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...global economic crisis dealt a blow to Japan's export-led economy, and there was little to fall back on. Domestic consumption and investment need to be closer to the center of economic growth, and that requires major change, including regulatory reform. Leaning less on export-oriented growth doesn't mean cutting back on exports if the government uses deregulation to stimulate domestic consumption, says Naohiro Yashiro, an economics professor at Tokyo's International Christian University. The DPJ plans to do that by increasing household income through monthly child allowances and the elimination of highway tolls, which should have...

Author: /time Magazine | Title: Japan's Government: Five Ways to Fix the Economy | 9/1/2009 | See Source »

...defeated Aso appeared before television media and assumed responsibility for his party's crushing blow. Expressing his grief over the results, Aso said that he would step down as president of the LDP, requesting that an election be held as soon as possible for new party leadership. Media reports say that he has relinquished his post. "We could not wipe away the resentment that the LDP accumulated over the years," he said. "I feel we were destined [to be defeated]." Many well-known incumbents lost their own local elections, such as Fukuoka prefecture's Taku Yamasaki (a former minister once...

Author: /time Magazine | Title: Japan's Election: Opposition Wins Historic Victory | 8/30/2009 | See Source »

...impending closure of the NUMMI plant is a major blow to California's shaky economy. The plant employs more than 5,000 and indirectly supports another 30,000 jobs in the California economy - not only in the Bay Area but also in Southern California, where several of NUMMI's key suppliers are based. Those threats are not lost on California's community groups: shutting NUMMI will lead to substantial losses in local and state revenues and employment taxes, could increase property foreclosures and could significantly increase unemployment claims, a recently organized group called Friends of NUMMI warns...

Author: /time Magazine | Title: Last Auto Plant in California Shut by Toyota | 8/28/2009 | See Source »

...Kennedy name within Catholic halls of power was the Vatican's decision in 2007 to overturn the annulment of the first marriage of former U.S. Representative Joe Kennedy, the eldest son of Robert Kennedy. The successful appeal by Joe Kennedy's ex-wife Sheila Rauch, an Episcopalian, was another blow to the Kennedy image in Catholic circles...

Author: /time Magazine | Title: After Kennedy's Death: Silence from the Pope | 8/28/2009 | See Source »

...bribery scandal is highly damaging to the reputation of Germany's academic institutions. It's a blow too for those people who are proud of the titles that they have achieved through hard work and determination. Doctorates are important status symbols in Germany, where dinner party guests talk about their Ph.D.s as readily as they do their jobs. But with the news that some people have been buying their prized titles, that source of pride has lost some of its shine...

Author: /time Magazine | Title: Germany's Ph.D. Scandal: Were Degrees Bought? | 8/28/2009 | See Source »

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