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Banks throughout Japan is a huge pile of money – reserves of the national companies, which exceed the GDP of most countries. For some, this fact is a testimony to corporate power, but for many this seems like a missed opportunity.
Company whose shares are traded on the Japanese stock exchange, hold 506,4 trillion yen ($ 4.8 trillion) of available funds as of the time of filing their last reports, which is the highest level on record, according to Bloomberg. This volume has more than tripled since March 2013, several months after the return of Prime Minister Shinzo Abe, who promised to eradicate such cash hoarding.

While companies are looking to spare cash as a protection against hard times, this situation has long been annoying investors, noting that the management of corporations should invest these sums in their development or return to shareholders. Implementing one of the most lauded Abe's policies, the Prime Minister of Japan has revised the corporate governance structure, trying to get companies to use capital more productively, and not let it "gather dust" in Bank accounts.

Not to say that the Prime Minister's efforts have not yielded results. The company provide high returns to shareholders, as the Abe government since 2014 has set new rules for investors and managers. But Zuhair Khan, head of research at Jefferies Japan Ltd., estimates that Japanese corporations distribute only about 40% of the profits among the shareholders, then how can they afford to pay about 70%.

"This situation of hoarding, similar to the mania Scrooge McDuck, need to fix", – said Naoki Kamiyama, chief strategist at Nikko Asset Management Co. in Tokyo.

According to Felix Lam, senior Manager with the stock portfolio of the Asia Pacific Fund BNP Paribas SA in Hong Kong, the traditional story of the overly cautious General Directors of corporations clinging unreasonably huge sums of money, more does not explain the essence of the situation. Now the increase in the level of available funds largely depends on the increase profits. The indicator EPS (earnings per share) of companies in the reference index Topix in the second quarter of this year increased by 80% compared to the fourth quarter of 2012, according to Bloomberg data.

"The reason for the high level of cash changed from the conservative leadership that it was the result of improvement in fundamentals," notes Lam. "For the last 3 financial years, the volume of Baibakov Japanese companies reached a record high, and they are mostly financed from its own balance sheet, not debt."

According to estimates Goldman Sachs Group Inc., the volume was announced in Japan by companies selling foreclosures in 2018 rose to around $60 billion For the first 5 months of this year, the amount of Baibakov has reached about $50 billion, as companies such as Sony Corp. and SoftBank Corp., announced plans to record programs to repurchase its own shares.

In addition, according to Societe Generale SA this year to the current time the Japanese company paid a record in the history of 8.4 trillion yen of dividends. However, the volume of Japanese Baibakov still pale in comparison to the U.S. market, where last year the 500 largest companies announced buybacks totaling $800 billion.

Critics say Japanese companies do not sufficiently use their funds. For example, activity in mergers and acquisitions was muted. According to Bloomberg, the total volume of these transactions announced by companies listed in Japan, this year has fallen to about $95 billion to $215 billion over the same period last year.

According to Soichiro Matsumoto, the Director of the Credit Suisse Group AG's Japanese investment, holding large piles of money at zero percent, companies ultimately receive a lower return on capital.

Avarice and the tendency to cash hoarding by managers of Japanese companies is not surprising. Most corporations have taken a conservative position, when in the early 1990s, asset prices collapsed. The subsequent period of economic stagnation called the "lost decades", was accompanied by the collapse of financial institutions that could no longer lend to the business.

Three decades later, the leaders of Japanese companies still want to be independent from debt financing. "The strategy is to have a lot of money, because it gives you strategic flexibility for corporate acquisitions or "cushion" for a rainy day because who knows when the economy will again decline," says Khan of Jefferies Japan Ltd.

Looking ahead, investors see big changes in the strategy of Japanese corporations, as an increasing number of market participants is focused on companies with low shareholder return. But most investors said that the money will continue to accumulate, and profit attributable to owners of shares, to increase only gradually.

Materials bloomberg.com

Подробнее на БКС Экспресс:
https://bcs-express.ru/novosti-i-analitika/iaponskie-kompanii-nakopili-rekordnye-4-8-trln-pochemu-tak-proizoshlo-i-chto-oni-budut-s-nimi-delat?utm_referrer=https%3A%2F%2Fzen.yandex.com

ne vidim tu ništa loše

mortal wrote:ne vidim tu ništa loše

Itekako..Cim se smanjuju investicije,firme i banke pocinju paziti i gomilati kapital,cijene dotad "elitnih" proizvoda,padaju po 5-6 puta(primjer svapski proizvodjac WMF metalnog posudja i pribora za jelo,i ostalog...u trgovinama vidim smanjenje cijene pribora za jelo,koji je koshtao oko 700 ojra,na samo 99 ojrova..
To nije beznacajno rezanje cijena,nego rjesavanje zalihe posto poto..
nesh se valja iza brda,jos se u globalu ne vidi,ali ovo golmilanje u Japanu dosta govori o globalnom formatu ove "prijetnje"..
Recesija,neki neformalno spominju,mogla bi po snazi biti poput one 1930tih godina..
Kakogod,primjecujem poda proizvodnje u svabiji,narocito u auto i pratecim industrijama..metalskoj,industriji tekstila i umjetnih masa i ostaloga..