じてんしゃそうぎょう (jitensha sogyou)
* “J-WOTD” = “Japanese Word of the Day”
I’m surprised that there hasn’t been more focus by the media on what Nova really was. Nothing more than a long lived Ponzi Scheme.
I guess for the foreign press it is easier to win over readers with a sob story about how many gaijin will be fired/evicted due to the mess that Nova is today. What is most amazing about this scandal is how quickly it has snuck upon us. Only three years ago Nova’s share price was trading above 600 yen (this week it is closer to 16 yen!). Why did the proverbial $hit hit the fan so quickly? Because Nova was a house of cards. Continue reading J-WOTD: 自転車操業