One of the many quirks of Japan’s stock market is that it rewards failure. Shares in lossmaking gadget makers such as Sony and Sharp, along with in-the-red carmakers, are up 30-60 per cent year to date. Meanwhile, profitable Nintendo, the games company, is down 20 per cent. Japan Tobacco reported record earnings before interest, tax, depreciation and amortisation, has dropped 15 per cent.

The position of JT, the third biggest producer by market capitalisation, is doubly curious. It is in a traditionally defensive sector and cannot be accused of plying big-ticket items to cash-strapped consumers. Japan, its biggest market, has one of the lowest unemployment rates. At $3 for a pack of 20, smoking seems an affordable vice for salarymen.