Word: kanno
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Dates: during 2000-2009
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...With demand so low, few firms will be willing to borrow which means the impact of another round of easing is likely to be limited. Masaaki Kanno, JPMorgan Securities chief economist in Tokyo, says, "The message from senior [Democratic Party of Japan] politicians is that they want the BOJ to implement quantitative easing. And this is the answer from the BOJ - reactive rather than proactive." Kanno says that the BOJ is making a kind of concession to the government and is probably reluctant to implement quantitative easing because it is not convinced that it will improve deflation, economic stagnation...
...investment by businesses, and can lead to a deflationary spiral like the one the world experienced during the Great Depression. "If price deflation leads to asset deflation and that leads to further deterioration, then that will lead to the collapse of the economy," says JPMorgan Securities chief economist Masaaki Kanno. Deflation has periodically plagued the Japanese economy for the last 15 years, ever since a spectacular asset bubble burst in the early 1990s. One of the country's revered economic figures is Korekiyo Takahashi, a former prime minister and finance minister who is credited with reining in raging deflation...
...country could enter a deflationary death spiral. On Friday, the Bank of Japan upgraded its outlook for the Japanese economy and left interest rates at 0.1%. "The BOJ doesn't want to take any aggressive policy measures because it doesn't think the status quo is so harmful," says Kanno of JPMorgan Securities. (Read "Japan's Government: Five Ways to Fix the Economy...
...must keep a lid on deficit spending "to demonstrate that they're fiscally responsible," says Gerald Curtis, a Japanese-politics expert and professor at Columbia University. Not everyone is convinced they'll succeed. Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo, is skeptical that cutting wasteful spending will compensate for growing expenditures: Japan's aging population means social-security spending alone must expand by $10.7 billion annually over the next five years. "The DPJ will have to show people a consistent way to finance additional spending," Kanno says. "This has nothing to do with political ideologies...
...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 to Asian markets for its higher-margin goods. "If Japan accepts...