theTokyoBill Japan news brief

theTokyoBill Japan news brief, October 18 2024

In this episode: 2024 foreign visitor spending already surpasses all of 2023; Low-fee remittance firm Wise gains access to Japan’s clearing network; BandaiNamco hoping for staff reductions following game cancellations; PM Ishiba ruffles feathers over Yasukuni offering; Multiple arrests, police still seek gang leadership

Duration:: 4m
Broadcast on:: 18 Oct 2024
Audio Format:: other

A short (3-5 min.) English language news brief; stories from in and around Japan.

Music is Motivate by Wavecont, care of Pixabay.com.

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[Music] Welcome to the Tokyo Bill, a short news brief on recent events in and around Japan. Foreign visitors spending in Japan reached 5.8 trillion yen or nearly 40 billion dollars in the first 9 months of 2024, surpassing the 2023 record. This was driven by a 55% increase in the number of tourists reaching 27 million so far. The tourism boom is attributed to the yen's depreciation and the popularity of Japan's subcultures. In the July/September quarter, travel-related expenses totaled 1.9 trillion yen. South Korea, China, Taiwan, and the United States were the top countries for visitors to Japan in September. British FinTech firm Wise has become the first foreign financial company to gain direct access to Japan's bank payment clearing network, potentially disrupting traditional banks in the competitive remittance market. Fees for cross-border payments from Japan are high, making this move significant. Wise is known for its low fees and fast processing times, and its global average fee for cross-border transactions is 0.59%. The company has seen significant growth in both personal and business customers in Japan by 35%. Japanese game company Bandai Namco is reportedly facing staff reductions and canceling projects, including one for Nintendo. The company has allegedly been sending employees to "expulsion rooms" with nothing to do, possibly pressuring them to resign. Leaving workers in limbo without work or assigning them with non-essential work is a commonplace method in Japan to encourage quitting labor protection laws, making it very difficult to affect layoffs or firings. This comes following the cancellation of several games due to low demand, causing financial losses. Bandai Namco denied pressuring staff to leave voluntarily, but confirmed game cancellations and stated that its employees are waiting for new projects. On Thursday, Japanese Prime Minister Shigeru Ishiba sent a ritual Masakaki Tree as an offering to Tokyo's Yasukuni Shrine. This action drew criticism from South Korea and China, with the shrine seen as a symbol of Japan's militaristic past. Ishiba's office stated that it was his first time making such an offering. South Korea expressed deep disappointment and regret, while China urged Tokyo to reflect on its history of aggression and be cautious in its actions regarding the shrine and other historical issues. Japan's political leaders often pay respect to ancestors at Yasukuni Shrine, which include wartime leaders convicted as war criminals. Japanese police have arrested about 30 individuals connected to a series of robberies in and around Tokyo. The suspects were recruited and instructed through social media. The joint investigation by police forces from Tokyo and surrounding prefectures was launched following a string of robberies targeting private homes. These incidents involved the use of messaging app accounts to direct perpetrators attracted to offers of part-time work. One robbery victim was found bound up and beaten to death in Yokohama, and another resident was found confined inside Tama Prefecture. The police are investigating possible links to other cases and are wary of similar incidents orchestrated by crime ring leaders based in the Philippines. This has been the Tokyo Bill. These stories and more you can read at TheTokyoBill.com, I've been and remain Tokyo Bill. Thank you for listening, and take care. [Music]