Aizawa Weekly Report
Japan Equity Research
No.2201 Mar.19.2012
Expression used by the Bank of Japan
Provisional Translation
Audit Number.240314-B1
was just that some words had been changed without a
change in monetary policy, and hence it had no meaning
Toshiro Yoshinaga, Analyst
from the economic viewpoint.
However, from my perspective, there were two surprises
On February 14, 2012, the Bank of Japan announced a
in the recent announcement. First, the timing; few, if
new monetary policy titled ‘The Price Stability Goal in the
any, were expecting the Bank of Japan to make such an
Medium to Long Term’.
On February 17, 2012, Mr.
announcement at this timing. Second, what came as a
Masaaki Shirakawa, the Governor of the Bank of Japan
greater surprise than the first one was that the title of the
mentioned in his lecture held at Japan National Press Club
English version material released by the Bank of Japan
that the Bank of Japan had decided to adopt three
on February 14, 2012 was ‘The Price Stability Goal in the
measures in order to clarify its policy stance more clearly
Medium to Long Term.’ In Japanese, it was ‘The Price
and also to strengthen monetary easing further with the aim
Stability Guideline in the Medium to Long Term.’ The
to break away from deflation and to realize sustainable
Bank of Japan dared to translate the word ‘Guideline’ as
growth in an environment of stable prices. Specifically, he
‘Goal’.
said: 1) the Bank of Japan adopted a numeric target to
English translation promptly. They judged that the Bank
provide a medium to long-term guideline to realize price
of Japan had changed its stance and started buying
stability, 2) the Bank of Japan will implement powerful
Japanese stocks in large quantities.
monetary easing until clear evidence emerges that the
Until now, the Bank of Japan has been using the
target of 1% annual inflation will be achieved, and 3) the
expression ‘Understanding’, instead of ‘Guideline’ or
Bank of Japan may expand the size of its purchases of
‘Goal’, when it referred to price stability. Even native
long-term government debts to 65 trillion yen, up from 55
Japanese could hardly understand this ambiguous
trillion yen decided in the autumn in 2010.
wording. Mr. Shirakawa explained the reason for the
Up until recently, Japanese market participants have
wording change as follows. The Bank of Japan’s policy
constantly
monetary
statements used to reflect the ‘views’ (‘understanding’) of
measures of the Bank of Japan were announced. They
the individual policy board members.’ Now it is based
were full of nice rhetoric but without substance.
As a
on the ‘judgment (‘goal’) of the Bank of Japan’. If the
matter of fact, after the announcement was made this time,
policy change of the Bank of Japan is authentic, I think
the media aired critical opinions of economists who were
we can expect a substantial rally in Japanese equities
blasting it as another instance of a word play, arguing that it
this year.
been
disappointed
every
time
It was foreign investors who reacted to this
Several matters that we would like our customers to confirm are given
on the last page of this report.
We cordially request you to confirm each of them.
2 of 32
2PageInvestment
Topics
Tokyo Sky Tree
construction technologies were employed to construct
Toshiro Yoshinaga, Analyst
this world’s tallest radio tower.
At the same time,
traditional construction technologies which have been
Construction Completed on February 29; Inauguration
cultivated in Japan for centuries, a country of frequent
slated on May 22, 2012
earthquake, were also employed.
Tokyo Sky Tree, a new radio tower, which had been under
seismic proof structure for its central shaft, where the
construction since July 2008, was completed on February
main internal pillar is attached to the tower’s outer
29, 2012, three years and eight months after the start. On
structure.
March 2, 2012, a ceremony was held to celebrate its
structure used at the five-storied pagoda of Horyuji
completion. It will be open to the public on May 22, 2012.
Temple in Nara, the world’s oldest wooden building
The tower has a
This structuring was adopted from the
constructed in 607. At the time of earthquake, it will
World’s Tallest Tower with 634 Meters Height
function as earthquake resistance to reduce the quake of
The height of Tokyo Sky Tree is 634 meters. Not only
the tower itself. In the center of the pillar, an emergency
does it surpass the existent Tokyo Tower (completed in
stair is equipped as well.
1958 with a height of 333 meters) but also it is the tallest
levels of construction components (including steel pipes,
radio tower in the world. The number of its height, “634”
elevators, and antenna systems, etc.) were used.
meters, was selected as it will easily be remembered by the
Tokyo Sky Tree is heavily protected against quakes,
Japanese. In Japanese word playing, this number can be
winds and fire with the most advanced technologies.
pronounced “Mu-sa-shi” (6 (mu), 3 (sa), 4 (shi)), standing
Tokyo Sky Tree was built on a land plot (1-chome,
for ‘Musashi no Kuni’, which is the old name of the region
Oshiage, Sumida-ku, Tokyo) owned by TOBU RAILWAY
where the Tokyo Sky Tree stands.
CO.
As a man-made
The highest technological
The operators of Tokyo Sky Tree are TOBU
construction object, Tokyo Sky Tree is the second tallest in
RAILWAY and TOBU TOWER SKY TREE CO. (a
the world, following Burj Khalifa, Dubai, UAE, which is 828
subsidiary of TOBU RAILWAY).
meters tall.
Powerful, Spectacular Views
Built to Cope with Digital Broadcasting and Next Generation
The first observatory of Tokyo Sky Tree is at the height of
Telecommunication Era
350 m (1,150ft), exceeding the height of the entire Tokyo
The main purpose of constructing Tokyo Sky Tree was to
Tower. A part of the floor is made of heat-resistant and
reduce TV interference and to cope with the next
toughened glass so that visitors can enjoy a powerful,
generation telecommunication era.
Besides solving the
spectacular bird’s eye view through the underfoot glass
interference problem of Tokyo Tower, which is surrounded
floor, unique only to this spot in the world. Restaurants
by many high-rise buildings in the center of Tokyo, the
and coffee shops are in the observatory. The second
construction of Tokyo Sky Tree was aimed at enabling
observatory, at 450 m (1,480 ft), is a corridor surrounded
broadcasting
as
by glass. People can enjoy wide views of the whole
broadcasting
Kanto area. The entrance fee for those aged over 18 is
service for mobile devices) and multimedia broadcasting in
2,000 yen to the 350 m level; extra 1,000 yen is charged
a comfortable manner.
to the 450 m level.
1(one)SEG
services
(Japanese
for
mobile
terrestrial
devices
digital
such
In addition, Tokyo Sky Tree will
assume the role to function as the information center at the
Nearest
time of disaster.
Stations
and
Development
Projects
of
Surroundings
OBAYASHI CORPORATION Constructs; TOBU RAILWAY
The nearest stations of Tokyo Sky Tree are Narihirabashi
Operates
Station and Oshiage Station.
OBAYASHI CORPORATION undertook the construction of
The nearest station is Narihirabshi Station of the Tobu
Tokyo Sky Tree.
Isezaki line.
A large volume of knowledge and
wisdom of construction experts and the most advanced
Its name will be changed to Tokyo Sky
Tree Station at the time of the opening of Tokyo Sky Tree.
Several matters that we would like our customers to confirm are given on the last page of this report. We cordially request you
to confirm each of them.
3
Investment Topics3
Oshiage station provides quite convenient access to the
Tokyo Sky Tree, spectacular views enjoyable from its
tower due to four lines (Tobu Isezaki line, Tokyo Metro
observatories and the development projects of the
Hanzomon line, Keisei Oshiage line, and Toei Subway
surrounding area, the number of visitors to Tokyo Sky
Asakusa line) passing through it. Oshiage Station will be
Tree will likely exceed that of Tokyo Tower by a wide
also renamed to Oshiage (Sky Tree Mae) Station, which
margin.
means “Station in front of the Sky Tree”, at the time of the
Disneyland and Tokyo Disney Sea is around 25 million
opening of Tokyo Sky Tree.
per year. Sumida-ku estimates the number of visitors to
Tokyo Sky Tree is located between Narihirabashi Station
Tokyo Sky Tree and its surrounding area will nearly equal
and Oshiage Station. TOBU RAILWAY is constructing a
the number of visitors to Tokyo Disneyland and Tokyo
complex facility dubbed “Tokyo Sky Tree Town”, comprising
Disney Sea.
The total number of visitors to Tokyo
of a large-size shopping center, an aquarium and others.
Also, a commercial facility named “Tokyo Solamachi”,
Major Related Companies
where 310 various kinds of shops are planned to open, and
TOBU RAILWAY, which is the main operator of Tokyo
“Tokyo Sky Tree East Tower”, an office facility, are now
Sky Tree, and OBAYASHI CORPORATION, which
under construction.
constructed it, are the two largest players in the Tokyo
Sky Tree theme. Keisei Electric Railway will also likely
Considerable Economic Effects
be a beneficiary, since Oshiage Station, one of the
According to the survey report conducted by Sumida-ku
nearest stations of Tokyo Sky Tree, is served by this firm.
(Sumida-ward) in January 2008, the number of visitors to
Other related companies to Tokyo Sky Tree include
Tokyo Sky Tree is estimated to be 5.52 million per annum,
official partners such as NISSHIN SEIFUN GROUP,
and the total number of visitors including the newly
CALBEE INC., ASAHI BREEWERIES, LTD., KIKKOMAN
developed town surrounding Tokyo Sky Tree is projected at
CORPORATION, Lion Corporation, Hitachi Group,
26.37 million per year. The positive economic effects are
TOSHIBA CORPORATION, and Panasonic Corporation.
estimated to be 88 billion yen.
The elevators used in Tokyo Sky Tree are provided by
The number of visitors to the existing Tokyo Tower is
both Hitachi, Ltd. and TOSHIBA CORPORATION.
around 3.3 million per year. However, given the height of
Several matters that we would like our customers to confirm are given on the last page of this report. We cordially request you
to confirm each of them.
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