DOCSLIB.ORG

University of Ljubljana Faculty of Economics International Center for Promotion of Enterprises

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
University of Ljubljana Faculty of Economics International Center for Promotion of Enterprises UNIVERSITY OF LJUBLJANA FACULTY OF ECONOMICS and INTERNATIONAL CENTER FOR PROMOTION OF ENTERPRISES, (ICPE), LJUBLJANA MASTER DEGREE THESIS THE ANALYSIS OF INVESTMENT OPPORTUNITIES IN THE JAPANESE ELECTRICAL MACHINERY AND COMMUNICATION INDUSTRIES Ljubljana, September 2004 Primož Krajnik I Author’s Statement I Primož Krajnik, hereby certify to be the author of this Master’s Degree thesis, which was written under mentorship of Dr. Silva Deželan and in compliance with the Act of Author’s and Related Rights – Para. 1, Article 21. I herewith agree this thesis to be published on the website pages of ICPE and the Faculty of Economics. Ljubljana, September 9, 2004 Signature…….……………… II CONTENTS 1 INTRODUCTION.......................................................................................................1 1.1 DESCRIPTION OF THE PROBLEM.......................................................................1 1.2 THE PURPOSE OF THE THESIS............................................................................2 1.3 THE GOALS OF THE THESIS ................................................................................3 1.4 METHODS APPLIED IN THE THESIS ..................................................................3 1.5 STRUCTURE OF THE THESIS...............................................................................4 2 INVESTING STRATEGIES AND METHODS ......................................................5 2.1 INTRODUCTION TO INVESTING AND RISKS INVOLVED .............................5 2.1.1 Business or »Stand-Alone« risk.............................................................................5 2.1.2 Non-diversifiable or market risk ............................................................................6 2.1.3 Diversification........................................................................................................8 2.1.4 Capital Asset Pricing Model and its critics............................................................9 2.2 EQUITY MANAGEMENT STRATEGIES............................................................10 2.2.1 Value Investing....................................................................................................11 2.2.2 Growth investing..................................................................................................12 2.2.3 Growth at a reasonable price - GARP..................................................................13 2.3 APPROACHES TO SECURITY ANALYSIS........................................................15 2.3.1 Top-down and bottom-up approach.....................................................................15 2.3.2 Fundamental stock analysis.................................................................................17 2.3.3 Technical analysis................................................................................................22 2.3.4 Which type of analysis is better? .........................................................................23 2.4 STOCK VALUATION MODELS...........................................................................23 2.4.1 Gordon's constant growth model..........................................................................24 2.4.2 Multistage growth model .....................................................................................24 2.4.3 Free cash flow models..........................................................................................25 2.4.4 Valuation based on market multiples...................................................................28 2.5 CRITERIA FOR SELECTING STOCKS ...............................................................29 2.5.1 Personal selection criteria and their use in the final model..................................30 3 CHARACTERISTICS OF THE JAPANESE STOCK MARKET ......................35 3.1 CHARACTERISTICS OF THE NIKKEI STOCK AVERAGE .............................36 3.1.1 Nikkei 225 stock average.....................................................................................36 3.1.2 Nikkei 500 stock average.....................................................................................38 3.2 HISTORICAL PERFORMANCE OF NIKKEI 225 AND ITS MAIN FACTORS BEHIND...................................................................................................................38 3.3 A COMPARISON BETWEEN JAPANESE GENERALLY ACCEPTABLE ACCOUNTING PRACTICES (GAAP) AND INTERNATIONAL ACCOUNTING STANDARDS..........................................................................................................40 III 4 FUNDAMENTAL ANALYSIS OF SELECTED NIKKEI 500 COMMUNICATION AND ELECTRIC MACHINERY INDEX STOCKS.......43 4.1 TOP-DOWN APPROACH TO FUNDAMENTAL ANALYSIS OF JAPANESE STOCKS ..................................................................................................................43 4.1.1 The Japanese macroeconomic situation...............................................................45 4.1.2 Japanese economic recovery................................................................................49 4.1.3 Business cycles and Japanese economy...............................................................52 4.1.4 US counterparts for Japanese electric machinery and communication industry..54 4.2 ANALYSIS OF THE NIKKEI 500 COMMUNICATIONS STOCKS...................55 4.2.1 Telecommunication sector...................................................................................55 4.2.2 The broadcasting sector........................................................................................64 4.3 ANALYSIS OF THE NIKKEI 500 ELECTRIC MACHINERY STOCKS............69 4.3.1 Audio and video products sector..........................................................................72 4.3.2 The robots, automation equipment, and system engineering sector ....................79 4.3.3 The electronic measurement equipment and scientific instruments sector..........83 4.3.4 The IT solutions, computer and peripherals, CD-ROM, disk drives, LCD displays sector ..........................................................................................................87 4.3.5 The electronic components: Semiconductors, IC, semiconductor equipment, passive components, circuit boards and assembly sector.........................................92 4.3.6 Lighting and auto parts sector..............................................................................97 4.3.7 Miscellaneous.....................................................................................................100 4.4 THE FINAL SELECTION OF THE ANALYSED FIRMS..................................102 5 CONCLUSIONS .....................................................................................................105 REFERENCES........................................................................................................107 SOURCES................................................................................................................111 APPENDIX IV List of abbreviations Abbreviation Description 3G Third Generation AC Alternate Current ADR American Depositary Receipts ADSL Asymmetric Digital Subscriber Line APT Arbitrage Pricing Theory ARPU Average Revenue Per Unit ASBJ Accounting Standards Board of Japan ASIC Application Specific Integrated Circuit AV Audio / Video B Billion = 1,000,000,000 B/M Book-to-Market price ratio (the opposite of P/B) CAPM Capital Asset Pricing Model CEO Chief Executive Officer CF Cash Flow CFO Chief Financial Officer CCFL Cold Cathode Fluorescent Lamp (light source in LCD) CMOS Complementary Metal Oxide Semiconductor CNBC CNBC television = Consumer News and Business Channel CNC Computerized Numerically-Controlled CR Current Ratio (of short term assets to debt) CRT Cathode-Ray Tube (for monitors and TV sets) CT Computed Tomography CV Coefficient of variance D/E Debt to Equity ratio DCF Discounted Cash Flow DDM Dividend Discount Model DPF Diesel Particular Filters DPS Dividend Per Share DRAM Dynamic RAM – RAM which has to be continuously refreshed to keep information DSL Digital Subscriber Line DVD Digital Video Disk EAFE Europe, Australasia, Far East EBIT Earnings Before Interests and Taxes EBITDA Earnings Before Interests, Taxes, Depreciation, and Amortization ECB European Central Bank EMH Efficient Market Hypothesis EPS Earnings Per Share EU European Union FCF Free Cash Flow FCFE Free Cash Flow to Equity FCFF Free Cash Flow to Firm FDD Floppy Disc Drive (data storage media) FPGA Field-Programmable Gate Array FSA Financial Services Agency V Abbreviation Description FY Fiscal Year G7 Group of 7 most developed world nations to which Russia was added to form G8 GAAP Generally Acceptable Accounting Practices GARP Growth at a Reasonable Price GDP Gross Domestic Product GNP Gross National Product GPS Global Positioning System HD High Definition HDD Hard Disc Drive (data storage media) HID High Intensity Discharge IAS International Accounting Standards IC Integrated Circuit (semiconductor chip) IFO Institute for Economic Research, Munich IFR International Federation of Robotics IFRS International Financial Reporting Standards IPO Initial Public Offering IP Internet Protocol or Intellectual Property IT Information Technology LCD Liquid Crystal Display LSI Large Scale Integration (for semiconductor circuits) LT Long Term M1 Total money supply. M1 includes only checkable demand deposits M2 Money supply 2is M1 and also savings and other time deposits MC Market Capitalization MOU Minutes of Usage MRAM Magneto-resistive RAM, or Magnetic RAM MRI Magnetic Resonance
Load more

Recommended publications
  • Investor Information 2016（4.7MB）
    INVESTOR INFORMATION 2016 Connecting to the future Tokyo Broadcasting System Holdings, Inc. Consolidated Financial Highlights Net Sales Operating Income (Millions of Yen) (Millions of Yen) 354,338 346,538 352,351 347,817 348,539 17,179 16,188 15,696 15,728 12,162 12/3 13/3 14/3 15/3 16/3 12/3 13/3 14/3 15/3 16/3 Ordinary Income Prot Attributable to Owners of Parent (Millions of Yen) 22,678 (Millions of Yen) 18,915 14,497 18,096 17,671 12,811 11,671 14,313 9,173 9,644 12/3 13/3 14/3 15/3 16/3 12/3 13/3 14/3 15/3 16/3 Total Assets Total Net Assets (Millions of Yen) (Millions of Yen) 653,732 649,970 456,118 458,208 555,159 559,626 579,039 385,971 344,473 322,597 12/3 13/3 14/3 15/3 16/3 12/3 13/3 14/3 15/3 16/3 Contents 2 To Our Stakeholders 13 Major Indices 3 At a Glance 15 Segment Information 4 Organization 17 TBS Television 5 Corporate Data 20 Financial Data of Major Group Companies 6 Business Report 22 TBS Networks 9 Consolidated Financial Statements Financial Figures The nancial gures used in this report are those used in the Japanese ”Tanshin,” which has been created in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act. Thus, all gures have been rounded down to the nearest million yen. Forward-Looking Statements This report contains forward-looking statements based on management’s assumptions and beliefs in light of the information currently available.
    [Show full text]
  • Daftar Acara Di Surat Kabar, Stasiun Televisi Ini Ditulis Sebagai Mainichi Terebi Mainichi Hōsō Atau MBS Mainichi
    BAB II GAMBARAN UMUM KOREA SELATAN DAN KOREA UTARA A. Terpecahnya Korea Selatan dan Korea Utara Tragedi dua Korea mulai ketika Perang Dunia II berakhir pada tahun 1945 karena Semenanjung Korea dibagi dua oleh Persatuan Bangsa-bangsa (PBB) yang dipimpin oleh Amerika Serikat (AS) dan Blok komunis yang dipimpin oleh Uni Soviet. Pembangunan Semenanjung Korea ini terjadi tanpa konsultasi dengan Perwakilan Korea dan bertentangan dengan kemauan rakyat Korea. Uni Soviet dan Republik Rakyat Cina (RRC) menanam komunisme dan memberikan berbagai senjata api kepada Korea Utara. Sedangkan AS dan negara-negara Barat mendukung Korea Selatan untuk mengembangkan demokrasi dan kapitalisme. Dengan demikian, Semenanjung Korea segera menjadi “show window”-nya Perang Dingin di Asia Timur selama setengah abad (Seung-Yoon dan Mas’oed, 2007: 114). Perang Saudara antar Korea (Korean War) dipecahkan oleh serangan mendadak pihak Korea Utara pada bulan Juni 1950. Pihak Korea Selatan yang sama sekali tidak menduga serangan itu, sehingga tidak ada pilihan kecuali mundur saja ke arah selatan. PBB segera mengirimkan pasukan sekutu terdiri dari 16 negara ke medan Perang Korea. Kali ini pasukan Korea Utara mundur ke arah utara. Pada waktu itu ratusan ribu pasukan RRC membantu pasukan Korea Utara. Akhirnya kedua belah pihak antara Korea Selatan-pasukan PBB dan Korea Utara- RRC mencapai persetujuan untuk genjatan senjata dan menandatangani perjanjian 32 pada tahun 1953. Perang ini tidak ada yang kalah dan tidak ada yang menang, hanya ada kesengsaraan dan korban. Selama tiga setengah tahun, Perang Saudara antar Korea mengakibatkan jutaan korban manusia dan menghancurkan segala prasarana di Semenanjung Korea. Sejak itu kedua Korea saling memusnahkan satu sama lain.
    [Show full text]
  • Report-On-Japan.Pdf
    Contents 1. Executive Summary p. 4 2. An Introduction to the Music Market p. 6 3. The Entertainment Environment p. 7 (I)TV p. 8 (II) Radio p. 9 (III) Mobile p. 10 (IV) Online p. 12 (V) Print p. 13 (VI) Record Labels p. 14 (VII) Music Publishing p. 15 (VIII) Local Talent p. 16 (IX) Clubs and Dance p. 17 (X) Live Performance p. 18 4. The Digital Landscape p. 21 Mobile Music p. 22 Internet Music Downloads p. 24 Digital Music Services p. 26 5. Market Entry Recommendations p. 26 6. Appendices p. 28 Top 10 Selling Domestic Albums in 2011 p. 28 Top 10 Selling International Albums in 2011 p. 28 Market Statistics p. 28 Music-related Trade Bodies and Associations p. 29 2 CONFIDENTIALITY NOTICE & DISCLAIMER This document was prepared for internal use by Canadian Government and CAAMA members plus Canadian Music Week attendees only and is not for forwarding or distribution to any third party. It may not be posted on any website. All details referenced are the latest available to us at the time of writing, and all information utilized is believed to be accurate and reliable at the time of submission. However, Swat Enterprises Pte. Ltd. accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions 3 1. Executive Summary Japan, an archipelago of 6,852 islands with 47 prefectures, has the world’s tenth largest population with over 127 million people. Its area of 377,873 km2 is close to that of Germany and Switzerland. The greater Tokyo area is the largest metropolis in the world with a population of around 36 million, more than the entire population of Canada.
    [Show full text]
  • THE PACIFIC-ASIAN LOG January 2019 Introduction Copyright Notice Copyright  2001-2019 by Bruce Portzer
    THE PACIFIC-ASIAN LOG January 2019 Introduction Copyright Notice Copyright 2001-2019 by Bruce Portzer. All rights reserved. This log may First issued in August 2001, The PAL lists all known medium wave not reproduced or redistributed in whole or in part in any form, except with broadcasting stations in southern and eastern Asia and the Pacific. It the expressed permission of the author. Contents may be used freely in covers an area extending as far west as Afghanistan and as far east as non-commercial publications and for personal use. Some of the material in Alaska, or roughly one half of the earth's surface! It now lists over 4000 this log was obtained from copyrighted sources and may require special stations in 60 countries, with frequencies, call signs, locations, power, clearance for anything other than personal use. networks, schedules, languages, formats, networks and other information. The log also includes longwave broadcasters, as well as medium wave beacons and weather stations in the region. Acknowledgements Since early 2005, there have been two versions of the Log: a downloadable pdf version and an interactive on-line version. My sources of information include DX publications, DX Clubs, E-bulletins, e- mail groups, web sites, and reports from individuals. Major online sources The pdf version is updated a few a year and is available at no cost. There include Arctic Radio Club, Australian Radio DX Club (ARDXC), British DX are two listings in the log, one sorted by frequency and the other by country. Club (BDXC), various Facebook pages, Global Tuners and KiwiSDR receivers, Hard Core DXing (HCDX), International Radio Club of America The on-line version is updated more often and allows the user to search by (IRCA), Medium Wave Circle (MWC), mediumwave.info (Ydun Ritz), New frequency, country, location, or station.
    [Show full text]
  • Page 1 of 6 9 May 2017 REQUEST for QUOTATION the TOURISM
    9 May 2017 REQUEST FOR QUOTATION The TOURISM PROMOTIONS BOARD invites you to submit quotations for the item/s listed below; Quotation No. TPB-PR 2017-05-228 Requirements: Groundhandler for Chichin Puipui Filming Trip in Cebu Estimated Estimated Qty Particulars Total Unit Price Amount I. PROJECT 1 lot Tourism Promotions (TPB), in partnership with Philippine Php Php Department of Tourism (PDOT) Osaka, will be assisting filming 791,000.00 791,000.00 of Mainichi Broadcasting System (MBS) for the production and broadcast of their television program “Chichin Puipui” on May 27 to 31, 2017 in Cebu. II. BACKGROUND Mainichi Broadcasting System, Inc. is a radio and television broadcasting company headquartered in Osaka, Japan, affiliated with Japan Radio Network (JRN), National Radio Network (NRN), Japan News Network (JNN) and TBS Network, serving in the Kansai region. The show, Chichin Puipui, is an information and variety show airing on weekdays on a 4-hour live broadcast which targets women between ages 30 – 60 and children. One of the segment of the show is the Mr. World wherein Cebu will be promoted as an ESL destination for the Japanese. III. SCOPE OF WORK/DELIVERABLES 1. Draft itinerary is attached. 2. Must provide for on-site related expenses as the need arises 3. Cover international airtickets for five (5) persons and domestic airtickets for one (1) person (re-bookable and refundable, with maximum baggage allowance) a) KIX – CEBU – KIX via PR 0409 (departure KIX) and via PR 0410 (departure MNL) for 5 persons b) MNL – CEB – MNL via 5J 553 (departure MNL) and via 5J 578 (departure CEB) for one (1) person 4.
    [Show full text]
  • Profil Emitivnog Tržišta, Izdanje 2017. Pdf 617.02 KB
    JAPAN PROFIL EMITIVNOG TRŽIŠTA - IZDANJE 2017. OPĆI PODACI O TRŽIŠTU Službeni naziv: Država Japan. Državno uređenje: Parlamentarna ustavna monarhija. Državni poglavar: Car Akihito. Predsjednik Vlade: Shinzo Abe. Glavni grad: Tokio – 38.001.000 stanovnika. Ostali veći gradovi: Osaka – Kobe (20.238.000), Nagoya (9.406.000), Kitakyushu – Fukuoka (3.369.000), Sapporo (2.571.000). Službeni jezik: japanski. Valuta: japanski jen (JPY). Površina: 377.915 km2. nosti. Vlast mu je strogo ograničena. Ustavom postavlja Broj stanovnika: 126.451,398 (srpanj 2017., procjena). premijera kojega prije toga izabere Zastupnički dom, postavlja predsjednika Vrhovnog suda kojega prije toga Dobna struktura imenuje vlada, proglašava zakone i ugovore, saziva par- - 0 – 14 godina – 12,84% (8.361.611 muškaraca / lament i dodjeljuje odličja. 7.875.045 žena) - 15 – 24 godine – 9,64 % (6.417.085 muškaraca / Izvršna vlast pripada vladi koja je za svoj rad odgovorna par- 5.778.904 žena) lamentu. Na čelu vlade je premijer koji imenuje članove vla- - 25 – 54 godine – 37,50 % (23.435.323 muškaraca / de i, kao i većina ministara, obavezno je član parlamenta. 23.980.781 žena) - 55 – 64 godine – 12,15 % (7.692.424 muškaraca / Zakonodavnu vlast predstavlja dvodomni Nacionalni 7.665.157 žena) parlament (Kokkai) koji se sastoji od Zastupničkog doma - 65 i više godina – 27,87 % (15.397.309 muškaraca / (Shugiin) i Doma vijećnika (Sangiin). Zastupnički dom ima 19.847.759 žena) 480 zastupnika biranih na izravnim tajnim izborima na mandat od četiri godine. Dom vijećnika ima 242 člana bi- Vjerska pripadnost: šintoisti (79,2 %), budisti (66,8 %), kr- rana na općim izravnim izborima na mandat od šest godi- šćani (1,5 %), ostali (7,1 %).
    [Show full text]
  • Title Japan's Elite Networks at the Apex of Power Author(S) Schmidt
    Title Japan's Elite Networks at the Apex of Power Author(s) Schmidt, Carmen Hitotsubashi journal of social studies, 36(2): 73- Citation 84 Issue Date 2004-12 Type Departmental Bulletin Paper Text Version publisher URL http://hdl.handle.net/10086/8276 Right Hitotsubashi University Repository Hitotsubashi Journal of Social Studies 36 (2004), pp.73-84. ῌ Hitotsubashi University JAPAN’S ELITE NETWORKS AT THE APEX OF POWER C6GB:C S8=B>9Iῌ Contents I. Introduction II. Institutionalized Networks III. Interlocking Directorates IV. Informal Networks 1. Academic Cliques 2. Diet Cliques 3. “Old Boys’” Networks 4. Marriage Ties V. Conclusion I. Introduction Networks are of distinctive importance for the communication and the coordination of interests within each elite configuration. The concept “network” implies an image of individu- als tied together with (visible and invisible) bonds and knitted into a mesh of connections (Scott 1990b: ix). The impact, which elites might exercise is magnified several times if each individual group is connected through network ties to influential leaders outside their sphere of influence. In other words, the more tightly woven the network relationships within the elite, the more easily consensus on conflicting issues can be sustained. We can distinguish between institutionalized networks, networks created by interlocking directorates and informal networks such as academic cliques or family bonds that tie the elite together and serve to maintain their unity. The administrative system establishes institutional- ized networks to provide the various interest groups with o$cial channels of communication. When specific persons hold two or more positions in di#erent sectors, so becoming multiple position holders and creating “interlocks” between sectors, we refer to a network of interlock- ing directorates.
    [Show full text]
  • INVESTOR INFORMATION 2014 Consolidated Financial Highlights
    TOKYO BROADCASTING SYSTEM HOLDINGS, INC. INVESTOR INFORMATION 2014 Consolidated Financial Highlights Net Sales Operating Income (Millions of yen) (Millions of yen) 351,262 342,754 346,538 352,351 354,338 16,188 15,696 12,162 7,705 3,343 10/3 11/3 12/3 13/3 14/3 10/3 11/3 12/3 13/3 14/3 Ordinary Income Net Income (Loss) (Millions of yen) (Millions of yen) 11,671 9,173 9,644 17,671 18,096 14,313 9,215 103 3,902 –2,313 10/3 11/3 12/3 13/3 14/3 10/3 11/3 12/3 13/3 14/3 Total Assets Total Net Assets (Millions of yen) (Millions of yen) 627,683 385,971 593,023 555,159 559,626 579,039 357,076 344,658 344,473 322,597 10/3 11/3 12/3 13/3 14/3 10/3 11/3 12/3 13/3 14/3 Contents 2 To Our Stakeholders 14 Major Indices 3 At a Glance 16 Segment Information 4 Organization 18 TBS Television 5 Corporate Data 21 Financial Data of Major Group Companies 6 Business Report 23 TBS Networks 10 Consolidated Financial Statements Financial Figures The financial figures used in this report are those used in the Japanese “Tanshin,” which has been created in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act. Thus, all figures have been rounded down to the nearest million yen. Forward-Looking Statements This report contains forward-looking statements based on management’s assumptions and beliefs in light of the information currently available.
    [Show full text]
  • The Role and Management of Public Service Broadcasting As Part of the Regional/Local Media Landscape – Comparative Analyses Between Japan’S NHK and the UK’S BBC
    Keio Communication Review No. 35, 2013 The Role and Management of Public Service Broadcasting as part of the Regional/Local Media Landscape – Comparative Analyses between Japan’s NHK and the UK’s BBC By Yoshiko NAKAMURA* Introduction The last ten years have seen a sea change in the world of broadcasting, ranging from the digitalization of terrestrial television broadcasting, the spread of the Internet to the use of digital devices ever more diverse and sophisticated. Much has been debated and reexamined concerning a changing role expected of public service broadcasting, how it should adapt to digital-age challenges and what fresh services it could offer. In Europe, the history of development of broadcasting services was primarily guided by public service broadcasters, while, in Japan, the NHK, Japan’s public service broadcasting, has led the way by breaking new ground with Hi-Vision and data broadcasting services, both of which were built on the basis of expertise refined over many years. In both Europe and Japan, the legal framework, ‘convergence law’, was put in place in order to accommodate emerging telecommunications technologies, network architecture and a flexible migration of content across multiple platforms. At the same time, the unchanging philosophy of universality has continued to be upheld and reaffirmed; ‘Information, education and entertainment for all.’ Hence various new services, offered in accordance with the spirit of duty as a public service broadcaster. TV programmes are now offered via telecommunications networks, enabled by advances in digital technology. TV contents are made accessible on a video-on-demand basis. All these services were developed in order to better serve viewers with new media access, increasingly diversified and individualised, and were aimed to ensure universality, albeit a different type, of the new age 1.
    [Show full text]
  • 2018 Reisebericht
    Reisebericht ABC Osaka Die Asahi Broadcasting Corporation strahlt ein regionales Radio- sowie Fernseh- programm rund um Osaka aus. Eingesetzt dafür werden die Frequenzen 1008 kHz (50 kW) sowie 93,3 MHz unter dem Rufzeichen JONR. Gegründet wurde die Station am 11. März 1951 und am 11. November desselben Jahres wurde der Betrieb auf der Mittelwel- le 1010 kHz aufgenommen. Gemeinsam mit der New Japan Broadcasting Company wurde 1955 Osaka Television ins Leben ge- rufen, welches 1959 in ABC Osaka Televisi- on umbenannt wurde. Kurze Zeit später wurden die Radio- und Fernsehstationen unter dem Namen ABC zusammengefasst. Seitdem wurden die Sendekanäle stetig aus- gebaut, u.a. auf das Japan Radio Network, National Radio Network und All-Nippon News Network. Heutzutage wird rund um die Uhr gesendet. Im Programm finden sich Mein Japan-DX-Abenteuer vorwiegend Nachrichten- und Informa- tionssendungen, aber auch Quiz-, Unterhal- auf Yakushima tungs- und Animé-Programme. Die gerade einmal gut 500 Quadratkilo- fun) strich ich meine Wanderpläne etwas meter große Insel Yakushima, südlich gele- zusammen. Dennoch hielt ich an meinem gen von Kyushu, ist wohl eine der bekann- Plan fest, mehrere Nächte in den Wander- MBC Kagoshima testen ganz Japans. Sie ist berühmt für ihre hütten Shiratani Unsuikyo und Takatsuka einzigartige Natur und gehört aus diesem im Inselinneren zu verbringen. Während meines kurzen Aufenthalts in Grund auch zum UNESCO Weltnaturerbe. Kagoshima besuchte ich auch die Minami- Im Herzen der Insel liegt der Jomonsugi, Als es am Abend dunkel wurde, holte ich nihon Broadcasting Corporation (MBC), eine auf 7200 Jahre geschätzte Zeder mit ei- natürlich das Radio heraus. Ich bemerkte welche seit 1953 Programme für die vorge- nem Umfang von 16 Metern.
    [Show full text]
  • Plan De Exportación De Fruta Deshidratada Hacia El Mercado Japonés”
    UNIVERSIDAD DE EL SALVADOR FACULTAD DE CIENCIAS ECONÓMICAS ESCUELA DE MERCADEO INTERNACIONAL “PLAN DE EXPORTACIÓN DE FRUTA DESHIDRATADA HACIA EL MERCADO JAPONÉS” GRADUANDOS: KRIZZYA ARELÍ ALEGRÍA ALVARENGA NANCY LILIANA MORALES PICHINTE LORENA APOLONIA PÉREZ GUTIÉRREZ PARA OPTAR AL GRADO DE: LICENCIADA EN MERCADEO INTERNACIONAL DOCENTE ASESOR: LIC. EDWIN DAVID ARIAS MANCÍA MAYO DE 2016 SAN SALVADOR EL SALVADOR CENTROAMÉRICA AUTORIDADES UNIVERSITARIAS Rector Interino: Lic. Luis Argueta Antillón. Vicerrector Administrativo Ing. Carlos Villalta. Interino: FACULTAD DE CIENCIAS ECONÓMICAS Decano: Lic. Nixon Rogelio Hernández. Vicedecano: Lic. Mario Wilfredo Crespín Elías. Secretario: Msc. José Ciriaco Gutiérrez Contreras. Administrador Académico: Lic. Edgar Medrano. Coordinador de la Escuela Lic. Miguel Pineda. de Mercadeo Internacional : Docente Asesor: Lic. Edwin David Arias Mancia. Coordinador de Seminario: Msc. Carlos Silfredo Molina. AGRADECIMIENTOS Agradezco primeramente a Dios por haberme otorgado una familia maravillosa, quienes siempre han creído en mí; dándome ejemplo de superación, humildad y sacrificio; enseñándome a valorar todo lo tengo y a luchar por lo que no tengo, y deseo. También agradezco a todos los docentes que me guiaron a lo largo de mi carrera ya que ellos son los mentores quienes me ayudaron a crecer y a formarme como profesional. A todos ellos dedico el presente trabajo porque han fomentado en mí el deseo de superación y de triunfo en la vida. Lo que ha contribuido a la consecución de este logro. Espero siempre contar con su valioso e incondicional apoyo. Nancy Morales. Primeramente a Dios por darme la sabiduría necesaria para culminar esta meta, a mis padres Nelson Alegría y Jesús de Alegría y mis hermanos Yansy Alegría e Irving Alegría, por la paciencia, apoyo y amor que me han brindado en cada paso de mi vida, y por impulsarme de sobremanera a luchar por mis sueños, dándome el mayor ejemplo de humildad y perseverancia.
    [Show full text]
  • 2. Radio Broadcasting in Japan
    Hoogerbrug I Seeing Culture by Ear The Function of Radio Broadcasting in the Socialisation and Cultivation of Two Communities in Northern Japan Jeanine Hoogerbrug 1081802 August 10th, 2016 ResMA Thesis First Reader: prof. dr. I. B. Smits Second Reader: dr. M. Winkel Research Master: Asian Studies Leiden University Word count: 35.839 Word count (excluding appendices): 30.599 Word count (main text only): 28.115 Hoogerbrug II Seeing Culture by Ear The Function of Radio Broadcasting in the Socialisation and Cultivation of Two Communities in Northern Japan by drs. J.E. Hoogerbrug Submitted for the degree of Master of Arts in Asian Studies (research) Faculty of Humanities Leiden University Hoogerbrug III Contents TRANSCRIPTIONS ............................................................................................................................................. IV ACKNOWLEDGEMENTS .................................................................................................................................... V INTRODUCTION .................................................................................................................................................. 1 SECTION I: RADIO STUDIES – CONCEPTS AND METHODOLOGY ............................................................ 6 1. RADIO BROADCASTING AND ITS SOCIETAL FUNCTION ...................................................................... 6 1.1 RADIO STUDIES ............................................................................................................................................
    [Show full text]