A guide to Japan’s general election
3 weeks ago
Marginalia on Japanese politics and society
共に信頼関係を築いていくことができる、そう確信の持てる会談でありました。中身につきましては、私は私の基本的な考え方についてはお話をさせていただきました。様々な課題についてお話をいたしました。
That we together could build a relationship of trust, we had a conversation that could confirm this. As for the internal details, he let me relate to him my basic way of thinking. I talked about a range of subjects.
個別具体的なことについてはお答えできませんが、同盟というのは信頼がなければ機能しません。私は、トランプ次期大統領は正に信頼できる指導者であると、このように確信しました.
I cannot answer your question concretely as regards the views of each but without trust an alliance cannot function. As for me, as for whether or not President-Elect Trump is a leader one can truly trust, I was able to confirm this.
Oh yes, I did confirm whether or not I could truly trust him, and the answer to that question was, "No, I could not."
Japan's New Stimulus Is Just the Same Old Thing
Bloomberg
Japanese growth is still sluggish. Consumers aren't consuming much, and businesses aren't investing. The government doesn't have many options to remedy this, and the Bank of Japan, which has sent both long-term and short-term interest rates into negative territory, has basically no more room to maneuver.
The dreaded Zero Lower Bound is starting to bite. The BOJ is buying more stocks, but this too has its limits -- eventually companies become de facto nationalized, as the government becomes the majority shareholder. That's scary both because it would affect corporate governance, and because it would be politically unpopular. It's also unclear how much of an economic boost the stock-purchasing program has given the country anyway. The BOJ could resort to policies like a higher inflation target or the much-discussed "helicopter money" approach, but so far it has been afraid to take these steps.
With the BOJ seemingly out of the game, demand-side macroeconomic policy is up to the parliament. So this week the government of Prime Minister Shinzo Abe proposed a new fiscal stimulus package. It is moderately sized: about $45 billion in U.S. dollars this year, and about $60 billion in low-interest loans, to be followed by slightly less next year.
That move might win a few halfhearted cheers from Japan's battered consumers, but it's unlikely to have much of an effect...
(Click here to read more)