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61 comments:
China Replace Japan in 2010 as No. 2 Economy
By: HIROKO TABUCHI
Published: February 13, 2011
Link: http://www.nytimes.com/2011/02/14/business/global/14yen.html
Japan's 2nd place for biggest economy for several decades is now being replaced by another East Asian country, China. The economy of China has been growing so rapidly and surpassed Japan in many aspects. While Japan’s economy is a lot more mature and the population is aging, China’s blooming with urbanization. It is really interesting to see that even though China has become the No. 2 economy of the world, its per-capita income is only about $3,600, a lot lower compared to both Japan and the United States. That reflects the huge gap between rich and poor as well as poverty in so many rural areas in China.
My Nguyen
There is a very interesting article titled "the Social(ist) Networks" in the monthly periodical Fast Company (Feb '11). Although China blocks Facebook from their citizens, technologically savvy entrepreneurs have developed Facebook look-alikes: 1) RenRen (165 million) users and Kaixin001 (95 million users), just to name two. According to researchers, Chinese internet users are twice as likely to chat in chat rooms, post to blogs and other online sites. This has become a huge forum for “free” speech. Although internet companies in China must censor a range of key-words that are related to the 1989 Tiananmen Square massacre or 2010’s Nobel Peace laureate Liu Xiabo, still millions of Chinese citizens are quickly finding other words and images that in small way make their views known.
Regarding the Tiananmen massacre, while researching for this topic for a history class, I arranged to talk with my Chinese friends on campus about the Tiananmen incident. My goal was to compare what I learned from Western press and the words of the exiled eyewitnesses with what people from Mainland China were told in their country. The result was frustrating; I knew more about the incident than they did, since Chinese media avoided the topic. This issue was controversial and may trigger unexpected responses from Chinese people. While discussing the incident with my Chinese friends, I realized that the Chinese government has been trying to erase their mistake rather than confront it.
My, that is very interesting to me what you said about the rise of the Chinese economy. What seems shocking is the average per-capita income for the people there. I wonder if we can get a company going that uses their talents and gives a higher income.
“Yaun’s Moves May Quicken” by Shai Oster (pg. C5 WSJ 2/23/11)
China is moving to boost the yaun by asking investors and creditors to use the currency internationally. They hope to see it become a global currency alongside the dollar. In Hong Kong they are producing the most amount of Yaun outside of mainland China in effort to see the money spread internationally. This interests me because we are going to be using the currency coming up in May. We will most likely help in the effort to spread the yaun.
Jtroyc I have actually wondered a lot about that with regards to the internet. Is there no way around it? There must be millions of websites that the Chinese people block. I see this as suppressing their people.
Matthew,
It'd be pretty hard since most companies are profit oriented. They tend to go to countries like China, Vietnam, etc. to get really cheap labor and get as much as they can. Classic examples are Wal-Mart and Nike. I sometimes laugh at myself for coming all the way from Vietnam and then visiting New York City to get a pair of Nike shoes made in Vietnam...
Matthew,
That's pretty interesting to see the Chinese Government taking that move. However, I think since the dollar power is still too strong, the Yuan would have a tough time going international.
My, I also think it is interesting that the Chinese per-capita income is that low. May I ask you a question? How much is $3600 worth in China? I mean, if 2 yen and 8 dollar worth the same (I'm just throwing some number, not correct!), then that $3600 may not be that low for people living in China... I'm just curious!
Professor Carpenter, I have a quick question. My friend is in Hangzhou and she is using Facebook fine... So is this mean that China blocked Facebook in certain places??
The 10 Asian Tech Companies That Are Putting American Ones To Shame
by Pascal-Emmanuel Gobry | Dec. 21, 2010,
Sticking with the theme of censored internet in China I read this article back in December and re-referenced it today. It's interesting how agressively American tech companies have tried to break into the Chinese market - failing. The most noteable is obviously Google. However I think a lot of the failure gets placed on Chinese censorship. Don't get me wrong- I'm certain that's part of it. BUT I think that many companies fail because they don't do adequate market research on the complexity of the Chinese people and the Chinese goverment regulations. They think they can simply tweak their strategy without fulling realize that their product or idea may need to be completely revamped to be appealing or succesful in the Chiense market. Take a look at these companies who are finding success. They are all Chinese born and that could be a larger contributing factor than we realize. What if the Chinese goverment only wants to see successful Chinese entrepreneurs? In order for Wal*Mart, GM, and McDonalds to enter China they had to find a Chinese partner to do it. Just some thoughts...
Read more: http://www.businessinsider.com/the-10-asian-tech-companies-that-are-putting-american-ones-to-shame-2010-12##ixzz1G3KB9Wq9
Beijing raises spending on internal security
By Leslie Hook in Beijing
Published: March 6 2011
A news release from Beijing reveals that, for the first time, spending on internal security has surpassed the spending on national security. Interestingly enough, China fears more about the safety of its citizens from its other citizens than an international threat. This doesn’t mean that China is completely unsafe, but it does mean that, much like America, if there’s a violent protest you should avoid getting too close. Tourist should not fear, but just be cautious in approaching any potential public aggravators. Officials are meeting to discuss potential resolutions to the violence other than just increasing public defense.
Japanese Yen Climbs Against Most Majors On Risk Aversion
http://www.rttnews.com/Content/CurrencyMarket.aspx?Id=1565792&SM=1&pageNum=1)
This article is about how Japanese Yen is still a strong currency due to the concern over the crude oil prices. According to the article, Asian stocks fell because of the concern that a sustained rise in crude oil prices could hurt global economic growth. I thought it was very interesting that the oil price can affect stock market and eventually, currency rate, too. I’m checking JPY to KRW or JPY to USD currency rate every day, because I am visiting Japan quite often and we are going to be in Japan for the longest time in our trip.
Bank of Japan Easing to Make Yen `Worst' Currency, Morgan Stanley Says
http://www.bloomberg.com/news/2011-03-03/bank-of-japan-easing-to-make-yen-worst-currency-morgan-stanley-says.html
This article gives us a little hope on Japanese Yen would be weakened by the end of this year. This forecast by Morgan Stanley is based on both the action by Bank of Japan that would take more monetary easing measures and investor concerns over the government’s fiscal policies may increase. Since 2008 when the Lehman Brothers Holdings Inc. got bankrupted, Japanese Yen got stronger and stronger. As I mentioned above, I am very interested in the currency rate. I still don’t know why Japanese Yen is still strong, even the economy seems to be recovering. I should do more research on this matter.
China’s rapid development, especially in the non-costal rural areas, is greatly increasing the need for copper. According to CRU, a London-based metals and mining consulting firm, China is on pace to almost triple its annual use of copper to 20 million tons in 25 years. That's more than the world produces today. Rising demand will create a potential global shortage of 11 million tons a year by 2035, CRU forecasts. Copper is used for electronics in most household appliances, like wiring in TV’s, refrigerators, etc. Large numbers of the rural population is moving out of their mud brick huts in their villages into houses full of electric, copper using electronics.
http://www.businessweek.com/print/globalbiz/content/nov2010/gb2010112_326953.htm
My first article is from the Wall Street Journal on March 2, 2011. It is entitled “Can the Yuan Replace the Dollar?” I liked this article because all I have been hearing about lately is how China will be the biggest economy in the world some soon. This article shows that even if they do become the biggest their currency will have problems until they change some of their current restrictions, and have a more stable form of government.
Sherstin I agree with you on that. From what I have seen in Chinese culture, they love to play the game in their own way. If you don't know the rules and the way they play then you are going to lose for sure.
Rich.
I think that article sounds great. Isn't is funny that a country and their government could be so afraid of their people that they would spend so much money on it. You think after looking at that expense they might change something.
My,
I find your article about China becoming the 2nd largest economy very interesting. I find interesting in my study of China the huge gap that exists between the rich and poor. We will be going to Beijing and will experience the "economical" side of China. I think it would be a completely different experience if we were to visit real rural areas of China and see just how poor a majority of the people are. I don't think we adequately visualize just how poor a large majority of the Chinese people are.
Continuing with this topic, as I have been reading articles, I found an interesting one discussing that even though China's economy is growing at extraordinary rates, it will never pass the US economy. The author stated many reasons including the fact that China's GDP is only 40% of the US. He compared China's growth to that of Japan's in the 80s.
http://www.csmonitor.com/Business/new-economy/2011/0307/Watch-out-for-a-hard-landing-in-China
Minji,
$3600 is just an average number. It doesn't mean that every Chinese get the same income. There are a lot of people make thousands of dollars there. At the same times, millions of others make less than $300 per year in rural areas and it's absolutely really low to live anywhere.
However, $3600 is also a really low number for the 2nd biggest economy of the world.
“Why the US and China Woo Mongolia”
This article introduces the importance of the relationships between Mongolia and world-leading countries. Mongolia isn’t known for a strong economy, developed living standard, or political certainty; however, due to its geographic location, future ties with this country may become an advantage to the most powerful countries in the world. The US recognizes the position of Mongolia—located between China and Russia and also bordering N. Korea—and has recently taken steps to strengthen political ties. I find this article meaningful because I do not know much about Mongolia and I predict that as world-leading countries strengthen relations with Mongolia, the Mongolian economy will experience needed growth.
http://the-diplomat.com/2011/03/07/why-the-us-and-china-woo-mongolia/
-Steven Hall
Dustin,
I like the sound of your article. I think many people forget how significant government is when it comes to business. China may have a successful exportation and economic growth, but the government may be keeping it back from reaching its full potential.
“No awakening, but crush it anyway”
The Economist
March 5, 2011
In a proactive attempt to prevent uprisings and protests, the Chinese government recently cracked down on anything remotely seen as inciting or anti-governmental. For example, one of the classic Chinese songs that served as an anthem of the Beijing Olympics, “Beautiful Jasmine Flower,” has been blocked on the government-controlled Internet. This increased security is a sign that government officials are jittery following the revolts in the Middle East and are doing everything to curb potential violence, even sacrificing some of their own leaders to the mobs to turn away the people from identifying any one leader to hold up as an evil icon, such as Mubarak in Egypt. Chinese leaders are doing their best to prevent protests and uprisings by controlling the access of the outside world to China and the access of China to the outside world.
Steven,
Your article is very intriguing. Mongolia has never really been in the center of attention in regards to successful economies, however they do neighbor some of the more successful countries or areas. You have an interesting thought regarding improving Mongolia's economic growth- I don't know how productive/profitable it would be to invest in Mongolian products due to prices and other costs, but I think your thought is definitely a good one and not worth discounting.
My--
I also find your article interesting. One of the articles that I read pointed out that China is having a difficult time controlling growth and how, as you pointed out, the disparity between rich and poor is growing every year. I am interested to see how China will handle this situation in the future. One of the difficulties with communist countries is this exact problem – not allowing too much corruption to enter into the hearts of leaders who have almost nobody to fear because the people in power are their friends. Interesting enough, every once in a while one of these “friends” has to be revealed as corrupt so as to keep unwanted eyes away from themselves.
Jonathan--
The article your read accentuates a dilemma seen in more fields than just copper. How is the world going to handle increased production with limited natural resources? In order to sustain the growth your article predicts, immense changes have to be made in efficiency and materials. As the article Sherstin summarized pointed out, many Asian tech companies are putting American ones to shame. To ride the bubble into the future and have first-mover advantage in what may be a natural resources crisis, the US must invest more in research and development to have the technology the rest of the world will want.
“China Unveils Economic Plan With Focus on Raising Incomes and Reining in Pollution”
“Keeping the allegiance of a society that wants a bigger share of the nation’s prosperity.” This is the aim of China’s Communist Party. To make sure that China is progressing forward with this goal, the government has proposed a new 5-year economic plan that focuses on raising incomes and decreasing pollution. China’s government recognizes that their current economic structure is based largely on factories and wants to move toward a deeper, more sustainable economy. Their plan is to limit inflation over the next five years, encourage learning and inventing by building new research centers, support technology companies by laying more fiber optic wire and building more internet ports, and reduce energy consumption. China has done an outstanding job recovering from the 2008 economic downturn. If this is any indication of future performance, it seems that China’s economy will morph into a new form over the next five years.
http://www.nytimes.com/2011/03/05/world/asia/05china.html?pagewanted=1&_r=1&ref=china
-Amie Isom
To all the girls (and any guys who might be interested):
I found this fun article about traditional women's attire in Japan, the Kimono. If you're interested, here's the link. It's not very long.
http://www.nytimes.com/2011/03/04/opinion/04iht-edmakihara04.html?ref=japan
Amie
jtroyc,
I think it's so interesting that China doesn't allow Facebook in their country and that they highly monitor the Facebook "knock offs." In my Ethics class we learned about China and Google and how China has put huge restrictions on what kinds of Google searches are allowed. It seems to me that with time the Chinese government will have less control over what information is allowed over the internet because of the many social media and search-engine sites.
Amie
Jonathan,
You're article stuck out to me because I think it's fascinating how something like people building more houses in China can affect the global supply of commodities like copper. We are all more intricately connected then we think.
Amie
http://online.wsj.com/article/SB10001424052748703662804576188611954712124.html?KEYWORDS=China
The People’s Republic of China is deciding to maintain its one child per couple policy. It was only supposed to last three decades but has now been extended for another five years. Some exceptions to the law are couples who are both only children in their respective family, ethnic minorities, and rural families. I think it will be a good idea to go ahead and restructure the law so that they have multiple children. This will continue to hold down population growth (therefore unemployment and strains on resources) and at the same time make the population happy.
Amie,
I read your brief on China and its economic plan. Don't you think that they will have a long way to go with leveling the playing field as far as providing opportunities to more individuals to improve their state of living. In my Chinese class today, the professor talked about how at least 70 percent of the the population still live in rural areas and how poor their standard of living is. He said that if the average income here in the states is like $40,000, over there has got to be like $4000. I am excited though that they are trying to improve their overall economy. It is proven that with greater economic improvements, more democratic environments are seen to acompany them.
Jared,
Isn't that crazy how the governement can squash all upheavel in a matter of hours!? The same twitter and facebook revolution that caused so many revolutions to take place in other countries and parts of the world were immediately halted in China through its "big brother" governement.
"SOUTH KOREA BANKS: BIG TROUBLE AT LITTLE LENDERS"
My first article discussed a banking crisis that is going on in South Korea. Last month Korea’s Financial Service Commission (FSC) suspended the Samwha Mutual Savings Bank that scared savers into withdrawing billions of dollars leading to the suspension of 7 additional banks. This crisis was a result of lax regulation and irresponsible business management. The bank business’s rules for whom they lent money to got careless as they lent money out to more risky investors such as unstable corporate and developer borrowers. I thought this was significant because it shows that it is necessary to have responsible, reliable, intelligent, wise leaders managing a company in order to protect it from failure and collapse.
http://viewswite.eiu.cm/index.asp?layout=ib3PrintArticle&article/id=797839664&printer=printer
Tyson,
I agree with your opinion on the Chinese child policy. Another good thing about allowing multiple children is it reduces the chances of people aborting or abandoning their additional children. It is unrealistic to assume that humans will "over-populate": the world is too huge and magnificent, and if we want to get into a gospel discussion, doesn't God command us to "multiply and replenish the earth?" Yes :)
China said its defense budget will rise 13% this year. Back in 2000 China spent about 30 billion dollars. In 2009 they spent approximately 100 billion dollars. So you can see how this can be a concern to the surrounding countries, Japan, South Korea, and the Philippines. Seiji Maehara from Japan wants the Chinese government to be more clear on what they are going to use the new firepower for, "Whether it should be regarded as offensive or defensive." Does China still have a grudge against Japan from before World War 2? We will find out when China uses its military for defense or for attacking.
WSJ March 5 2011
Caleb C
Jared,
Wow that is interesting how China is cracking down so hard on the internet/the lives of their people in general. It reminds me of a discussion we had the other day in my political science class. Someone asked if they thought China would ever take control of the U.S., especially because of the huge financial debt we have to them. Our professor however pointed out to us that how can a nation who is so unstable they are struggling to control even its own citizens take control of another ( the world's current hegemon) nation? Not saying it isn't possible, but this makes it seem not very likely and hence not too big of a concern/worry. There's some food for thought. :)
Tyson,
I think the 5-year extension on the one child per couple policy undermines God's eternal plan for His children. I served with a companion who was the 11th child in his family and often said, "I'm thankful my parents didn't stop having children at number 10." It is an interesting economic tool that is different than the fiscal or monetary policies implemented in the United States. I wonder what implications this "biological policy" has on their economy.
Rain and Snow Fall Ease Drought in China, and Fears of a Wheat Crisis Recede
By Keith Bradsher
New York Times
Recently the northern region of China has experienced severe droughts which have threatened the wheat crop for this year. China is the largest producer of wheat in the world so these droughts not only effect China’s consumption of wheat but also world consumption. I didn’t know China had such a large share of the wheat market but when it was speculated that the wheat crop might not make it world prices for wheat rose about two percent a day. When they finally got some rain on the crops the world prices started to fall again. It surprises me that China’s wheat production has such economies of scale and the world wheat market is so sensitive it.
Wall Street Journal - "Japan Quake: Danger, Danger, Sweat" By Yoree Koh.
A 7.2 magnitude earthquake hit northeastern Japan Wednesday. Japan is an area prone to seismic activity. An interesting dynamic to the earthquakes in Japan is that although there is implicit danger after an earthquake, often times the quake occurs off land in the ocean which increases the threat of a tsunami. Residents of Tokyo were said to have not even realized there was an earthquake until they saw reports online after the fact. I thought this article was interesting because it shows how well Japan has adapted to these natural disasters and how they have engineered buildings and developed an infrastructure that can withstand earthquakes of great magnitudes. I think natural disasters are interesting because they pose a threat to business and the economy and it is difficult if not impossible to predict them, yet it is through proper planning and preparation that you can ensure a more positive outcome in a crisis situation and businesses have to prepare accordingly.
Alexis,
I think its interesting how banks are getting into trouble all the time now for making loans to people/companies that are too risky with the borrowed money. It seems like the limits that are set for lending always tend to get pushed farther and farther until the lending is out of control and banks either fail or have to be bailed out.
Nick,
I'm with you when you say good planning really helps when communities face crisis situations. Because they were prepared in Japan they didn't have to suffer the costs of rebuilding. A bad natural disaster sometimes can stop an economy while the community is being pieced back together. The Japanese can just get up and go right back to work as if nothing happened. To me that is pretty amazing.
Caleb,
I am not surprised to learn about the increase in China's defense budget. I know that World War II pulled the US out of a recession, and I bet that an increase in spending on their national defense could stimulate their economy however if they are not more transparent, they risk upsetting their "neighbors". This in-turn could possibly have adverse affects on business relations throughout the area and negatively impact their economy.
Jared,
I hadn't heard anything before about China taking preemptive measures to avoid a situation like that in the Middle East. I think that is very interesting with the whole concept of censoring the media and internet. I had heard that a large part of the success in Egypt was due to the use of Facebook. Egypt had also censored Facebook, but citizens used alternative means to access Facebook and continue to communicate with each other. I hadn't thought that this flame could "revolution" flame could extend beyond the Middle East. Thanks for the insight!
http://www.businessweek.com/news/2011-03-09/cathay-pacific-orders-25-planes-as-annual-profit-triples.html
This article had to do with Hong Kong and its growth in travel. The leading company for travel is named Cathay and they are expanding by purchasing new planes. This has caused an increase in their stock value, as profits have been impressive for the past few years. China has been growing at a rapid rate as of late and they are worried that the growth will not be able to be sustained. While demand is still high for cargo planes to transport materials into China, the prices have risen also and it is making it hard to sustain this growth.
Steven,
I too haven't heard much about Mongolia except for in history classes. Anciently it was a connection between Asia and Europe. Seems like modern day economist are trying to do the same thing with Mongolia now
Matthew,
I remember in my mission in South America there were always 3 currencies posted at the banks: dollars, euros, and yaun. China's economic power is definitely felt throughout the world, but I wonder how long they will be able to sustain it for. Another thought is how the US will react if China passes them up as the leading power of the world. Interesting stuff.
Japan's New Finance Minister Wants Weaker Yen
http://www.businessweek.com/globalbiz/content/jan2010/gb2010017_910871.htm
The Japanese Yen has been very strong in the last few years and the finance minister has warned that a stronger yen could lead to fewer exports for Japan. They say that a good level for it is between 90 and 05 to the USD. When I was in Japan from 2004-2006 it was about 112 Yen to UDS. The experts also fear that in this weakened economy if the yen does not equal out it could also lead to inflation.
Jared,
Thats interesting about China preventing uprisings. The one example you use about blocking the Chinese Olympic anthem "Beautiful Jasmine Flower." It makes me wonder why. If they are doing it for saftey reasons or is it a cover to hid something from the civilians.
Sam,
I didn't know about China being the largest producer of wheat in the world. When I was reading your post I thought about all the foods that have wheat in them. With China being the country with the most wheat production, they can change the price higher or lower. We won't be able to do anything, but to buy.
"Mongolia's Challenges: Inflation, Currency Flows"
http://online.wsj.com/article/SB10001424052748704005404576177623902929878.html?KEYWORDS=mongolia
I read the article “Mongolia’s Challenges: Inflation, Currency Flows” about Mongolia’s increasing inflation. Officials are considering enforcing more strict policies to curb inflation and keep the economy stable. Specifically, Mongolia’s main industry, copper and coal mining, are undergoing new regulations to stabilize the economy. I thought this article was very interesting and telling of the Mongolian economy; I learned about the main concern with businesses and with the economy.
-Kellyn
Joe,
It is really interesting that Japan officials want the Yen to not be as strong. I always assumed a country would want their currency to be as strong as possible. It makes sense though that exports would decline drastically if the Yen keeps getting stronger. I wonder if this will be a long-term thing or if the government will put policies in place to balance things out?
Nick,
I really enjoyed reading your summary about Japan's earthquake. You provided good insights about how Japan has adapted to these natural disasters. It will be interesting to note how structures are different (if at all) in Japan and how earthquakes affect businesses there. \
Bradley McMullin
Hong Kong
http://online.wsj.com/article/SB10001424052748704132204576190120615509338.html
Two clean-energy companies, Beijing Jingneng Clean Energy Company and a division of Xinyi Glass Holding, are slated to have initial public offerings in Hong Kong this year. The two companies expect to raise a combined $1.1 billion from these offerings. The IPO market as a whole had been slow this year, but is picking up. Last year, the IPO total for all clean-energy companies in Hong Kong was about $2.4 billion.
Kellyn,
I appreciate your summary on the article about Mongolian inflation. I learned about this national economic issue and also about what a lot of the Mongolian economy is comprised of.
Steen,
Thanks for the article on Hong Kong! I saw the headline of that, but didn't have an opportunity to read it. It will be a great experience to be a part of the growth in travel to Hong Kong. I will keep my eyes open and looking for Cathay airplanes.
by: Nate Jones
"Employment in Asian firms is booming—but for locals, not Western expats"
Western companies are pushing for expansion in the Asian market. Firms in India, China and Taiwan in particular are expected to hire more than in other countries during the first half of 2011. However, despite this strong demand for managers and professionals, employers in China are increasingly choosing to hire locals, rather than foreigners. Although western graduates are seeking employment in Asia’s job market, roughly 325,000 Chinese with degrees from Western universities are returning home to seek employment and are much more preferred over their western counterparts. However, one quality that might give foreigners an advantage is knowledge of local language, customs, political and business-related relationships or ‘guanxi’, and experience. Many Western multinational companies have hit a wall when dealing with local governments. Therefore knowledge and experience can give the foreigner a tactful advantage and get preference.
http://www.economist.com/node/18277181
Steen,
I have heard this same thing, that China is expanding too rapidly to sustain its current growth rate. I am also taking a Business Chinese class and we just studied how as a result of its rapid growth, the seriousness of pollution in China has increased dramatically. The four largest polluters-companies in China easily surpass England's total output of greenhouse gasses. Nevertheless, it is very exciting to see such growth in China.
Jared,
This is definitely an interesting topic. I visited China and got to witness such government restrictions first-hand.
My,
There is definitely a huge gap between the rich and poor. When I studied in Nanjing for a semester, I definitely saw this gap. We would see BMW, then people on bicycles. This was a normal site.
Large 7.3 earthquake hits northeast Japan
http://www.wthitv.com/dpps/news/international/large-earthquake-hits-northeast-japan-no-damage-wd11-jgr_3741795
Japan is no stranger to earthquakes, being in the Pacific Ocean’s “Ring of Fire” hot zone, but the recent earthquake was the largest since 1933. This is important because since that time, Japan’s infrastructure and cities have been built up significantly, making the country more vulnerable to natural disasters like earthquakes, or the their after effects, tsunamis. Fortunately, not much damage was done in this quake. This is important to me because I come from California, where earthquakes are prevalent, and so I can understand the Japanese concern for earthquakes, and appreciate their precautions better. I feel a greater connection to my Japanese brothers and sisters, ironically, through natural disasters. Despite being clear across the world, their people, businesses, and government face the same human challenges as we do.
In response to Phil's posting - I've contacted many of my colleagues and most of those companies that will be hosting us in Japan and they are all safe. Steve Albrecht, Mission President in Tokyo reported that all his missionaries are safe. The whole country however is focusing on helping the northern end of Honshu recover. My former business associate and good friend Rory Gagon who will be speaking to us in a few weeks is in Tokyo right now. I received an email from him early this morning. He said even the shelves in all of the convenience stores are mostly bare. We'll keep you posted. Troy.
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