4 – NHK: The biggest news on economic glum came from the NHK news station today. Within the financial community the highly anticipated “Tankan Survey” done by the Bank of Japan stated record pessimism amongst company executives. 61% stated their companies were doing poorly, while only 3% stated they were doing well. This measure is the worst it’s been since the survey’s inception, about 30 years ago.

3 – Nikkei: Not to be outdone, the Nikkei then reported that bankruptcies from listed companies in 2008 had reached 45. This is the highest rate of bankruptcies since WWII. To underscore this point, the second worst year of bankruptcies in Japan was 2002, with only 22 bankruptcies.

2 – Asahi: The Asahi ran a headliner this morning about how lay offs and the economic downturn are good for some companies. Reporting from within the headquarters of a recruiting agency that hires part time workers (a company called あず) executives were rejoicing on how this is their chance to get more recruits for part time work than ever before. They referred to the “” the furi-ta- or “seasonal worker” spirit!

1 – Yomiuri: The headlines at Yomiuri this morning topped the optimism radar. They made no mention of an economic downturn, but instead decided to focus on North Korea. So you’re probably expecting some kind of article regarding missile launches accidently dropping missiles on Japan? Nope, the headliner read: Kim Jong Ill’s thinness is due to dieting, he’s getting thin due to health reasons.”