too.

Although he was British, he moved to Sri Lanka some 50 years ago because “he loved diving.” Honestly, how many 90-year-olds do you know today who could say that?

The photo is of Kirinda, Sri Lanka, a place Clarke put on the map when he used it as his base for his diving exploration in order to write his book ‘The Treasure of the Reef’. A particularly unique feature of the Great Basses is the light-house that was actually constructed on the reef in 1860, according to EcoTeam Sri Lanka.

Times online writes that “Clarke first visited Colombo, Sri Lanka (then called Ceylon) in December 1954. He moved there in 1956 and lived there ever since, pursuing an enthusiasm for underwater exploration along that coast and on the Great Barrier Reef. His fascination with diving led to him meeting his wife Marilyn Mayfield, whom he divorced ten years later. In 1998, his lifetime work was recognized when he was honored with a knighthood – formally conferred by Prince Charles in Sri Lanka two years later.”

Marking his “90th orbit of the Sun” in December, the author said that he did not feel “a day over 89” and made three birthday wishes: for ET to call, for man to kick his oil habit and for peace in Sri Lanka. Arthur, you are cool!