Word: kanno
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...everyone is convinced the DPJ can do that. Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo, is skeptical that cutting wasteful spending and finding hidden reserves will compensate for growing expenditures; social security, for example, will need to expand by up to 1.5 trillion yen annually. "Within two years, the DPJ will have to show people a consistent way to finance additional spending," he says. "[The need for growth] has nothing to do with political ideologies. It's the reality of economic equations...
...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 has the potential to have more of an impact than the overhaul...
...depths of its worst postwar recession, economists say things are still far from good - and a "double-dip" recession is an increasingly likely outcome. "It will take several years, not one or two years, before Japan's output gap, or economic slack, disappears," says JPMorgan chief economist Masaaki Kanno. "Deflation and high unemployment will last for a long time. The question is whether the economy will continue to grow for several years without having the double dip." (See pictures of Japan in the 1980s and today...
...improvement in business confidence in the quarterly tankan survey results released by Japan's central bank. However, the survey, which polls 1,215 large manufacturers as well as thousands of other businesses, indicated companies remain more pessimistic than optimistic and are still reluctant to make capital investments. According to Kanno, the results confirm "the upside momentum is getting stronger, but the level of the economic activities is still very low." Japan's unemployment rate rose for the fourth straight month to 5.2% in May, up from 5.0% in April. Job availability is at a record low, with only 44 jobs...
...Kanno stressed that to avoid a double-dip recession, it's critical that the government gets the timing right when it begins to reverse loose fiscal and monetary policies as the economy improves. For example, raising interest rates - now effectively zero - too quickly could nip a recovery in the bud. "We need to be careful about the response of the market and the economy to the expected government's and central bank's exit policy," says Kanno. "Normalization policy may trigger the next downturn...