Tag Archives: Liberal Democratic Party

Taro Aso, Japan’s Deputy Prime Minister, Says Tokyo Could Learn From Nazis’ Tactics

By The Huffington Post News Editors

Japan’s gaffe-prone deputy prime minister has said Tokyo could learn from Nazi Germany when it comes to constitutional reform, prompting a rebuke from a Jewish human rights group.

In a statement on its website late Tuesday, the US-based Simon Wiesenthal Center called on Taro Aso to clarify his comments that Tokyo, which is mulling a change to its pacifist constitution, should look to the way the Nazis quietly adopted reforms.

“First, mass media started to make noises (about Japan’s proposed reforms), and then China and South Korea followed suit,” Aso was quoted by Japanese media as saying in a speech Monday to a conservative think tank.

“The German Weimar constitution changed, without being noticed, to the Nazi German constitution. Why don’t we learn from their tactics?”

In response, the Jewish rights group said: “The only lessons on governance that the world should draw from the Nazi Third Reich is how those in positions of power should not behave”.

Chief Cabinet Secretary Yoshihide Suga, the Japanese government’s top spokesman, on Wednesday declined to answer media questions about the comments, saying “deputy prime minister Aso should answer that question”.

Prime Minister Shinzo Abe’s ruling Liberal Democratic Party has said it wants to revise the US-imposed pacifist constitution to define Japan’s defence forces as a full-fledged military force, amid territorial tensions with neighbours China and South Korea.

That has stirred strong emotions in Beijing and Seoul which have long maintained that Japan has never come to terms with its militaristic past.

Aso, who is also Japan’s finance minister, is known for his sometimes uncomfortable remarks, including saying earlier this year that elderly people should “hurry up and die” to avoid taxing the country’s medical system.

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Source: FULL ARTICLE at Huffington Post

Japan central bank revamps policy to boost economy

Japan is making a sweeping shift in its monetary policy, aiming to spur inflation and get the world’s third-largest economy out of a long, debilitating slump.

Bowing to demands from Prime Minister Shinzo Abe for more aggressive monetary easing, the Bank of Japan announced Thursday a policy overhaul intended to double the money supply and achieve a 2 percent inflation target at the “earliest possible time, with a time horizon of about two years.”

BOJ governor Haruhiko Kuroda described the scale of monetary stimulus as “large beyond reason,” but said the inflation target would remain out of reach if the central bank stuck to incremental steps.

“We’ll adjust without hesitation if need be, while monitoring economic and price conditions,” he said.

The BOJ is joining the U.S. Federal Reserve and other major central banks in soaking the economy in money in hopes of getting corporations and consumers to begin spending more in a virtuous cycle that would put growth back on track after two decades of malaise.

The central bank said it intended to “drastically change the expectations of markets and economic entities.”

Financial markets, which had feared Kuroda might not live up to expectation for bold steps, reacted with relief. The Japanese yen, which was trading at about 92.8 yen per U.S. dollar, dropped to about 95.5 yen per dollar after the announcement. The benchmark Nikkei 225 stock index rebounded from negative territory to close 2.2 percent higher.

“By committing today to meet a 2 percent inflation target in two years, Gov. Kuroda can justifiably claim to have set the Bank of Japan on a new path,” said Mark Williams of Capital Economics.

“But while markets have welcomed the announcement, the credibility of this pledge is soon likely to be called into question,” he said in a commentary.

Kuroda has pledged to do what he must to meet the inflation target within two years. Thursday’s decision after a two-day policy meeting makes that central bank policy. Signaling a consensus behind Kuroda, most items agreed upon received unanimous support from the nine-member board.

The policy shift is a coup for Abe, whose Liberal Democratic Party needs to make headway in reviving the economy before an upper house parliamentary election in …read more

Source: FULL ARTICLE at Fox World News

As Europe Struggles, Japan Threatens to Erupt

By David Lee Smith, The Motley Fool

Filed under:

My Foolish colleague Morgan Housel began an article a few days ago by noting that, “Poor Cyprus is in terrible shape.” The tiny Mediterranean nation virtually crept into that forlorn condition before most of us were aware of its difficulties. Of course, we’d known about the withering economies of Greece, Spain, and Italy. But now, unbeknownst to many, Japan, the world’s third-largest economy, may also be headed for what would be a far more resounding crash.

Some Fools may recall the Japanese “bubble economy,” which, before it came to an abrupt halt in 1991, was characterized by nosebleed values on real estate and stock prices. But, since that time, the country’s economic circumstances have continued to wweaken.

Not pretty numbers
Today, Japan‘s government debt to GDP is a whopping and globe-topping 245%. Beyond that, its total debt to GDP is about 500%, while the Japanese government spends at a rate of 2000% of its revenues. As a result, evenamid at prevailing rock-bottom rates, its interest costs on the government‘s portion of its debt runs to nearly 25% of the same government‘s revenue. Largely as a result, from July through September, the country’s economy was shrinking at an annualized rate of about 3.5%.

But that may be only a temporary phenomenon. Newly reinstated Prime Minister Shinzo Abe — who in the past had held the same post under the auspices of the Liberal Democratic Party and was returned by the electorate in December — apparently intends to undertake the quantitative easing (QE) approach that has become the apparent elixir for sluggish economies, whether in Europe or the U.S. In addition tied to an avowed object of turning Japan‘s deflationary economy into one that sports about a 2% growth rate. Further, “Abenomics” also includes “structural reforms,” including a round of deregulation.

Another prescription from Abe’s crew clearly involves letting the yen slide. Indeed, the currency has been lowered by 20% during just the past four months. That decline has essentially occurred under the cover of darkness, without generating any real attention. Its clear intent is to benefit the likes of the Japanese automobile manufacturers and other areas of industry. (This, despite Toyota‘s having recaptured the automotive world’s top spot from General Motors in 2012, while rival Honda recorded a 24% hike in U.S. sales for the year.)

Predicting problems
the face of the country’s dicey economics, however, and despite the ministrations of Abe and his minions, there are numerous Asia-watchers who have become convinced that an economic tumble for Japan is inevitable and possibly imminent. For instance, longtime Japan observer and Asian securities specialist James Gruber maintains that, a yield that expanded to 2% would result in the interest portion of the government‘s debt absorbing a clearly unsustainable 80% of its total revenues.

Also, the Dallas-based founder of Hayman Capital Management, Kyle Bass — one of the early seers of the …read more
Source: FULL ARTICLE at DailyFinance

Japan revs up stimulus, aiming at economic rebound

Japan‘s ruling Liberal Democratic Party is in the final stages of drafting fresh stimulus spending reportedly totaling more than 20 trillion yen ($227 billion), rushing to fulfill campaign pledges to act more aggressively to break the world’s third biggest economy out of its deflationary slump.

Economy minister Akira Amari and Prime Minister Shinzo Abe discussed details Thursday of the proposed stimulus package ahead of an announcement expected on Friday.

Abe took office last month vowing to make reviving the economy his top priority and promising support both to small businesses and big industries such as the auto sector.

The bulk of the spending will go to supporting industrial revitalization and reconstruction from Japan‘s March 2011 earthquake and tsunami disasters. It also includes plans to boost defense spending.

Source: FULL ARTICLE at Fox World News

New Japan PM visits tsunami-wrecked nuclear plant

Japan‘s newly installed prime minister has visited the tsunami-devastated Fukushima Dai-Ichi nuclear plant, site of the worst nuclear accident since the 1986 Chernobyl disaster.

Shinzo Abe‘s visit Saturday to the plant comes amid pledges from his ruling Liberal Democratic Party to review the country’s plans to phase out nuclear power.

A massive earthquake and tsunami on March 11, 2011, swamped parts of the Fukushima plant, disabling backup systems and triggering radiation-spewing meltdowns that forced tens of thousands of people to flee. The disaster triggered massive protests against atomic energy.

The LDP regained power in elections this month and plans to spend 10 years studying the best energy mix for Japan. Abe has said he may reconsider the previous government‘s decision to stop building reactors.

Source: Fox US News

Japan FM urges calmness in diplomacy with China

Japan‘s new foreign minister says both Tokyo and Beijing should calm down and communicate in order to mend their souring relations.

Fumio Kishida says the first step toward reconciliation is to communicate. He said he is willing to hold talks with his Chinese counterpart.

Kishida said he is aware that Prime Minister Shinzo Abe‘s government has a right-wing image. He told reporters Friday that he will make sure to avoid misunderstandings.

Relations between Japan and China deteriorated this year after Tokyo nationalized islands in the East China Sea that it effectively controls but are also claimed by China.

Abe took office Wednesday following his conservative Liberal Democratic Party‘s sweeping election victory Dec. 16.

Source: Fox World News

Key members of Japan's new Cabinet

Here are some of the key ministers in Japanese Prime Minister Shinzo Abe’s Cabinet, which was announced Wednesday:

FINANCE MINISTER — Taro Aso, 72: A former prime minister, Aso introduced fiscal stimulus measures to deal with the global financial crisis. But he had to leave office in 2009 after his unpopular government caused a crushing election loss for the Liberal Democratic Party. Aso shares many of Abe’s hawkish views on diplomacy, security and history. He is one of Japan‘s most colorful politicians. He is an Olympic skeetshooter and is known for his penchant for comic books and gold necklaces. He is the grandson of former Prime Minister Shigeru Yoshida, who co-founded the ruling party.

FOREIGN MINISTER — Fumio Kishida, 55: An expert on issues relating to frictions on the southern island of Okinawa between local residents and the nearly 20,000 U.S. troops based there. Kishida was in charge of territorial issues in Abe’s previous administration of 2006-2007. A former banker, he entered politics to inherit the constituency of his father.

DEFENSE MINISTER — Itsunori Onodera, 52: A marine environmental scientist before entering politics, Onodera has served in key posts in defense, foreign affairs and fisheries. His hometown, Kesennuma, was devastated in last year’s quake and tsunami, which destroyed his parents’ home. For weeks after the disaster, he commuted between his hometown and the government while trying to help disaster-hit people.

ECONOMIC REVITALIZATION — Akira Amari, 63: The trade and industry minister in Abe’s previous government, Amari is one of Abe’s right-hand men with economic and business expertise. Amari is known as a staunch supporter of nuclear energy and has said reactor stoppages hurt Japan‘s economy. He believes reactors that pass safety checks should be reactivated.

ECONOMY, TRADE AND INDUSTRY MINISTER — Toshimitsu Motegi, 57: A former financial services minister, Motegi will be tasked with compiling and implementing Japan‘s energy policy in the aftermath of the Fukushima nuclear disaster.

Source: Fox World News

Shinzo Abe elected as Japan's prime minister

The lower house of Parliament has named conservative Shinzo Abe (shin-zoh ah-bay) as Japan‘s new prime minister.

The rise of Abe, whose nationalist positions have in the past angered Japan‘s neighbors, ends more than three years at the helm for the left-leaning Democratic Party of Japan and brings back the conservative, pro-big business Liberal Democratic Party that governed for most of the post-World War II era.

Abe, who was also prime minister in 2006-2007, led the LDP to victory in parliamentary elections Dec. 16. He was to name his Cabinet later Wednesday after a vote in Parliament’s upper house, where his party is weaker. But the lower house has the final say.

Source: Fox World News

Japan elects conservative Shinzo Abe as new prime minister

Japan‘s parliament elected Shinzo Abe as the nation’s prime minister on Wednesday, ending three years of rule by liberal administrations and bringing back to power the conservative, pro-big business party that has run Japan for most of the post-World War II era.

Abe, whose nationalist positions have in the past angered Japan‘s neighbors, is the country’s seventh prime minister in just over six years. He has promised to restore growth to an economy that has been struggling for 20 years.

He led the Liberal Democratic Party to victory in nationwide elections Dec. 16 to cement his second term as Japan‘s leader. He was also prime minister in 2006-2007 before resigning for health reasons that he says are no longer an issue.

He won elections in both houses of Parliament, though in the less powerful upper house, where his party is weaker, he finished second in the first round and needed a runoff to win. He was to name his Cabinet later Wednesday.

Capitalizing on voter discontent with the left-leaning Democratic Party of Japan, Abe has vowed to shore up the economy, deal with a swelling national debt and come up with a recovery plan following last year’s devastating earthquake, tsunami and nuclear crises.

Abe has also stressed his desire to make Japan a bigger player on the world stage, a stance that has resonated with many voters who are concerned that their nation is taking a back seat economically and diplomatically to China. Abe has vowed to stand up to Beijing over an ongoing territorial dispute and strengthen Tokyo‘s security alliance with Washington.

“I feel as fresh as the clear sky today,” he told reporters before the vote, adding that he wanted to get right to work.

He has already named a roster of top party executives that includes two women — more than previous LDP administrations — and is younger than earlier ones, with three of the four in their 50s.

Abe was expected to give the finance portfolio to another former prime minister, Taro Aso. The new foreign minister likely will be Fumio Kishida, an expert on the southern island of Okinawa, where residents are calling for the removal of nearly 20,000 US troops based there. The defense minister was expected to be Itsunori Onodera, who was in Abe’s previous administration.

The LDP governed Japan for decades after it was founded in 1955. Before it was ousted in 2009, the LDP was hobbled by scandals and problems getting key legislation through a divided parliament.

This time around, Abe has promised to make the economy his top priority and is expected to push for a 2 percent inflation target designed to fight a problem that was until recently relatively unique in the world — deflation. Continually dropping prices deaden economic activity, and the Japanese economy has been stuck in deflation for two decades.

Besides generous promises to boost public works spending — by as much as 10 trillion yen ($119 billion), according to party officials — Abe is pressuring the central bank to work more closely with the government to reach the inflation target.

He has acknowledged, however, that the road ahead for Japan will be bumpy.

“Our party leadership will undoubtedly have to deal with many issues,” he said Tuesday.

Source: Fox World News

After election loss, Japan party names new leader

Japan‘s ousted ruling party named a new leader to replace Prime Minister Yoshihiko Noda as its chief. The move comes ahead of a vote in parliament to install a new government led by the conservative party that governed Japan for most of the post-WWII era.

The Democratic Party of Japan‘s new chief is Banri Kaieda, a former trade minister. He vowed Tuesday to keep the party from collapsing after its stinging defeat in nationwide elections Dec. 16 won the conservative Liberal Democratic Party, headed by Shinzo Abe.

Abe, who led Japan from 2006-2007, was to be formally installed as prime minister on Wednesday.

The LDP governed Japan for decades after it was founded in 1955, but has been the top opposition party since 2009 elections won by the DPJ.

Source: Fox World News

Japan election puts spotlight on reviving economy

The dozen or so parties vying in Japan‘s parliamentary election all agree the world’s third-largest economy needs a jump-start now that it has slid back into recession for the fifth time in 15 years. They are at odds, however, over how to achieve growth and keep it on track. Former Prime Minister Shinzo Abe is poised to head the government again if his Liberal Democratic Party does as well most polls are forecasting. He wants the central bank to do whatever it takes to break the economy out of its spiral of falling prices. Whoever wins, Japan faces a hard choice that it has in common with the U.S. and other rich economies of either spending its way deeper into debt, or slashing spending and seeing the economy falter further.
Source: Fox World News

Japan papers predict opposition winning majority

Major Japanese newspapers are projecting that the main opposition Liberal Democratic Party will win a majority of seats in next Sunday’s election. The projections by the Asahi and Yomiuri newspapers published Thursday were based on telephone polls and their own reporting, analysis and prediction methods. A survey by the Asahi newspaper estimated that the LDP, which ruled Japan for most of the post-World War II era, could win 257 to 285 seats in the 480-seat lower house, while the ruling Democratic Party of Japan was seen winning about 80 seats. However, the Asahi said about 40 to 50 percent of voters are undecided, meaning the actual results could be quite different. Experts cautioned about giving too much weight to the projections given the high portion of people who are undecided.
Source: Fox World News