Wednesday, 03 Mar 2021 07:50 AM MYT
Even though Japanese stocks are scaling giddy heights not seen since the asset inflation bubble of the late 1980s and early 1990s, bars and restaurants in the financial district aren’t along for the ride.“During the bubble era, people came here to drink a glass of Ballantine’s 30-year-old for ¥5,500 , even when there’s no seats available, just standing by the cash register,” “Wall Street” owner Kenichi Inoue, 62, told Reuters.
“It was easy to guess the size of the crowd for the evening,” said Inoue. “If the market was up, I knew it would be busy.” “Back then brokers used to come here in a group. They gave us ¥100,000 in cash in an advance,” said 62-year-old owner, Masahiko Tsuda, citing a figure equivalent to around US$800 at the time. “If that was not enough, they paid the difference at the end of the week.”
The number of brokerage employees almost halved from a peak of 170,000 nationwide in 1991 to 91,000 last year, according to the Japan Securities Dealers Association. Adding to Kayabacho’s woes, the coronavirus pandemic has dealt a blow to the real estate market across Tokyo, as more people work from home and domestic economic growth slows.