Why do Japanese companies have frequent troubles in semiconductor, home appliances and automobile industries?My answer is that this is related to Japan's indulgence currency and the gambling economy and then fall into the decline of the balance sheet.
Recently, "Made in Japan" has been in trouble.
According to Japanese media reports, the old Japanese pharmaceutical company Kobayashi Pharmaceutical Company was suspected of dying consumers with red song component health products, causing Japanese society to vibrate.As of late May, five of the consumers who took the health products containing red songs have died. More than 1,600 people have visited medical institutions and were hospitalized for 278 people.
Since Xiaolin Pharmaceutical announced on March 22, the product product was recalled, and the survey results announced so far are still limited.Most of the healthy and damaged consumers have symptoms and abnormal renal function; the problem products are detected in the problem products and at least two "unexpected substances".
A wave of unstable, waves of waves.When the Japanese people's attention was still on Kobayashi Pharmaceutical, the Japanese automotive industry exploded again.According to Japan Economic News, Japan's "type designated" required for mass production of cars, including Toyota, Mazda, Yamaha engine, Honda, and Suzuki, a total of 38 models were found in violation of regulations.The Ministry of Land and Transport in Japan obtained this result on June 3 through requiring manufacturers to implement internal surveys.Subsequently, the province conducted on -site inspections on Toyota based on the Japanese road transportation vehicle law; the other four companies would also conduct on -site inspections in turn.
The Ministry of Land and Transportation of Japan has issued instructions, requiring six models that Toyota, Mazda, and Yamaha engines are producing, and stop shipping before confirming whether safety meets the standards.Including the suspension of models, the total illegal scale of five companies exceeds 5 million.The certification illegal issues found in Dafa Industry and Toyota automatic machines have expanded to major manufacturers in Japan.
According to the Ministry of Land and Transportation in Japan, in 38 models, it is confirmed that the processing, safety, and environmental standards related documents of collision test vehicles are confirmed.Regarding the pedestrian protection tests of three models such as "Yaris Cross" that Toyota is producing and submit false data.A total of about 120,000 models were sold in three models in 2023.
The survey found six illegal acts in Toyota, including "Crown" and other cars produced by the previously produced and tested vehicles during collision testing.Mazda's survey results show that in the output power test of two models such as "Roadster RF", the engine control software is rewritten.The Yamaha engine conducts noise testing the motorcycle that is produced under the incomplete conditions.
The Ministry of Land and Transport in Japan emphasized: "Illegal acts harmed the trust of users and caused the foundation of the automobile certification system to shake, and we deeply regret it."You know, the automotive industry is already the most important economic pillar in Japan, and it is also one of the few and the most firm industries in Japan.
Japan's semiconductor industry has also led the world.Taking a dynamic random access memory (DRAM) as an example, Japanese products accounted for 80%of the global market in 1985.However, the market share has fallen all the way, and it has fallen to less than 10%at the beginning of this century.In the light carvings market for the production of the chip, the leading position of Nikon's industry was replaced by the ASML of the Dutch ASML in the new century.
In addition, Japanese companies were once the absolute king of the global home appliances.Among the 10 largest home appliance brands in the world in 1992, Japan occupied six seats.Sony, Panasonic, Toshiba, Sharp and other home appliance brands have even rushed American local brands.But starting in 2010, Japanese home appliance companies' performance has shown rapidly.For example, the refrigerator industry, overseas supply in 2019 decreased by three -quarters from 2010.Hitachi appliances revenue less than one tenth of Haier.
So, a question worthy of questioning came.That is, why do Japanese companies have frequent troubles in semiconductor, home appliances and automobile industries?My answer is that this is related to Japan's indulgence currency and the gambling economy and then fall into the decline of the balance sheet.
At the beginning, the Japanese government was indulgent real estate bubbles.As described by the former senior officials and economists in the Grand Tibetan province in Japan, at that time, this policy caused the entire Japan to fall into the gambling economy. Regardless of the main business, companies and individuals ran to real estate.After the real estate bubble was crushed, the entire Japan was caught in the decline of the balance sheet.As a response, the Japanese government implements a large -scale currency and fiscal dual expansion policy.The "biggest benefit" of this policy is to make those zombie companies that have no competitiveness for a longer time, which means that the resource mismatch is longer.In macro, this solidified Japan's original industrial model, at the same time, has destroyed creative destruction (innovation) mechanism.
When the debt of a company exceeds the assets, technically means that it has gone bankrupt.The standard process of general enterprises bankruptcy is as follows: a car manufacturer found that its products are no longer as good as before, although it has increased its sales efforts, it still has no improvement.Under such circumstances, the assets of enterprises will only be reduced, and the final net asset value will be reduced.The failure of such enterprises is typical, because its products have been completely eliminated by the market.
But since 1990, the situation that happened in Japan has not followed this general law.In the first 10 years of loss, Japan was still the world's largest trade surplus country at that time. Japanese products still have a broad market overseas.The state of operation is very good, and it is still constantly creating profits.
Even so, many Japanese companies are still in trouble due to the plunge in domestic asset prices, and huge holes appear on the balance sheet.The commercial real estate prices of the six major cities in Japan have plummeted 95%and 87%in 2003 and 2004, which were in 2003 and 2004 in the bottom of the valley. The current value was only one -tenth of the original.
When the price of assets plummeted, the loan amount was originally used to buy these assets (or use these assets as mortgage) but did not change.By the mid -1990s, Japanese companies found that they not only lost a lot of wealth, but also had a large amount of debt.
For example, an enterprise in Osaka rose to 100 billion yen by borrowing 70 billion yen. By 1995, the land was only worth 10 billion yen, but its balance sheet was stillMaintain 70 billion yen liabilities.In other words, the balance of surplus assets and liabilities suddenly became a net liabilities of 60 billion yen.
Thousands of Japanese companies belong to this situation. In order to repair the severe deteriorating balance sheet, they have to work hard to repay debts.Because of this, in 1995, Japan reduced interest rates to zero, but neither Japanese companies or individuals did not increase borrowing.On the contrary, after making money, the first thing I do is not to increase investment in scientific research technology and market, but to accelerate loan repayment.Gu Chaoming, an American economist, mentioned in his big recession. By 2002 and 2003, the repayment of net debt in Japan has risen to an unprecedented scale of 30 trillion yen (about S $ 268.7 billion) per year.Essence
In order to repair the poor balance sheet as soon as possible, these companies have to desperately cost the cost of controlling food and food control.In this way, the scientific research, market, and even quality investment in business behavior have formed a serious extrusion effect, so that the corners of the corner reduction and falsification will undoubtedly cause huge harm to competitiveness in the past.
In the first lost 10 -year (1991 to 2000), Japanese companies can continue to create a large amount of profits and use it to pay for the loss of the original gambling economy.No investment, a typical harvesting strategy is adopted for the existing industry. It is for this reason that when Japan enters the second and third lost 10 years, the harm is slowlyHighlighting.
The author is a Chinese economist and a financial columnist