While the world looks at Japan and thinks that a recovery is underway, the reality is that up 25% of Japan's functioning (versus dormant) companies are instead tottering on the edge of insolvency.

Dentsu, the world's largest single-brand advertising agency, has just released the preliminary version of its 2012 report on advertising in Japan.

Given China's predilection for confrontation and even armed conflict with its neighbors, Japan will be caught with a difficult decision should China decide to invade the Senkakus.

Things have changed a lot since the heady days of 1998-1999, when the 4-year US dotcom bubble had just hit Japan's shores and when it was possible to raise a hundred million yen on a mere business plan.