Property firms were also dragging in Japan, with Tokyu Land down 3.8% and Tokyo Tatemono off 4.2%.

WSJ: Asian Shares End Lower

Dentsu still has an impressive reputation (when Sony recently bought a controlling stake in a subsidiary of Tokyu, Japan's third-largest agency, it appointed Dentsu men to the top two jobs).

ECONOMIST: Promoting brands

Among its highlights are Tokyu Hands (Takashimaya Times Square, 5-24-2 Sendagaya), a department store that sells everything you could ever need, and plenty of stuff you had no idea even existed (electrically heated pilllows anyone?).

CNN: Tokyo: Where to shop

Japanese companies are reclaiming their turf by tearing down old standards and putting new hotels in their place, such as the Tokyo Station Hotel (2012), the Palace Hotel (2012) and the Capitol Hotel Tokyu (2010).

BBC: Business trip: Tokyo

Other candidates: Mitsukoshi, Tokyu and Daimaru.

FORBES: The Informer

Apart from suspect liabilities, firms such as Fujita, Kumagai Gumi, Tokyu, Aoki and Sato Kogyo all have interest-rate coverage ratios (operating income plus interest and dividends divided by interest expenses) below 1.4 on a consolidated basis less than half the industry average.

ECONOMIST: Japanese property

If your business is government related, or you just want a peaceful location in the heart of town, check into the Capitol Hotel Tokyu in the Akasaka district, a popular holdover from the 1960s (the Beatles stayed here), which was razed and replaced with a 29-storey tower in 2010.

BBC: Business trip: Tokyo