Word: musts
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...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...
...Diversify Japan Inc. Japan must finally abandon the script it followed to become an industrial superpower. The global economic crisis has exposed the country's overdependence on its manufacturing-for-export model. GDP in the first quarter plunged a staggering 15.2% as demand evaporated for cars from Toyota, Honda and Nissan and for high-end electronics from Sony and Panasonic. Japan can no longer expect economic growth to be generated almost exclusively by a handful of powerful multinational manufacturers. Increased domestic consumption as well as investment in small- and medium-sized enterprises are needed to help drive economic growth. This...
...party's plan to increase disposable household income through direct payments like monthly child allowances could stimulate domestic consumption - but far more must be done to restore public confidence. Japan will not reform its economy unless its people feel secure. That's why it's vital for leaders to push ahead with reforms to pension, health-care and unemployment systems. Japan's current social-security programs hark back to an era of guaranteed jobs for life, which places unsustainable financial burdens on companies and individuals. Until modern safety nets are built, it will be impossible to make Japan more efficient...
...next step, both sides must take a leap of faith. It's great that Beijing and Ma get along, but Ma won't be around forever, perhaps not even for long - he has taken a hit at home over the hurting economy and, more recently, over his government's less-than-stellar Morakot relief efforts. While Beijing has a big stake in Ma's political survival, it should start looking beyond the current President and the KMT and build bridges certainly to moderate DPP politicians. After all, the party could come back to power. As for those in Taiwan...
...Factor: The 33 Things You Must (and Must Not) Do to Guarantee Your Edge in Today's Business World By Frances Cole Jones; Ballantine; 184 pages...