Japanese fogCannot hunt the fog with a range

Jules Renard distinguished the cowardly looking under his bed and the autonomy that dare not do so. Courage is always necessary to face the reality and when the sound of crackles forcit, it must be to resolve. Installed too long on a yen weakness dopait their exports, Japanese industry giants must now review their accounts under its brutal escalation. Canon and Sony were the champions of the camera, they had not come this movement who added this year their national currency 18 against the dollar and 28 against the euro. Result, then yet that Canon has crossed this summer bar of 100 millions of digital cameras, its quarterly earnings fell by 25 and Sony provides its annual profit decline of 60. The yen soaring has been even more bloody that it is accompanied by the gloom of markets Europeans and Americans, major opportunities for the Japanese. This threat on Japanese export caused the fall of 40 of the Nikkei in a month and a burst of his Samurai who as the patron of Sony already prepare their plans for cost reductions remembering the proverb, Japanese course, according to which "we learn by the victory, many by the defeat".

Messages of desperation

When sending a message of hope is impossible, you can still propose two messages of desperation. Investors however little appreciated the humour of Woody Allen when Deutsche Post has been used yesterday. While admitting that he could not achieve its objectives of results for 2008 and 2009, the number a European mail and parcels had to stand to the rescue of its banking subsidiary Postbank, loss in the third quarter. As TNT, the German group sees both suffer its traditional cow milk of mail and DHL, its subsidiary of express mail. But the company Bonn drags, and more, a bulky package with DHL American activity. Having red his favourite colour including its accounts for five years, it will lose yet 3 billion by 2011, a prediction "optimistic" established before warning of yesterday. However, all is not black. The invoice of the bailout of Postbank, amounting to EUR 1 billion, will be reduced by approximately 300 million by Deusche Bank, who, to take 29.75, agrees to undergo a latent loss of 68 on the entrance ticket. Consolation however to celebrate the next eighth anniversary of Deutsche Post on the stock exchange, where its course has remained above its introduction price for eight cumulative quarters.

Japanese fog

Cannot hunt the fog with a range. It is not the banks in the country of the rising sun to find fault with this Japanese proverb. The visibility so degraded that they have nowhere else to go to prepare for large fundraising, starting with the first lender of the archipelago Mitsubishi UFJ Financial Group. This is not because they avoided touching financial products "toxic" that they emerge unharmed from a crisis now erupting into global slowdown. The unscrewing of the Japanese stock market, the lowest since 1982, threatens to initiate their reserve capital not to mention the effect on their results in the crazy volatility currency and the downturn in business. Less than two weeks ago, Mitsubishi UFJ Financial Group was the Savior of Wall Street, agreeing to take 21 of the capital of Morgan Stanley for $ 9 billion and signing a long term investment. The capital increase remains now is the same order of magnitude as the amount of his stake. And the conversion price is some 40 higher than the current price of Morgan Stanley. A game of nerves and patience for the Samurai.