Tag Archives: Japanese Prime Minister

Press Briefing on the Visit of Prime Minister Abe of Japan

By The White House

Via Conference Call

2:35 P.M. EST

MR. RHODES: Thanks, everybody, for getting on the call. I have with me Danny Russel, the Senior Director for Asia here at the NSC; and Mike Froman, the Deputy National Security Advisor for International Economics. We're just going to talk through the agenda for the President’s meeting tomorrow with Prime Minister Abe of Japan.

I would just note a number of things. As you know, the U.S. focus on Asia has been a priority of the President's since he came into office. The very first visitor he hosted — foreign visitor he hosted here at the White House was the Prime Minister of Japan at the time. He’s had subsequent meetings with his Japanese counterparts on numerous occasions.

This will be his first opportunity to host Prime Minister Abe, and it underscores the importance of the U.S.-Japan alliance as the foundation of U.S. strategy in Asia, both in terms of our security posture and in terms of our economic relationships in that dynamic and growing region of the world.

So this meeting is a further symbol of the President's commitment to the U.S.-Japan alliance as a cornerstone of U.S. economic and security policy, and as a cornerstone of the U.S.-Asia policy. And the two leaders will have the chance tomorrow to meet, to speak to the press, and to share a meal together, as well.

With that, I'll hand it over to Danny to speak to the agenda a bit, and then Mike can speak to the economic elements, as well.

MR. RUSSEL: Thank you very much, Ben. And thanks to all of you for taking the time to talk through the visit of Prime Minister Abe of Japan with us.

To build out the context that Ben Rhodes just provided, the President has always placed a very high priority on the U.S.-Japan relationship and alliance, which is a key pillar of the President's Asia rebalancing strategy. And as Ben alluded to, the President has held just in the first term about a dozen meetings with the Japanese Prime Minister. He's already spoke twice to Prime Minister Abe — first, shortly after Prime Minister Abe won the election, but also in a substantive discussion in the aftermath of North Korea's nuclear test.

So in some ways, this visit brings us full circle in the sense that, as Ben Rhodes just mentioned, the first leader to be received by the President in the Oval Office in 2009 was the Japanese Prime Minister. In fact, it was then-Prime Minister Aso, who’s now serving as the Deputy Prime Minister in the Abe government.

And that took place almost literally four years ago, practically to the day. The first visit was just weeks after President Obama first took office, just as his visit is a matter of weeks since the President was inaugurated for his second term. In between, in addition to the election held here, Japan has experienced two dramatic changes …read more
Source: FULL ARTICLE at The White House Press Office

Japan's New Fiscal Policy Explained And Why It Matters

By Saranya Kapur, Forbes Staff While the US noisily carries on its never-ending argument over the debt ceiling and public expenditure sequesters,  Japan recently made some daring moves to get over its own slump. The Bank of Japan raised its view of the economy for the first time in eight months, following bold monetary measures taken by newly-elected Japanese Prime Minister, Shinzo Abe to stimulate the Japanese economy, including an open-ended commitment by the Bank of Japan to buy assets and push inflation up to 2%, while simultaneously committing to increased fiscal spending. This isn’t the first time Japan has made an effort to raise inflation expectations. In the early 2000s, the Bank of Japan expanded the money supply internally to raise inflation expectations. By late 2005, the policy paid off as the economy finally began to recover. However, once the banking crisis and the European crisis hit, all gains were nullified. As a highly export-oriented economy, Japan faced a double whammy from the crisis. It lost markets in the US and Europe, where demand weakened. In addition, the yen’s status as a “safe haven” currency, or one that strengthens during economic downturns due to the increase in riskiness of other assets led to an appreciation in the yen. Both these put together resulted in a decline in real GDP growth and exacerbated the chronic price deflation that Japan constantly struggles with.
Source: FULL ARTICLE at Forbes Latest