The Recession in Japan

The island was effectively sealed off from March of 20 to November 2022. Tourism and travel accounted for about 8% of GDP in Japan. The Tokyo Stock Exchange sent out a letter threatening companies trading under book value that you better do something to improve it, including increasing your dividend yield or increasing buybacks. And after the latest rash of earnings, we've seen a lot of companies like Hitachi, Fujitsu, and do a very large buyback to increase their dividends pretty substantially.