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Politics : Formerly About Applied Materials
AMAT 301.88-1.0%Jan 14 3:59 PM EST
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To: StanX Long who wrote (56628)11/30/2001 2:11:22 AM
From: StanX Long  Read Replies (1) of 70976
 
11/29 23:26
As Japan Declares War on Deflation, Consumers Say `Bring It On'
By Ann Saphir

quote.bloomberg.com

Sapporo, Japan, Nov. 30 (Bloomberg) -- In a country where it will cost $15 for a ticket to the new Harry Potter movie, consumers reckon prices have plenty of room to fall.

That's at odds with the declaration of war on deflation by Prime Minister Junichiro Koizumi and Japan's central bankers. They claim two years of falling prices threaten to spark a cycle of lower profits and wages.

Japanese shoppers, who have to contend with living in one of the world's most expensive countries, are forcing prices down by changing their spending habits. They've flocked to stores such as discount electronics retailer Bic Camera and Fast Retailing Ltd.'s Uniqlo shops, where low-cost clothes have won over cost-conscious consumers.

``I know a shirt from L.L. Bean would look better, but I'll buy the 1,000 yen version from Uniqlo because it's so much cheaper,'' says 28-year old Hazuki Sasajima, who has just landed a job as a graphic designer after an eight-month search.

Then she was heading to the new Bic Camera store in Sapporo to buy a boom-box. Bic Camera is attracting shoppers with low prices and no-frills service, dispensing with the large sales forces and ornate packaging that drive up prices at big department stores.
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