Word: japanned
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...Japan's Prime Minister Taro Aso is proving himself to be a big spender. And he, like the rest of Japan, is hoping that spending more on the economic crisis will make it go away. At a press conference Friday afternoon, Aso unveiled $149 billion stimulus package, 50% larger than what Aso ordered up earlier this week and the third stimulus plan he has proposed since he took office last September. The latest package amounts to record spending for the world's second-largest economy - about 3% of GPP - and, if passed by lawmakers, will bring total fiscal spending during...
...economic czar seems to have the respect of Japan's powerful bureaucracy, which matters: longstanding friction between politicians and bureaucrats has become an obstacle to Japanese recovery. And with the Organization for Economic Co-operation and Development expecting the Japanese economy to contract by 6.6% in 2009, Yosano will need all the friends, and help, he can get. Patience and strategic sense works for go; Japan's economic mess demands no less...
...need it. As part of Japan's economic recovery program, Aso has told Yosano to prepare a stimulus package of a 10 trillion yen ($100 billion), at least 2% of GDP, to help create jobs, secure credit for firms and develop energy-efficient technologies. The supplementary budget to fund the stimulus is expected to go to the Diet by end of the month. (See pictures of Japan and the world...
...break with the past. He has a reputation as a deficit hawk. As recently as 2006, when minister of the economy, he moved to slash government expenditure 40% over five years, balance the budget by 2012 and double the consumption tax to 10% by 2015. In the light of Japan's economic meltdown, all that has changed. Like other deficit-busters, Yosano has turned to old-fashioned Keynesian demand management to kick-start the economy. "He shifted completely to say that to get over this crisis we need a big stimulus package and to worry about fiscal consolidation and reducing...
...confined to the LDP; he plays go with opposition party president Ichiro Ozawa. As his plans become more front and center, his star seems to be on the rise. Yosano took second place to Aso in last September's elections for a new LDP leader. "Given the problems that Japan faces, people feel that there's a solid quality to Yosano, a trustworthiness that makes people feel confident he's in charge," says Curtis. In a newspaper poll conducted six weeks ago, Yosano tied with popular former Prime Minister Junichiro Koizumi as the public's second choice for the next...