November 5th, 2012

Want your own Japanese city? Here's your chance

By David Lazarus
Los Angeles Times

"Made in Japan” no longer has the same cachet it once enjoyed. But if you’re in the market for your own Japanese city, here’s your chance.

The cash-strapped city of Izumisano in Osaka Prefecture is offering to rename itself after the highest bidder. The reason: Izumisano owes its creditors about $1.25 billion.

“The city spent a lot of money building roads and other infrastructure because the airport was built in this relatively remote place,” an official told Agence-France Presse. “The mayor believes the city government needs to seek new ways to make profit.”

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