Japan's Topix up 0.2 pct, property strong after BOJ rate cut

TOKYO, Oct 7 (Reuters) - Japan's Topix index inched up on
Thursday, supported by rises in property and financial shares
after the Bank of Japan's monetary easing this week, but gains
were capped by profit-taking and persistent strength in the yen.

Shares of banks and brokerages got a shot in the arm after
the central bank on Tuesday cut interest rates to virtually zero
and pledged to pump more funds into the struggling economy.

The BOJ also said it would set up a 5 trillion yen ($60
billion) fund to buy a wide range of assets including Japanese
real estate investment trusts (J-REITs) -- which has bolstered
property stocks.


"Market sentiment has been boosted since the BOJ took a big
step in dealing with deflation at home. Its plan to purchase
Japanese real estate investment trusts and exchange-traded funds
is having an impact," said Tsuyoshi Segawa, an equity strategist
at Mizuho Securities.

PROPERTY, FINANCIAL SHARES STRONG

Mitsubishi Estate (8802.T) rose 2.2 percent to 1,508 yen,
adding to gains of more than 4 percent made on Wednesday, and
Sumitomo Realty & Development (8830.T) climbed 1.7 percent to
1,873 yen, after jumping about 5 percent the previous day.

Erykah Badu Annie(Dont Wear No Panties)

Erykah Badu,
"she might not have no draws, but I bet she won't forget the hot sauce" lol, Funny title, sexy Gorgeous and so talented is Erykah Badu."feel the funk!"


Truly a Fly Funkadelic Soul Performance.

Japan property luring Asia's wealthy, says HSBC

The number of HSBC's (HSBA.L) wealthy Asian customers interested in buying Japanese real estate has doubled this year, the head of the bank's Japan private banking business said on Tuesday.

In doing so they are vying with the local rich, who have always had a penchant for land and buildings, for prime locations in Tokyo and other Japanese cities.

Luring them in to Japan's property market are signs of a rebound in real estate prices and a stable market that contrasts with more volatile markets elsewhere.

"They are looking for the really good pinpoint locations," Masahide Ohashi told Reuters in an interview for the Reuters Global Private Banking Summit in Tokyo.

Residential properties in particular are popular because there is no risk of losing a major tenant that may occupy several floors of a building, Ohashi said.

As foreigners pile into Japanese real estate, some of their local counterparts are spilling overseas in a bid to diversify their holdings out of poor-performing stocks at home and away from an overreliance on the yen, Ohashi said.

Popular alternatives, he added, are the U.S. dollar, followed by the euro and Australian dollar assets.

That trend has helped HSBC's private banking business grow by more than 10 percent by assets over the past year. Ohashi declined to say how much HSBC holds in its private banking business. Other foreign bankers also winning business as Japan's wealthy tap their overseas expertise, Ohashi added.

CRAVING STABILITY

But with a combined market share of just a few percent, according to the HSBC banker, foreign-run private banking still has a long way to go to catch up with local securities companies and other financial companies in tapping Japan's reservoir of family riches.

In 2005, according to Nomura Securities' research unit, there were 52,000 households in Japan worth at least 500 million yen with overall assets amounting to 46 trillion yen. It's that group that HSBC targets.

Those with between 100 million and 500 million have another 167 trillion yen spread over 810,000 families.

Avishai Cohen Trio Live in Tokyo

Being a Jazz musician myself and owning over 2000 jazz albums, I often forget about the obvious gems I've picked up, like the album Continuo....I was thinking about this tune the other day and decided to dig out the album and search for Avishai clips on Youtube.  I can't stop watching this. The balls out quality of this groove and playing of the band members has me completely entranced and inspired. These guys are in a zone and on a level one can only imagine. The more I watch and listen to it, the better it feels.
Avishai Cohen is as great a musician as Stanley Clarke, Eddie Gomez or other bassists that you could mention, but he is also a very mature composer - far beyond Stanley Clarke, for example, on this level. I find Avishai Cohen 'scary' because his music is so relentlessly passionate - the rhythmic syncopation and odd time signatures leave me feeling like I'm always sitting on the edge of my seat, or on the edge of a cliff, marvelling at the beautiful scenery of the ocean crashing on the rocks below at the same time I feel worried about falling. Perhaps it is a bit like Sufi music or Gnawa music because it has that hypnotic effect.

This music is a bit like the moth and the flame. 

Avishai Cohen Trio Live will leave you laughing to your self for days later at just how in the groove they gets ya.

Cheers

Jim 

Aetos Capital to raise $1 bln Japan property fund-source

Aetos Capital, an investment management firm, plans to raise $1 billion for a fourth real estate fund to buy office buildings and condominiums in Japan a person with direct knowledge of the matter said.
Aetos Capital plans to raise the money by December and has already gathered $250 million from investors, the person said, on condition he was not identified.
Aetos joins other big real estate buyers starting funds to purchase properties in Japan on the expectation that falling real estate values will rebound.
Price declines are slowing, according to the Japan Real Estate Institute. At the end of March commercial property values in central Tokyo had contracted by only 2.4 percent from six months earlier, compared with a 6.5 percent drop over a year, the research company said.
(FIG.N) set up an $800 million Japan fund in June, while Morgan Stanley (MS.N) in the same month established a $4.7 billion pool of cash to buy properties.
Scott Kelley, Aetos Capital Asia LLC's chief executive, declined to comment on the latest fund raising. (Reporting by Junko Fujita.

Japan interest rates Zero.

Japan's central bank has cut its benchmark interest rate to almost zero as it tries to stimulate the county's faltering economy.

 

Rates had been held at 0.1% since the end of 2008, but have now been trimmed further.
Falling prices and the strong yen - which eats into the value of overseas earnings for Japanese exporters - have hit the economy.

The bank said it would maintain near-zero rates until prices stabilised.

A "near-zero" policy means that the rate moves within a small range between 0% and 0.1% - though no fixed rate is set.
'Bold move' "Although Japan's economy still shows signs of moderate recovery, the pace of recovery is slowing down partly due to the slowdown in overseas economies and the effects of the yen's appreciation on business sentiment," the Bank of Japan said.
Markets had not been expecting the rate cut.
"It was an utterly surprising and bold move. The bank has sent a favourable message to the markets, which had been expecting it to take only small, gradual steps," said Sieji Shiraishi at HSBC Securities.
Suicides cost Japan economy $32bn

Japan's 'shadow shogun' faces indictment over scandal

One of Japan's most powerful politicians, Ichiro Ozawa, is to be indicted over alleged financial corruption.

Known as the 'Shadow Shogun' for his political cunning, Mr Ozawa stands accused of a funding scandal involving a $5 million land deal.
Prosecutors allege three of Mr Ozawa's aides used a slush fund to launder money through the upscale Tokyo property, and it is claimed Mr Ozawa knew about it.
After earlier dropping the case against the ruling party politician, prosecutors have now been ordered by a review panel to indict Mr Ozawa.It is the first time in his 40-year career that he will face charges in a courtroom.
Prosecutors have indicted three of Ozawa's former aides and raided his offices in a widening probe into funding.

APREA study urges Asian pension funds to boost real estate allocation Investment

Asian pension funds are being urged by a new report to follow the lead of their US and European counterparts by allocating more to real estate.The study, by Professor Graeme Newell of the University of Western Sydney, concerns the increasing pressures on pension funds in Asia to meet their future obligations by employing typically conservative asset allocations.
Newell points to increasing urbanisation and ageing populations, which will transform Asian demographics in one generation, as a reason to begin diversifying into high-quality, income-producing real estate investments.
The study is sponsored by the Asia Pacific Real Estate Association (APREA) and discusses the potential added-value role of real estate, which pension funds in other mature markets such as the US, Canada, Europe and Australia have been tapping into for some time.
Pension funds in Asia have typically pursued conservative asset allocations, focusing on domestic fixed income assets, and often been restricted by regulatory regimes, which in some cases have excluded real estate as a valid asset class.
Newell stressed the challenge this approach posed when attempting to produce sufficient returns over the long term.
More than $750bn (€547bn) is invested in real estate globally by pension funds, with funds typically allocating 7-10% of their portfolios to the asset class, and some major funds considerably higher.
In Asia, the level of exposure is much lower, although in some markets that is changing.
In Japan – where, according to recent surveys, 35% of pension funds do invest in real estate – the average asset allocation level is still around 1.2%.
In South Korea, the allocation of real estate in pension funds does seem to be increasing at a quicker pace, from 1% to approximately 10% in the last 10 months.
As part of the report, major pension funds in Japan, South Korea and China were surveyed in considerable detail in June 2010 on their real estate investment activities and strategies.
Overall, pension funds were found to be positive about investing in real estate, recognizing the benefits of diversification.
Peter Mitchell, chief executive at APREA, said: "Professor Newell's research is an extremely important addition to our understanding of this dynamic industry.

Purchase Property with foreign capital may be regulated: Maehara

Japan may consider regulating real estate purchases in Japan bankrolled with foreign capital, Foreign Minister Seiji Maehara said Sunday, in the face of a recent increase in such purchases by Chinese and South Koreans. Speaking during a political debate program on Fuji TV, Maehara said, ‘‘We need to consider some sort of measures’’ to deal with the issue, including legislation.
However, Maehara was also careful to note, ‘‘Japan has attracted very little foreign investment. We should carefully consider (the matter) from various perspectives because, without foreign investment, economic activity could be adversely affected.’’ Some people in Japan are voicing concern that the recent increase in property purchases nationwide by foreign investors represents a security threat.

© 2010 Kyodo News. All rights reserved. No reproduction or republication without written

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  bcbrownboy at 06:13 AM JST - 4th October
  ".... in the face of a recent increase in such purchases by Chinese and South Koreans." Blatant racism? I suppose it was okay when the property was purchased by approved races.
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  susano at 06:40 AM JST - 4th October
  I wonder how much foreign property has been bought with Japanese capital? As usual Japan wants 2 sets of rules.....
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  some14some at 07:21 AM JST - 4th October

  in the face of a recent increase in such purchases by Chinese and South Koreans.

  it should be a matter of concern for these buyers not Japan, Japan should worry about its own investment in China and elsewhere.
• 
  
  
  
  
  borscht at 09:34 AM JST - 4th October

  Some people in Japan are voicing concern that the recent increase in property purchases nationwide by foreign investors represents a security threat.

  Security threat to what? A military threat that could cause the fall of the Japanese government to evil invaders - something most property owners are against - or a social threat that could cause the fall of We Unique Japanese to the rest of the world?
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  porter at 09:50 AM JST - 4th October
  If the Maehara pushes legislation to make foreign investment more difficult and/or expensive (taxes), he will help to reduce the price of property even further.
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  Klein2 at 09:50 AM JST - 4th October
  I think Japan should think more about making some law about the use of property instead of controlling who buys it.
  The concern is not about foreigners owning property. The concern is that they are not going to use the property in the way a person usually might. Buying downtown property to set up radio jamming equipment, or buying up agricultural land to build a runway for aircraft might be something worth banning.
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  american_bengoshi at 09:53 AM JST - 4th October
  Seriously, how much Japanese capital has been used to purchase real estate in foreign countries over the past 40 years? However, I do think Japan needs to adopt a law restricting residential real estate purchases to residents of Japan. Foreign residents should have to live in Japan at least 1 year to purchase residential real estate.
• 
  
  
  
  
  mushroomcloud at 10:04 AM JST - 4th October
  Japan owned by foreigners.
  This would not have happened if Japan's leaders didn't screw up so badly over the past 20 years.
  Can't believe how far Japan has fallen.
• 
  
  
  
  
  Piglet at 11:16 AM JST - 4th October
  The real threat is for Japan to be even less attractive than it is now. Japan has attracted minuscule amounts of foreign investment and they want to limit it even further? This doesn't make any sense.
  This country is shooting itself in the foot.
• 
  
  
  
  
  Kwaabish at 01:28 PM JST - 4th October
  I guess it all depends on what kind of regulations they mean... perhaps start with a FIRPTA type of rule?
• 
  
  
  
  
  lemur at 02:27 PM JST - 4th October
  Just reading between the lines here, but I think the minister is not referring to flashy downtown purchases, but to land in geographically sensitive areas, that is to say land close to the countries in question. With population declining in outlying areas, it becomes easier for ousiders to influence municipal assemblies. If a foreign resident moves in, be they person or corporation, one could wonder if they have the municipality's best interest at heart, or if they have an agenda that serves interests in another country.
  Not saying I would agree with sweeping regulations (or even generalizations), but I understand that there does exist a potential for abuse. Perhaps a red flag system whereby the municipality notifies the central government when a land purchase is suspect?
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  Piglet at 02:51 PM JST - 4th October
  @lemur
  I would like to see the original Japanese version, but the English translation says "nationwide". It is wishful thinking to imagine it would apply only to outlying areas.
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  jruaustralia at 05:21 PM JST - 4th October

  Property purchases with foreign capital may be regulated: Maehara

  Good. Real estates purchased by foreign capitals do increase the pressure on i. rates. High i. rates equals high currency value. And if all things become unruly-- it spells S-P-A-I-N. All the best Japan!

Robert Glasper Experiment Live at Tokyo Cotton Club.

Rob Glasper , be a young lion in modern jazz who understands the genius of both Mr. Monk and Mr. Yancey (J.Dilla) and merge all that appreciation and knowledge into a cohesive work that displays his own rising genius. Rob seems able to do anything he wants, be it a romantically drenched, haunting, Sehnsuct-filled outing, recalling, remarkably, both Esbjorn Svensson and Frank Kimbrough at once ("Maiden Voyage/Everything in Its Right Place" the experiments music is oraculous, spaced-out, past-geometry, near-calculus advanced trigonometry stuff. I definitely think that Glasper can bring hip hop fans to jazz . I am so bowled over with not only this live performance but all Glaspers recordings, If it were just mere virtuosity, it would soon wear thin. Instead, the more one listens, the more it reveals its huge musicality, lightly worn. Rob and the experiment will be performing again at Tokyo's Cotton Club in December. Highly recommended.  The Tokyo Commercial Real Estate Investment Writers Jazz Club Analysis Unit will meet on Friday the 17th. Cheers Jim. Robert Glasper Trio Live

ROBERT GLASPER EXPERIMENT with STOKLEY [from MINT CONDITION]

12.16.thu - 12.18.sat 2010.

City Guide Marunouchi/Otemachi Tokyo

(1) Location & Access
- The Marunouchi and Otemachi areas are located on the western side of JR Tokyo Station and are adjacent to the Imperial Palace. They are two of the best-known office districts in Tokyo.
- Due to their proximity to Tokyo station, which is a major nodal point for transportation, these two areas are conveniently located.

Marunouchi

(2) Overview
Near the end of the 19th Century, the Mitsubishi group - one of Japan's largest conglomerates - began work on constructing a modern business area, incorporating styles from London and New York. Thus began the history of the Marunouchi district, which mirrored Japan's economic growth, eventually cementing its place as one of the best-known office areas in Japan. Numerous finance institutions and major corporations have their main headquarters in the area, making it the most prestigious address for an office.
Due to their involvement in the development of Marunouchi, Mitsubishi Estate owns many office buildings in the area. In the late 1990s, many financial institutions relinquished their headquarters as a result of the disposal of bad loans. In many cases, however, they have stayed on as rental tenants..
Due to the gradual aging of the various buildings, many buildings are being upgraded or rebuilt beginning with the Tokyo Sankei Building in 2000. Over the past several years, four new buildings were completed on the site of the former Japanese National Railways Head Office Building and several other large-scale buildings were reconstructed. Among them, the Marunouchi and the Shin-Marunouchi Buildings were completed in 2002 and 2007, forming twin towers facing Tokyo Station that are landmarks in the area. As represented by the construction of the Marunouchi Park Building, which is to be completed in the spring of 2009 and the rebuilding of the Tokyo Chuo Post Office, rejuvenation of the area is progressing at a fast pace..
Previously, the entire area specialized in business facilities, which meant there was little activity at night and on holidays. In recent years, many international brand names have opened stores on the ground floors of the buildings, mostly along Naka-dori Street, resulting in an increase in the number of visitors to the area.

(3) Profile Data
1. Major office buildings: year completed, major owner
Marunouchi Building: 2002, Mitsubishi Estate
Shin-Marunouchi Building: April 2007
Nihon Seimei Marunouchi Building (Marunouchi Oazo): 2004, Nippon Life Insurance
Pacific Century Place Marunouchi: 2001, daVinci Advisors
Marunouchi Trust Tower North Building: 2003, Mori Trust
Grand Tokyo North Tower, South Tower: East Japan Railway
2. Major companies
Mitsubishi Group (Mitsubishi UFJ Financial Group, Mitsubishi Estate, Mitsubishi Corporation, Mitsubishi Electric), Mitsui Sumitomo Financial Group, Mizuho Financial Group, JP Morgan, AIG, NTT Group and Daiwa Securities
3. Major facilities
Department stores: Daimaru, Hankyu, Seibu
Convention Center: Tokyo International Forum
Hotels: Imperial Hotel, Palace Hotel.

Otemachi 1-chome Second Area Building B.

height: 177 m
floors: 35
function: Office
start construction: 04/2010
completion date: 09/2012
Another boxy project for Otemachi/Marunouchi with 2 office towers, one 177m tall the other 154.
location:
http://maps.google.co.jp/maps?f=q&so...005891,0.00479
The lower tower:
Otemachi 1-chome Second Area Building A

height: 154 m
floors: 31
function: Office
start construction: 04/2010
completion date: 09/2012.

Most Japanese projects start of with the name of the redeveloped block/area and receive  a real name later on when the building is already U/C or completed.

Otemachi 1-6 Plan (199,7m) & Marunouchi 1-4 Plan (150m)

Otemachi 1-6 plan is now officially under construction since 11/30.

They released a more realistic picture of the design, the previous.



It will have 6 underground stories, unless it will have top down construction it will take some time to see this one actually rise. Especially with the scheduled completion date is 2014.


When it's finished the Aman resorts group will open up the "AMAN TOKYO" luxury hotel on the top floors.
http://www.nejinews.co.jp/news/busin...e/eid2775.html

Marunouchi 1-4 Plan, many cranes working on the foundation. This one will go much faster as it should be completed in September 2011

pictures: building-pc.cocolog-nifty.com/helicopter/

With these new towers and the JP Tower the skyline around Tokyo Station will become incredibly dense and canyon like. 

__________________
Taisei Corp., Japan's fifth largest contractor, won an order from Japan Post Group to redevelop the former main post office next to Tokyo Station. The order is worth 87.6 billion yen ($863 million), A 38-story office building is scheduled for completion on the site, in the center of the capital's financial district, by fiscal 2011.