Word: miyazawa
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Dates: during 1990-1999
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Japanese finance minister Kiichi Miyazawa called it "the light at the end of the tunnel": Japan?s GDP grew 1.9 percent in the first three months of 1999 after six straight quarters of contraction. The number was hailed by optimists as a sign that Japan?s moribund economy had finally bottomed out, and U.S. stocks dropped Thursday on the hint that a Japan-fueled recovery of the Asian tigers was on -? and that U.S. inflation (and a Fed rate hike) would soon follow...
...trying to be conciliatory and quietly helpful, you might have thought that last weekend's bank-rescue agreement between Prime Minister KEIZO OBUCHI and the opposition would immediately encourage better relations with Washington. Wrong. Ever since an unproductive meeting between Treasury Secretary ROBERT RUBIN and Japanese Finance Minister KIICHI MIYAZAWA in San Francisco on Sept. 5, Miyazawa's office has dodged attempts to set further discussions with U.S. officials. And last Friday, on the eve of Obuchi's summit with BILL CLINTON, his chief Cabinet secretary abruptly canceled a meeting with U.S. Ambassador THOMAS FOLEY in Tokyo. The cancellation...
...trying to be conciliatory and quietly helpful, you might have thought that last weekend?s bank-rescue agreement between Prime Minister Keizo Obuchi and the opposition would immediately encourage better relations with Washington. Wrong. Ever since an unproductive meeting between Treasury Secretary Robert Rubin and Japanese finance minister Kiichi Miyazawa in San Francisco on Sept. 5, Miyazawa?s office has dodged attempts to set further discussions with U.S. officials. And last Friday, on the eve of Obuchi?s summit with Bill Clinton, his chief cabinet secretary abruptly canceled a meeting with U.S. Ambassador Thomas Foley in Tokyo. The cancellation...
...bureaucrats, that might not be wise. Consider the diplomat who was reassigned to Tokyo this year to direct one ministry's derivatives operations: he confessed to an economist friend in Washington before he left that he didn't have a clue how derivatives worked. As former Prime Minister Kiichi Miyazawa concluded last winter, "I fear we may not be quite ready for globalization...
...impossible" for the government to offer the kind of tax cuts that spur solid economic growth. "He will be able to offer a measure of confidence for the banking system," says the insider. "But we will not see economic growth for quite some time." Says former Prime Minister Kiichi Miyazawa, with characteristic understatement: "We will muddle through...