Word: japanism
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...first hours as Japan's new ruling party, the Democratic Party of Japan (DPJ) and its leader Yukio Hatoyama wasted no time preparing for a transition of government. In the historic Aug. 30 general election, the Japanese people - about 70% of eligible voters cast ballots - ended a half-century of nearly unbroken rule by the Liberal Democratic Party (LDP). Hatoyama's party took 308 of the 480 seats in the House of Representatives, 12 seats shy of a two-thirds majority that would have allowed the party to single-handedly pass bills rejected by the upper house...
...Handed a mandate to steer Japan out of a malaise of economic crisis and failed social systems, the next Prime Minister of Japan and his party need to reverse the nation's lost confidence in government leadership. A misstep, scandal or lack of fortitude in reform could cost the DPJ the upper-house elections next July - a severe check on the new administration's progress. Experts pinpoint five areas where the new ruling party should put its focus to get the nation back on track...
...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...
...Japan's system is unlike that of the U.S. in that there's no personnel overhaul with a change in administration. Japanese bureaucrats wield more power - sometimes even more than elected officials - and have long called the shots on everything from budget formulation to foreign policy. The DPJ has vowed to expand the power of the Prime Minister's office and the Cabinet, something pursued by previous Prime Ministers. But it's a delicate job, and one that could easily go sour. (See pictures of Japan in 1989 and Japan...
...China is now Japan's largest trading partner and is the powerhouse for growth in Asia. Japan, which has helped build the region with economic assistance and technology, needs to continue to cultivate Asia's economic potential and strengthen diplomatic ties. "Japan can benefit from high Asian growth rate even with low domestic demand," says JPMorgan's Kanno. Closer relationships with Asian economies, he says, are a must, particularly in terms of agricultural trade and free-trade agreements. "If Japan accepts more agricultural imports, then it will have closer relations and trade volume will rise." Kanno says agricultural reform...