The recent Tokyo Fashion Week featured collections of young Japanese designers made with locally-produced fabrics and high levels of craftsmanship. For many years, the country's fashion industry has been a favorite of discerning customers around the world, hungry for the latest clothes from designers such as Issey Miyake, COMME des GARÇONS and Yohji Yamamoto. But the prolonged economic slump and the rise of fast fashion have cut into demand for their products. Small-and-medium-sized sewing factories in the country are also having difficulty maintaining their businesses and preserving their craftsmanship. Under such circumstances, the industry is looking for ways to reinvent itself, nurturing young designers and supporting fabric makers and sewing plants. Japan's Industry Ministry and the government of Tokyo's Shibuya ward have begun providing support to designers so they can start companies and develop bases for their businesses. Other News: - Development of batteries that don't need cobalt may reduce dependence on the rare earth metal. - Japanese companies are taking steps to offset the business effects of flooding in Thailand.

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After several weeks of denying financial irregularities, optical instrument manufacturer Olympus has admitted hiding investment losses that began in the 1990s.In 2001, Japan introduced revised accounting standards, requiring companies to report their securities and other financial assets at the market value at the time of their account settlement. Some financial observers say the change may have been what led Olympus to begin transferring losses to foreign funds. Critics wonder why auditing and corporate governance didn't catch the problem.Other News: - Prime Minister Noda says Japan will consult with participants of the Trans-Pacific Partnership free trade talks before committing to fully joining the negotiations.- Evolving humanoid robot ASIMO learns new skills: lifting a canteen lid to pour juice into a glass, and stepping aside to avoid running into an approaching person.