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Noriyuki Morimoto's Blog

Japanese casino legalization and finance

Oct 22, 2018
byNoriyuki Morimoto

It looks like casinos are finally becoming legal in Japan. Casino legalization is a controversial issue with strong arguments on both sides. Supporters argue that developing integrated resort (IR) facilities including casinos would become one of the pillars in Japan’s growth strategy, as it will generate large consumption demand, particularly by increasing inbound visitors. On the other hand, opponents point to social problems such as gambling addiction. Gambling can cause outcomes that run against customers’ benefits, such as addiction and loss of huge amounts of money. Therefore, it is a crime. But even when the act is a crime, if there is a social benefit like financing local governments through public gambling, special laws can be made to decriminalize the act. With the same reasoning, casino legalization is being discussed. The assumption in legalization of gambling is that it produces remarkably high customer satisfaction. That is the source of strong demand, and supporters are attempting to realize social benefits by using that demand. Similar things can be said for tobacco and liquor: considering their health impacts, we cannot deny their aspect of running against customers' real gains, but there exists a very strong demand based on customer satisfaction. Therefore, they can sell even when high tax rates are imposed, which in turn creates a stream of tax revenue. In addition, it is extremely difficult to distinguish between fraud and fraud-like activities. For example, if you believe that a duvet is being sold at a price significantly exceeding its real value, even if you suspect it to be a fraud, there is nothing to be done if the person who purchased it believes the product is high quality because it is expensive. Such shady schemes also work based on their creation of high customer satisfaction. Also, in areas that support modern consumption, such as fashion, food and drinks, entertainment, and so forth, customer satisfaction is formed at a level that far exceeds their critical functions and bare necessities of clothing, shelter and living. Put bluntly, the pathology of wasteful overconsumption has become a driving force for economic growth. However, there are also established areas in this ailing modern society where it is crucial to consider the customers’ true benefit based on necessity, even against customer satisfaction. These are regulated industries including medicine, education, and finance.

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Recent News

Private Equity in Japan: INCJ to make follow-on investment in QUADRAC Co., Ltd. A startup company developing IT payment platforms

Oct 19, 2018
byInvestment in Japan

Private Equity in Japan>INCJ's announcementTokyo, October 18, 2018 – INCJ, Ltd. (“INCJ”) announced today its decision to make a follow-on investment of up to JPY1 billion in QUADRAC Co., Ltd. (“QUADRAC”), an IT payment platform venture, and the completion of JPY600 million as the milestone investment for their new business development.

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Recent News

Private Equity in Japan: INCJ to sell its shares in Exvision Inc.

Oct 18, 2018
byInvestment in Japan

Private Equity in Japan>INCJ's announcementTokyo, October 17, 2018 — INCJ, Ltd. (“INCJ”) announced today that it has agreed to sell all its shares in Exvision Inc. (“Exvision”) to Nikon-SBI Innovation Fund.

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Updates

Oct 22, 2018
byHC Asset Management

The Market Data had been updated.

 

Please reffer to the following.

>Equity

>Debt/Bond

>Evolving Investment Opportunities

 

Mar 20, 2017
byHC Asset Management

Our CEO Noriyuki Morimoto contributed an article to 20 March issue of Weekly Financial Affairs

 

Our CEO Noriyuki Morimoto wrote “What does the merger between Trust Companies of Mizuho Group and Mitsui Sumitomo Group lead to?” for 20 March issue of Weekly Financial Affairs

Mar 10, 2017
byHC Asset Management

Our CEO Norinyuki Morimoto contributed a chapter in the textbook for Kinzai’s remote learning program. Kinzai is a leading Japanese publication specialised in finance.

 

Our CEO Noriyuki Morimoto wrote the 1st Chapter “What is fiduciary duty?” for Kinzai’s textbook “Practical Application of Fiduciary Duty Principles”

Feb 01, 2017
byHC Asset Management

Our CEO Noriyuki Morimoto contributed an article to the February issue of Monthly Energy Forum

 

His article “[TEPCO] should strive to become a top global energy utility.” was one of the feature articles for “Big Bang after dismantling of TEPCO”

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