Worrying Times Ahead
10th October 2008, Friday
While reaching home yesterday, caught abit of news snippets on how local restaurants and car dealers are reeling from the alarming increase in Japanese Yen rate.
I went on a check and it seemed like by the end of today's trading, it ended at around $1.50 for 100 yen which is the highest for about 3 years.
The entire subprime and credit crunch crisis at the US surely is taking its toll on the rest of the world in devastating fashion.
The reason for the hike of the yen rate seems like Aso's government refuse to cut the interest rate of several central banks.
This surely had a rippling effect on my life style especially my figure collecting hobby as almost everything comes straight from my 2nd homeland; I am sure the people at La Tendo would be well fumbled by how they are going to relay the higher cost due to the stronger yen rate to their customers who are used to buying at reasonable rates (though most still regard La Tendo as a retailer who jack their prices unreasonably).
I would surely need to cut back on my extravagance in figurines, manga, games or whatever tools of my hobby indulgence from Japan for a while till the rate drops back to what it supposed to be but it seems highly unlikely to be anytime soon.
Just 5 years back, the rate was at around $1.60 which stifled the spending power in Japan greatly and we found solace a few years on when it dropped to $1.25 at one point!
Seems like it would be back to those times when you have to think twice about changing too much as it would adds up to a few hundreds more.
Now our pending onsen trip to Akita in February seems to be jeopardize as the JR pass and lodging would cost so much more now and I certainly can't change that amount that I want to bring over unless I save up intensively for the next few months.
The missus isn't too please but was hapless to look on the fringe, hoping that the rate will fall back a few decimals over the next few months.
As our nations are coping with the backlash of the financial crisis, the government is advising everyone to tighten their purse string for the imminent future and brace for a period where unemployment will be on the rise when company might freeze their employment and even slash manpower... It would be back to the early 2000s when I first join the workforce again, gleefully take whatever measly bonus package offered to us and generally just glad to be employed.
Rumors were spreading like bonfire at work that Shitty Green would spend 50% of his time next year back in the States, officially transferring authority and power to another PI.
While we have had amicable interaction with him over the years, it seems like he did had a reputation on scringing on rewarding his staff (an exodus since last year was seen and he had yet recovered from the massive loss of manpower) as well as well known to pressure people for results.
The 2nd point was highly doubtful as he used to have one of the girls from the Tea Break clique who had been just sitting around, chatting over the phone and planning for her wedding which drew the indignance of BY and co.
Additionally, when come to pressurizing for results, none could be as blatant and vociferous as Shitty Green himself.
However senior guys like His Beautiness and JO were now worried about the transition, perhaps it certainly is an issue to fret about and not taken lightly.
Another I am expecting the bonus package to be significantly decimated for next year due to the whole financial shenanigans and just glad I had 2 good years in terms of bonus and wage increment.
Although it never can be too greedy when comes to pay, I am just glad to stay put and collect the same amount for the time being on monthly basis.... But nevertheless the future surely looks bleak.
While reaching home yesterday, caught abit of news snippets on how local restaurants and car dealers are reeling from the alarming increase in Japanese Yen rate.
I went on a check and it seemed like by the end of today's trading, it ended at around $1.50 for 100 yen which is the highest for about 3 years.
The entire subprime and credit crunch crisis at the US surely is taking its toll on the rest of the world in devastating fashion.
The reason for the hike of the yen rate seems like Aso's government refuse to cut the interest rate of several central banks.
This surely had a rippling effect on my life style especially my figure collecting hobby as almost everything comes straight from my 2nd homeland; I am sure the people at La Tendo would be well fumbled by how they are going to relay the higher cost due to the stronger yen rate to their customers who are used to buying at reasonable rates (though most still regard La Tendo as a retailer who jack their prices unreasonably).
I would surely need to cut back on my extravagance in figurines, manga, games or whatever tools of my hobby indulgence from Japan for a while till the rate drops back to what it supposed to be but it seems highly unlikely to be anytime soon.
Just 5 years back, the rate was at around $1.60 which stifled the spending power in Japan greatly and we found solace a few years on when it dropped to $1.25 at one point!
Seems like it would be back to those times when you have to think twice about changing too much as it would adds up to a few hundreds more.
Now our pending onsen trip to Akita in February seems to be jeopardize as the JR pass and lodging would cost so much more now and I certainly can't change that amount that I want to bring over unless I save up intensively for the next few months.
The missus isn't too please but was hapless to look on the fringe, hoping that the rate will fall back a few decimals over the next few months.
As our nations are coping with the backlash of the financial crisis, the government is advising everyone to tighten their purse string for the imminent future and brace for a period where unemployment will be on the rise when company might freeze their employment and even slash manpower... It would be back to the early 2000s when I first join the workforce again, gleefully take whatever measly bonus package offered to us and generally just glad to be employed.
Rumors were spreading like bonfire at work that Shitty Green would spend 50% of his time next year back in the States, officially transferring authority and power to another PI.
While we have had amicable interaction with him over the years, it seems like he did had a reputation on scringing on rewarding his staff (an exodus since last year was seen and he had yet recovered from the massive loss of manpower) as well as well known to pressure people for results.
The 2nd point was highly doubtful as he used to have one of the girls from the Tea Break clique who had been just sitting around, chatting over the phone and planning for her wedding which drew the indignance of BY and co.
Additionally, when come to pressurizing for results, none could be as blatant and vociferous as Shitty Green himself.
However senior guys like His Beautiness and JO were now worried about the transition, perhaps it certainly is an issue to fret about and not taken lightly.
Another I am expecting the bonus package to be significantly decimated for next year due to the whole financial shenanigans and just glad I had 2 good years in terms of bonus and wage increment.
Although it never can be too greedy when comes to pay, I am just glad to stay put and collect the same amount for the time being on monthly basis.... But nevertheless the future surely looks bleak.
Japanese word of the day: 円 ~en~(Yen) Poor Beautiness, his spending power for the forthcoming Japan trip had been significantly stifled overnight
posted by Kei at
3:09 PM
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