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 **

Big in Japan: White Day is the opposite of Valentine’s Day

by Matthew Firestone on

To Western eyes, there’s no shortage of unusual Japanese festivals that have little to no equivalent in our society.

Indeed, the first time I started throwing dried rice around the house in order to ward away evil spirits, I couldn’t help but feel like I was wasting food.

(Then again, you can imagine the reaction most Japanese people have when they see us Westerners carving up a perfectly edible pumpkin on Halloween!).

Anyway, last month was Valentine’s Day, a chocolate-fueled holiday dedicated to everlasting love (or at least intense sugar-highs).

While this Hallmark holiday has swept around the world, from London to Sydney and Buenos Aires to Cape Town, Valentine’s Day in Japan is just a bit different.

While Western women expect their significant others to reward their devotion with flowers, candy, jewelry and/or expensive dinners, in Japan, Valentine’s Day is a man’s holiday.

Yes – that’s right! On Valentine’s Day in Japan, men expect their significant others to reward their devotions with chocolate, expensive dinners and/or a six pack of lager.

But, fret not ladies as today is March 14th, which is otherwise known as White Day in Japan.

And, assuming you haven’t broken up with your man since February, today you can expect your generosity to be repaid three-fold!

White Day (ホワイトデー, howaito dē), which was created in Japan in 1980, is somewhat akin to the American version of Valentine’s Day, though it’s celebrated exactly one month after the fact.

While few women in the West have any reason to mark March 14th on their calendars, this seemingly innocent day is unforgettable in Asia.

In fact, the concept of White Day has spread throughout Korea, China, Taiwan and Hong Kong in recent years, and is being applauded as a way of turning the tables on sexism.

While women in Asia have long been snubbed on Valentine’s Day, Japanese females are quick to cite the right of sanbai kaeshi (三倍返し), which literally translates to thrice the return.

So, if you gave your man a box of $25 chocolates on Valentine’s Day, this rule dictates that the return gift should at least $75 or even more.

Then again, as this is the age of women’s liberation here in Japan, it shouldn’t come as surprise that the right of juubai kaeshi (十倍返し) or ten-times the return is becoming more the norm.

So where exactly does White Day come from?

Well, the romantic story is that the holiday began in 1965 when a marshmallow maker started marketing to men.

His unique pitch was that men should pay back the women who gave them chocolate and other gifts with fluffy, white marshmallows.

Of course, the reality is probably a bit more monetary in scope.

In the 1970s, confectionery companies realized that they could capitalize on such a tradition, and began marketing white chocolate.

Soon after, other companies jumped on the consumer bandwagon, and started advertising everything from white gold to white-lace lingerie.

History aside, today is White Day in Japan…

So, if you’re living over here in the Land of the Rising Sun, and there is a significant other in your life, might I suggest a quick run to the candy store.

After all, the consequences for missing White Day are just to brutal and gruesome to depict here.

** Image are courtesy of the WikiCommons media project. **

Big in Japan: Sisters hide billions of yen in their tool shed

by Matthew Firestone on

Today in Japan, the tabloids are buzzing with the latest news of two sisters from the city of Osaka, who were arrested yesterday after hiding US$58 million from the tax man.

Now, I know you’re probably thinking to yourselves: “Did they hide all of that money under the mattress?’

Good question, but they actually kept all of the money in cardboard boxes and paper bags that were stowed away in a shed attached to their house!

Awesome.

According to prosecutors, the two sisters in question, Hatsue Shimizu and Yoshiko Ishii, inherited about 7.5 billion yen (or US$73 million) when their father, who owned a property and finance company, died in 2004.

In Japan, inheritance tax can take a serious chunk out of your assets, and this dastardly duo wasn’t about to lose their hard-earned money to the government.

So, rather than losing an estimated 2.86 billion yen (or US$28 million) of their newfound fortune, the free-thinking pair simply declared a small amount and stashed the rest.

Again, awesome.

So how will the story end? Keep on reading to find out!

Needless to say, governments tends to notice when wealthy businessmen die, especially when they’re considered to be industry leaders and property moguls.

So, the Japanese government wasn’t about to just sit pretty when their cut of the wealth never trickled back to them in the form of taxes.

It what must have been an amazing raid to witness – Japanese police officers stormed the home of these two little old ladies, and proceeded to tear the place apart.

The Osaka taxation bureau had previously made a list of ten possible locations where the money was stashed, but they weren’t prepared for the spectacle that unfolded.

In fact, not only was most of the money lying in a tool shed, but it was actually neatly arranged in plastic bags that were packed into cardboard boxes.

According to one tax official, “We have confiscated somewhere around 50 cardboard boxes.”

Indeed, this makes for some great visual journalism. For those of you without Japanese TV stations, think two sobbing old ladies, and a line of police officers hauling away boxes upon boxes of cold hard cash.

Anyway, let me be the first person to applaud these two women as you can’t help but feel sorry for them, especially since they’re bound to lose all of the money and face prison time.

Of course, if I was planning to skip out on inheritance tax, I’d like to imagine that I’d investigate somewhat more legit options, like a bank account in the Caymans, or at least a buried treasure chest.

But, I guess there’s nothing wrong with the tool shed method, assuming of course that your neighbor doesn’t need to borrow your hedge trimmers.

So, I guess this of course brings up my question for day: if you had millions and millions of dollars lying around, and weren’t too keen on paying taxes, where would you hide it?

** By the way, if the IRS is reading this, I filed my 2007 tax return on time, so no worries! **

What strange things have been found on planes?


Click the image to read the bizarre story…

Big in Japan: Zen and the art of ramen appreciation

by Matthew Firestone on

I love ramen…

For some, it’s the marbled fat and delicate color of farm-raised Kobe beef. For others, it’s the delicate flesh and buttery taste of wild salmon.

For me however, it’s got to be ramen, Nature’s most perfect food.

Although I’ve spent several years living in Tokyo, for some strange reason I never had the privilege of dining at Ippudo (?????), a world famous chain of ramen noodle shops.

Originating in the city of Hakata (????) on the island of Kyushu, Ippudo pays homage to its roots by serving up some of the best damn Hakata-style ramen on the planet.

Hakata ramen is distinguished by its rich and milky pork-bone broth, thin noodles and unique toppings such as pickled ginger, crushed sesame and pickled greens.

So how good is Ippudo you ask?

Put it this way – one doesn’t merely jump right into a bowl of Ippudo’s signature Hakata ramen.

On the contrary, it must first appreciated and respected before even a single slurp of soup and noodle can be savored.

So, without further adieu, I present to you today Zen and the art of ramen appreciation.

Upon arriving at the table, don’t lose face in front of the chef by diving into the bowl like an uncouth barbarian.

Instead, take a moment to appreciate the immaculate presentation, the intoxicating aroma and the beauty of the meal before you.

Ippudo ramen is best served up with a dollop of fiery red miso paste and a squirt of black sesame oil.

However, don’t let these culinary flourishes distract you from the heart and soul of the meal, namely the honorable pig that gave up its life for your dining pleasure.

Indeed, the fat from the humble pig comprises much of the bulk of the broth, while cuts of tenderloin float delicately on the surface like sakura petals on a still pond.

Next, use your chopsticks in a precise and exacting manner to explore the delicate coil of noodles that lie in waiting beneath the surface of the broth.

At Ippudo, these handmade noodles are thin yet resilient, and are expertly crafted to capture globules of rich fat and flavorful broth.

By this point, your mouth is salivating and your stomach is growling, so give a polite bow to the chef and say a small prayer for the pig.

Now that the appropriate amount of respect has been given, dive right into what will most likely be the most heavenly bowl of ramen you’ve ever tasted.

And of course, don’t forget to slurp your noodles – not only is it polite, but it also enhances the flavor!

Ippudo has several locations in Tokyo, though I tend to frequent the one on Meiji-dori in Hiroo-go-chome. If you happen to see a fellow gaijin noodle lover there, be sure to say hi.

** Special thanks to my fellow diner and all-around partner in crime, Will-san, who understands whole-heartedly that no two bowls of ramen are ever created equal **

Japan: A Post-Car Society

by Iva Skoch on

A post-car society might actually exist? I would love that!

Too bad it is so far from my own back yard, where people obsess about their cars to the point where they actually honestly believe that your choice of car accurately reveals your character. (Sorry, Honda drivers, you apparently have none.) What about the character of all the people in Japan who don’t have cars? God bless them.

In this article, Newsweek called the gadget-crazy Japanese as people who look down at owning a car as “so 20th century.” Apparently, the automobile is losing its emotional appeal in Japan. Sales fell 7 percent in 2006, if you don’t count the minicar market. It is about time the automobile lost its emotional appeal, if you ask me. Mind you, I don’t mind cars, but I really despise the whole concept of car culture and what it has done to large chunks of the world.

Matthew could surely speak more coherently about this trend in Japan, but I am just here to tell you that the end of car culture might be closer than we think.