Word: japanism
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...Thankfully, in the face of mounting bad news on the budget front, Hatoyama is not stubbornly clinging to pledges of fiscal austerity. Major spending cuts have been rendered unrealistic by the current economic climate. Falling real wages and low business investment mean Japan's recovery is fragile. A recent Nikkei newspaper survey showed that 38% of top Japanese executives rated the likelihood of another downturn next year as high or somewhat high. The biggest risk, cited by 69% of respondents, was "the effect of fiscal stimulus measures wearing off." Hatoyama appears to be willing to continue stimulus spending under...
...turn very well - nor is his message consistent. For example, he has indicated that, in the interest of fiscal responsibility, he may toss overboard some of the $77 billion in programs that the DPJ offered to increase household disposable income. The purpose of this spending is to help shift Japan from an export-led economic model to one led by consumption. During the country's 2002-07 recovery, fully one-third of GDP growth was attributable to a rising trade surplus. As the severity of Japan's current recession showed, this is not a sustainable path. (Read Will an Opposition...
...popularity, saying recently that "the public is flexible about the [DPJ's] policy manifesto." Certainly it seems to have done no harm so far. In mid-October, the government's approval rating remained very high at 73%. But the honeymoon is unlikely to last forever. (Read about Japan's economy in "A New Deal...
...chances of winning a majority in crucial July 2010 elections for the Diet's Upper House to accompany its newly won majority in the Lower House. But come next July, the DPJ would be hurt a lot worse at the polls by higher unemployment than a higher deficit. What Japan needs today is fiscal stimulus that stresses the DPJ program to shift Japan to consumer-led growth. Once the economy truly recovers, that will be time to focus on deficit reduction. If Hatoyama gets the order right, hopes that the DPJ's historic election victory might bring real change...
...Read "Japan's New Prime Minister - and New Shadow Shogun...