It's a Japanese ritual, wherein all men must stand in a circle, bow low and their ties dangle forward and each man cuts the tie of the man to his left.
It ends a business relationship.
On a related note, my father was once in Germany on business on Fat Thursday and was very surprised when several women ran into their meeting and chopped off the ends of all of their ties.
On a related note, my father was once in Germany on business on Fat Thursday and was very surprised when several women ran into their meeting and chopped off the ends of all of their ties.
http://en.wikipedia.org/wiki/Fat_Thursday