"We need to challenge the processes and identify unproductive assets in order to remain competitive," James E. Oesterreicher, Penney's chief executive, said in a statement.

It encourages over-investment in residential property, an essentially "unproductive" asset, which is an economic distortion.

Although their capital appreciation might eventually benefit pensioners, it was felt inappropriate by some that a fund should invest in 'unproductive' assets.

It is the latest foray by foreign investors seeking a slice of corporate Japan, which is struggling to shed unproductive assets and increase flagging sales and profits.

The charge reflected personnel reductions, facilities consolidation, divestment of unproductive assets, and the cost of reorganizing global marketing efforts.

"U.S. Shoe has been gradually restructuring and getting rid of the unproductive assets," he said.

He held a fire sale of unproductive assets.

This lopsided accounting for inflation creates a tax break so large that it can steer investment into unproductive assets.

If the owners are intent on saving the business, the focus should be on helping them jettison unproductive assets.

Often capital gains from unproductive assets have been easier to come by than profit from investment or from working.