BTW, Japan's ambassador to Venezuela, Matsui Yasuo, said in the El Nacional interview that the Japanese are more socialist than Chavez: "Los japoneses somos m¨¢s socialistas que el presidente Ch¨¢vez porque las diferencias en la calidad de vida entre los ricos y pobres en Jap¨®n son mucho menores que las que se ven en Venezuela. La clave no est¨¢ en la ideolog¨ªa, sino m¨¢s bien en la filosof¨ªa. Lo importante no es que un gobierno sea capitalista o socialista, sino en c¨®mo organiza a la gente para que sea m¨¢s productiva y supere la pobreza. El desaf¨ªo para Venezuela es convertir la riqueza petrolera en calidad productiva" ("Los japoneses somos m¨¢s socialistas que Ch¨¢vez," 23 de Julio de 2007, <http://www.guia.com.ve/noticias/?id=9292>). The ambassador sounds just like Wojtek! I always thought that Japan would be just the country for him. :->
Seriously, there is a grain of truth in the ambassador's remark, given the political economies of Japan and Venezuela, but the grain of truth gets lost in the sea of ideology that washes away the history of imperialism that developed Japan and underdeveloped Venezuela (cf. Miguel Angel del Pozo, "El Embajador Yasuo Matsui nos deja su pensamiento socialista japon¨¦s y critica el socialismo criollo tercermundista venezolano," 10/08/07 <http://www.aporrea.org/ideologia/a39514.html>). Moreover, as this Yamanashi Communist points out ("ñv¥Ù¥Í¥º¥¨¥é´óʹ¤Î´Öºö¤µ," 26 July 2007, <http://jcpyamanashi.cocolog-nifty.com/kanrinin/2007/07/post_92e7.html>), poverty in Japan has been rising in recent years, so much so that now some are dying of hunger in the rich country (!): "ºñÉú„ºƒPÊ¡¤ÎÖ±½ü¤ÎÕ{–ˤǡ¢¶þ©–©–ÎåÄê¤Ë¤Ï°ËÊ®¶þÈË£¨ÄÐÐÔÆßÊ®ÈË¡¢Å®ÐÔÊ®¶þÈË£©¤¬ðIËÀ¤·¤Æ¤¤¤Þ¤·¤¿¡£©–ËÄÄê¤Ë¤Ï¡¢ÆßʮһÈË£¨ÄÐÐÔÎåÊ®ÆßÈË¡¢Å®ÐÔÊ®ËÄÈË£©¡¢©–ÈýÄê¤Ë¤Ï¾ÅÊ®ÆßÈË£¨ÄÐÐÔÆßÊ®ÆßÈË¡¢Å®ÐÔ¶þÊ®ÈË£©¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹".
Matsui's remark, naturally, caused the Venezuelan government to protest against the Japanese government: "Ministro Maduro entreg¨® nota de protesta al Gobierno de Jap¨®n: VENEZUELA NO ACEPTA QUE NADIE SE INMISCUYA EN LOS ASUNTOS QUE SON DE DECISION Y DEBATE DE LOS VENEZOLANOS," 24 de julio de 2007, <http://www.mre.gov.ve/Noticias/Canciller_NM/A2007/Declar-205a-07.htm>.
Yes, it is proper for Chavez and Chavistas to protest. But we also have to remember the aforementioned grain of truth and its implications for the future: they will soon have to make harder political and economic decisions than they used to, for the era when it is possible to do "Socialism of the 21st Century" under which the poor get richer and the rich get richer than ever -- the phenomenon that supporters of the Chavez government, too, not just the undiplomatic diplomat from Japan, have noticed -- is likely to end soon, though oil booms may last longer than credit bubbles, giving them more time. -- Yoshie
<http://www.ft.com/cms/s/b3bd70f2-46d9-11dc-a3be-0000779fd2ac.html> Japanese watchdog set to curb hedge funds
By Michiyo Nakamoto in Tokyo
Published: August 10 2007 03:00 | Last updated: August 10 2007 03:00
Japan's financial regulator, the Securities and Ex-change Surveillance Commission, is concerned that the growing influence of hedge funds is encouraging insider trading and undermining the integrity of the country's stock markets.
"We believe there is [a] risk . . .that hedge fund managers are involved in market misconduct . . . such as in-sider trading based on information obtained from prime brokers, or market manipulation," says Kiyotaka Sasaki, director of strategy and policy co-ordination at the SESC. "Investment banks can't survive unless they do business with hedge funds. The relationship between investment banks and hedge funds is too close."
The SESC is poised to crack down on hedge funds and others when the Financial Instruments and Ex-change Law is implemented next month. This will require hedge funds with more than a certain number of Japanese investors to file or register with the FSA. Currently, hedge funds are not regulated in Japan.
Funds that have filed notification or registered with the FSA will be subject to inspections. Funds with 10 Japanese investors or fewer whose total investment amounts to less than a third of the fund will not be subject to the new regulations.
The SESC is also poised to crack down on investment advisers in Japan who act as fund managers without the necessary authorisation.
Many hedge funds have analysts or advisers in Japan who make recommendations but not investment decisions, and therefore do not need a licence.
The new rules have raised concern in the investment community that hedge funds will be driven out of Japan by heavy-handed regulation.
Mr Sasaki concedes that "If Japan alone strengthens regulation, funds will leave Japan." But, he says, "it is also possible that the market will become . . . healthier".
The SESC believes it needs a better grasp of hedge funds operating in Japan to guard against abuse.
"If there is a problem involving a fund in Tokyo, like insider trading, andit turns out the fund manager is in Hong Kong or Sing-apore, how do you enforce anything?" asks Mr Sasaki. He cites the case of insider trading by Philippe Jabre of GLG, one of Europe's largest hedge funds, who was fined by the UK FSA after Japan's SESC alerted the UK authorities to suspect trading in shares of Mitsui Sumitomo Financial Group shares prior to its Y300bn preference share offering in 2003. -- Yoshie