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Anime Qualifies for Trade Insurance Date: 9/1/2004 |
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Animaxis reports that NEXI (Nippon Export and Investment Insurance ), an independent (although sponsored by the Japanese Government) credit agency specializing in export insurance, has begun offering export insurance for anime companies. Export insurance policies protect companies when foreign client default on payment for various reasons. For example, one Japanese anime studio is already collecting insurance payments because a Thai licensor went bankrupt before paying the license fees. The presence of export insurance also improves a companies ability to secure financial funding for its activities. The Japanese government re-insures all insurance agreements underwritten by NEXI to further enhance the credit-worthiness of NEXI insurance policies. According to Animaxis the export insurance is expected to also be made available in the future for video games and movies as well as other similar intellectual properties. The insurance is reportedly a part of the Japanese government's plan to shift Japan's economy towards one that is based on intellectual property as opposed to manufacturing. Japan's largest areas of export used to be electronic devices and computers, but revenue from these areas has fallen significantly during 14 years of economic depression. From 1992 to 2002, the financial value of all Japanese exports grew by a meager 15% overall, but cultural exports grew by 250%. Recently, Japanese government agencies like the Japan Ministry of Economy, Trade and Industry (METI) have begun to recognize and support cultural exports as one of the countries main sectors of export, worth a reported US$12.5 billion in 2002. |
| Source: Anime News Network |
