Word: fukuda
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Japanese Prime Ministers are organization men: it is not in their job description to stand out. But Yasuo Fukuda was not only colorless but headed a particularly lackluster administration. In the last few weeks, his critics have described him as "dead man walking" and "a lame duck." On Monday, he told them they wouldn't have him to kick around anymore and tendered his resignation...
...Japanese. Contrast the Japanese government's inaction in the face of recession with the steps the U.S. has taken in the past nine months, among them a series of interest-rate cuts and tax rebates. No wonder the Japanese public exhibits so little confidence in the administration of Yasuo Fukuda, whose approval ratings bottomed out at just above 20% in May before recovering marginally after he reshuffled his Cabinet...
...ability to use fiscal and monetary tools to stimulate growth. Government debt stands at a whopping 160% of GDP, so the country can't readily spend its way back to prosperity. Cut interest rates? Not when the Bank of Japan's policy rate already stands at 0.5%. Still, Fukuda and his newly appointed Cabinet ministers have options...
...Budget flexibility would help prevent bureaucrats and politicians from making things worse. To make things better, the administration needs to get Japan back on the road to structural economic reform. Since Fukuda became Prime Minister last September, he has not shown much enthusiasm for reform. Now is the time to review this nonagenda. A good place to start would be tax cuts. Japan's effective corporate tax rate of 40% is the highest among developed economies; it should be reduced to 35% or even less. This would not only enhance the international competitiveness of Japanese firms but also give incentives...
JAPAN Prime Minister Yasuo Fukuda ATTENDING "I would not like the Chinese to become unhappy. We are neighbors, after...