Sober Economic Mind

Japan won the first fight with China this year. It is not about the competition over Senkaku Islands, but about new year auction of a tuna in Tokyo Fish Market on Sunday. An owner of sushi restaurant chain won a bid for the most brilliant tuna arrived from northern Japan, turning away another owner of restaurants in China. With the competition between them, it has been a concern of the tuna-loving Japanese that who was going to eat the “first tuna” of this year. Although Japan won the showdown this, the price was about the one twentieth of that of last year, casting a shadow on Japan’s economy this year.

In the auction of the raw tuna fish in Tsukiji Market, Kiyomura Corporation running Sushi Zanmai chain in all over Japan, won the bid with the price of ¥7.36 million ($70 thousand). Itamae-zushi chain, which ran sushi restaurants in Japan and China, did not participate the competition this year. Sushi Zanmai exhibited the process of dismantling tuna body in front of a restaurant close to the market, and served sushi pieces with ordinary price.

The competition in new year auctions between the both had been enthusiastic past years. Backed by growing demands of fresh fish by prosperous consumers in China, Itamae-zushi joined the new year auction to buy tuna in 2008. The active participation made the company’s name common in Japan. Kiyomura managed to win the bit for a whole tuna with the price of ¥155 million ($1.78 million) last year, raising argument about the bubble prices. Watching the competition as rigorous race by managers, most people in Japan supported Kiyomura as a representative of Japanese economy.

Putting the race aside, the price this year was lower than ordinary ones. It was the first time in last five years that the price declined under ¥10 million. “It was comfortable for me to get it with ordinary price, while fishermen may be disappointed,” told the president of Kiyomura, Kiyoshi Kimura.

The decline of price might have reflected the sober mood of Japanese economy this year. Looking at the consumption tax hike in April, consumers are protecting their lives with less spending. Higher commodity price is making matters worse. The relationship with neighbor economies, namely China and South Korea, is deteriorating with unilateral diplomacy by Prime Minister, Shinzo Abe, the attitude which was represented by the visit of Yasukuni Shrine last month. Tokyo Stock Market started its operation this year with steep decline on Monday morning. Each player in Japanese economy is cool-headed for the future.