Well, the reality here on the ground is that while the Asian financial crisis may indeed have serious implications for the world economy, the impact on travelers' budgets will be barely noticeable. In fact, even for the average Japanese, who are considerably less knowledgeable about their stock market than are their Western counterparts, the so-called crisis seems as remote as the alleged market-induced prosperity does to the average American. Headlines tell of layoffs and the occasional related suicide or public prostration of some high-level executive or bureaucrat, but there is little change in the day-to-day lives of those whose necks are not actually on the chopping block (keep in mind that the most recent statistics show that - while the trend has been steadily heading the other way, about 90% of Japanese business is comprised of small "mom and pop" operations).
In fact, even some of those who have been laid off are taking it in stride. Japan still has a fairly archaic (by Western standards) take on gender roles, so often it is the women who are the first to be laid off, the assumption being that at least their husbands still have jobs.
Yoshiko Matsuda, an architect with a small firm that worked mainly on local government projects, was one such woman who was recently laid off. One Friday afternoon her boss - the company's owner - called the employees together and confessed that times were so tight he had not drawn his regular salary in more than a year. Anyone whose job skills were duplicated within the company of about eight employees would have to go. Others would have to agree to substantial pay cuts. Matsuda, with the firm almost 30 years, was one of the ones let go. However, she remains largely unfazed and is not looking for another job.
"I was ready for a little break," she said, "and I get to draw unemployment insurance for six months anyway, so I'll treat it like a well-deserved vacation." The key point is that Matsuda has also not substantially changed her spending habits, except to dine out with her husband and youngest son a little less frequently. The reluctance of Japanese like Matsuda to change their consumer spending patterns leaves little reason for shops and restaurants to lower their prices in response to the "crisis."
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