Word: koizumis
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Dates: during 2000-2009
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Prime Minister Junichiro Koizumi's new style of Japanese politics had readers wondering if his approach was more surface than substance, and if his attempts at reform have taken root and can flourish...
...Although Prime Minister Junichiro Koizumi maximized his abilities as an agent of transformation, he fell short of fulfilling his original policy pledges [July 3]. Without a solid ideological foundation, he lacked a grand design to lead Japan. I hope that his successor will be more of a builder than a reformer and will earn Japan respect not only from the U.S. but also from our neighboring countries, such as China and Korea. Tadashi Kawabe Fukuoka, Japan...
...disastrous deflationary spiral. In desperation, the BOJ reduced interest rates to zero in 1999, but it had little impact for years because Japanese companies were hobbled by so many other problems, like bloated payrolls and debt-laden balance sheets. Under the reform agenda initiated by Prime Minister Junichiro Koizumi in 2001, however, Japanese industry began to modernize and streamline. Taking the helm of the BOJ in 2003 as Koizumi's handpicked favorite, Fukui led central-bank intervention into uncharted waters. His predecessor frequently claimed impotence, saying there was little a central bank could do to stoke an economy's fires...
...Koizumi and his cabinet have voiced strong opposition to a rate hike, claiming that deflation has not been conclusively vanquished and that higher rates could dampen growth. Bitter memories remain of 2000, when the BOJ prematurely raised rates from 0% to 0.25%, plunging Japan back into recession; six months later, the BOJ was forced to drop rates back to zero. Still, Jesper Koll, chief Japan economist at Merrill Lynch, says fears of a replay of 2000 are misguided: "The Japanese economy is fundamentally different today, fundamentally stronger...
...Foreign Minister Taro Aso warned that a test would prompt a "very vehement" reaction from Japan. He said his government would consider immediate economic sanctions, and would recommend that the U.N. Security Council take action. Since then, various Japanese leaders, including Cabinet Secretary Shinzo Abe and Prime Minister Junichiro Koizumi, have reiterated that threat...