Petchem golfers take heed. Golf is still on the rise in the impressively developing economies of China and Vietnam, but in Japan it is most definitely in decline, since it hit a peak in the 1980s and 1990s.
The Nikkei has stopped publishing its monthly Nikkei Golf Index, tracking the average prices of golf club memberships which trade on a grey market. The index tracked Japan's economic performance with varying degrees of correlation.
A third of Japan's golf courses have gone bust since 1991, now that companies can no longer see the point in paying membership fees for their executives and individuals no longer feel the need to suck up to their bosses or customers on the golf course, according to a subscription-only article in Saturday's Times.