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Thursday, 21st May 2009
In Business In Japan,

Osaka firms 'braced for economic slump'

Businesses in Osaka are better equipped than most to ride out the storms of the current economic crisis, one expert has claimed.

Takao Maenishi, chairman of local parts and bearings distributor Ever-On, told the Financial Times that because businesses in Osaka struggled in the past, they are in a better position now to face these challenges.

"In Osaka, the mountain was not so high, so the valley is not so deep," he commented, suggesting that businesses in other areas may be hit harder by the slump.

Ever-On president Yoshinobu Maenishi has an optimistic view as sales have stabilised after a period of decline.

"Previously it looked as if there might not be an end to the tunnel, but now there is a feeling that we might get out of the tunnel quite soon," he told the Financial Times, referring to the effect of global stimulus policies.

Japan's prime minister Taro Aso described the economic pressures on the country as "severe" this week, but suggested government measures are starting to have a positive effect overall.

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