New Delhi: The Japanese quarterly survey, the Tankan survey, which is seen as key measure of Japan's economic outlook is out.
The survey shows that Japan's prospects are looking forward to major economic recovery. However, an interesting way to determine Japan's economic growth is perhaps by taking a look at the country's golf memberships.
Japan adores the sport golf so much that the vigorous trade in golf memberships is a closely watched economic indicator in the country.
Membership at a good quality golf clubs with easy access to Tokyo costs $40 to $60 thousand, which is twice as much as it was five years ago at the time of recession in Japan's economy.
During the recession period in Japan, entry to the top club would cost as much as $4 million. Mitugu Ohkubo, a golfer by profession has been in the business for more than four decades. He proudly displays a board of constantly changing membership prices shot up recently, sparking fears that Japan is headed for another bubble. However, Ohkubo isn't worried.
"During the bubble economy, everything's prices went up. This time only select golf courses are benefiting. Famous courses with good locations, well-run clubs under strict management are expensive now. Clubs can manage without any financial trouble," says Ohkubo.
Changing management of the greens also reflects changes in Japan's corporate world. When the bubble economy finally burst in the 1990's, membership fees plummeted by 90 per cent. Golf clubs, like corporations, went bankrupt. While some were bought out, others forced to slash costs and lower prices - completely restructuring the industry.
Golfers today enjoy the benefits of a booming economy. Golf club membership fees have got cheaper by as much as 50 per cent.
Access is no longer limited to status-seeking corporate members. In fact, most of the memberships now are owned by individuals - not companies trying to schmooze clients. Also an increasing number of young golfers, many of them women can afford to play the expensive sport.
"Compared to the past membership prices, I think now is a good time to buy. I think the price will only go up in the future," says local businessman and golfer Mitugu Ohkubo
Golf may or may not be a hole in one investment, but it is a fun way to keep tabs on Japan's economic recovery.
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