Word: centralized
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After weeks of calls by the Japanese government to do something about deflation and the fast appreciating yen, the Bank of Japan held an emergency meeting Tuesday - and decided what the world's second largest economy needs is more money. Central bank governor Masaaki Shirakawa announced steps to step up monetary easing by injecting 10 trillion yen (about $115 billion) into Japan's financial system. Shirakawa told reporters that these steps could be considered "quantitative easing in a broad sense." The eight-member policy board also unanimously voted to maintain the Bank of Japan's key short-term interest rate...
...move toward quantitative easing has been expected in recent weeks, as Japan's Prime Minister Yukio Hatoyama and his administration have pressed the central bank to take steps to contain deflation, prevent another downturn in the economy, and to tame the runaway yen, now at 86 yen to the dollar compared to 93 a year ago. On Nov. 27, the dollar fell to a 14-year low against the yen, triggering concerns that the currency could start to unravel progress that stimulus spending has made on the economy this year, in part by wreaking havoc on export competitiveness...
...This kind of exuberant consumer behavior helps to explain why China has powered through the global recession with only limited damage. Local officials expect Xi'an's gross domestic product to surge 13.5% in 2009, far faster than the central government's 8% target for the national economy. Even more importantly, the thriving economy in this city of 8 million lends hope that China might be able to complete its next great economic transformation. China has come to depend too much upon exports and investment for growth. What's needed is economic rebalancing, so that domestic consumption contributes more...
...unlike the films that have preceded it, including Mortensen and Hillcoat’s previous efforts. Eschewing narrative conventions, at least to the extent that big-budget Oscar bait can afford to do so, “The Road” maintains enough of the book’s central story to keep its audience enthralled while splitting its real attentions equally between creating a stunning visual spectacle and meditating on the book’s broader themes of love, redemption, and the human capacity for self-destruction...
...plan to reform the Harvard College Library system, which was recently detailed in the university’s Library Task Force Report, aims to reduce the costs of maintaining the vast but fragmented Harvard College Library system by uniting the university’s 73 libraries under a central administrative body, transitioning to digital books in lieu of physical copies, and participating in book-lending programs with other schools...