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...foreseeable future, Japan needs to redouble its 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...

Author: /time Magazine | Title: A Sea Change in Japanese Politics | 9/14/2009 | See Source »

...most plausible explanation for this happy outcome is that Japan was willing to recycle into Treasuries the dollars it earned selling us cars, TVs and stereos. That demand for U.S. debt kept interest rates low. By the early 1990s, though, the national debt - the accumulated product of those years of deficits - approached 50% of GDP, and bond investors abroad and at home seemed to shy away from Treasuries, driving interest rates up. Also, billionaire Ross Perot spent a good part of his fortune making deficits into a political issue. In response, Washington focused for a few years on getting...

Author: /time Magazine | Title: America and Its Deficits: Are We Broke Yet? | 9/14/2009 | See Source »

...years on, though, the project is already three years behind schedule and $2 billion over the initial $4.2 billion budget, which has led to arbitration and other legal wranglings. Analysts say many of the problems stem from Areva's impossibly low bid. The troubles in Finland probably contributed to German engineering giant Siemens' January decision to pull out of its eight-year partnership with Areva...

Author: /time Magazine | Title: Nuclear Wares | 9/14/2009 | See Source »

...behind, at 195th. This would be less upsetting if it weren't for the fact that before O'Neal signed up for Twitter, his writing career consisted of spelling his name with a Sharpie. He's crushing my Dorothy Parker-level quips, like "Beer summit koan: If you dispel low-income racial tension by removing alcohol, you dispel upper-income racial tension by adding alcohol," with Shaqisms like "Happy birthday, harry potter main charachter dude." I am being beaten by a man whose giant fingers cannot even hit the correct keys. (See excerpts from the world's most popular Twitterers...

Author: /time Magazine | Title: Shaq vs. Joel: An Essay-Writing Smackdown | 9/14/2009 | See Source »

...York Cheating the Poorest Low-income workers regularly earn less than minimum wage and are often denied proper overtime pay, according to one of the largest recent studies of wage-law violations. Interviews with nearly 4,400 people in sectors such as retail and child care found that on average, workers did not receive 15% of their rightful pay. Employees injured on the job also reported widespread pressure not to file for workers' compensation...

Author: /time Magazine | Title: The World | 9/14/2009 | See Source »

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