Word: growth
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...global economic crisis has exposed the country's overdependence on its manufacturing-for-export model. GDP in the first quarter plunged a staggering 15.2% as demand evaporated for cars from Toyota, Honda and Nissan and for high-end electronics from Sony and Panasonic. Japan can no longer expect economic growth to be generated almost exclusively by a handful of powerful multinational manufacturers. Increased domestic consumption as well as investment in small- and medium-sized enterprises are needed to help drive economic growth. This will require major change, including regulatory reform that encourages the formation of small businesses that in most...
...postconsumerist funk for the foreseeable future, Japan needs to redouble its efforts to strengthen trade and diplomatic ties with its neighbors - not only to counteract China's growing influence in Asia, but also to grab a greater share of fast-growing Asian markets. "Japan can benefit from high Asian growth rates even with low domestic demand," says JPMorgan's Kanno. Closer relationships with Asian economies, including China, can be facilitated by participating in regional free-trade agreements; in particular, Japan could win more friends by opening up its agricultural sector to cheap food from overseas in exchange for greater access...
...course, Japan can't avoid growing older. But it can search for new ways to boost economic growth and maintain the strength of Japanese society. The DPJ won a watershed political victory with the help of a couple of political slogans: "Regime Change" and "Livelihood First." The former happened almost overnight. Achieving the goals implied by the latter will take years. The Japanese people are patient. They've waited decades to raise a new political party to power. Now it's up to the DPJ to prove the wait was worth...
...What changed? First, Taiwan President Ma Ying-jeou eschewed the breakaway bluster of his predecessor Chen Shui-bian and, amid the global recession, hitched Taiwan's economic future to China's growth engine. In just the 15 months Ma has been in office, Taiwan and China have launched a raft of trade, investment, transport and cultural initiatives and exchanges that are inexorably binding the two together. As much as it will ever trust any Taiwan leader, Beijing sees Ma as a pragmatic politician with whom it can do business. (Read "Building Bridges to China...
...pays interest. This is like you or me borrowing to cover a shortfall or buy a house, with a crucial difference: countries are, in theory at least, immortal. They can keep rolling over their debts indefinitely. The U.S., with its centuries-long record of solid credit and steady growth plus its special status as the issuer of the world's favorite currency, has seldom had trouble rolling over its debts. (See 25 people to blame for the financial crisis...