Azumi: $60 bil to IMF was to help global economy, acknowledge quake aid

Business Apr. 21, 2012 - 03:20PM JST ( 12 )

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12 Comments

3

smithinjapanApr. 21, 2012 - 04:05PM JST

As has been said, it's a shame that Azumi wants to help others when so much help is still needed at home, and he has to justify it with a speech like he made. You want to recognize and acknowledge help you received? say THANK YOU over and over again and do other nations a favour that won't take away from your own people in need.

"The IMF says it raised $430 billion after discussions among the Group of 20 major economic powers."

So Japan, in dire straights in turns of debt, economy, disaster relief, reconstruction, social systems (like pension), an aging population, and then some donated just under 1/7th the total raised from 20 countries.... yep... priorities, people!

"Last March’s quake and nuclear disaster in Japan cost more than $200 billion damage"

Slap another $60B on that, please.
5

Stephen KnightApr. 21, 2012 - 04:41PM JST

Given Japan's financial condition and its own problems at home, this is like me borrowing $2,000 on an over-extended credit card to help out an unemployed friend when I'm three months behind on my own rent...
1

marcelitoApr. 21, 2012 - 05:47PM JST

They really will use the earthquake/ tsunami to justify anything they do won,t they?...from Olympic bids to financial market interventions and bailouts..just link it up with the earthquake and people will accept it without complaint.
0

TravelingSalesApr. 21, 2012 - 06:14PM JST

Stop sending our money to these wastrels and scroungers. Cut the ridiculously high taxes instead.
-1

nedinjapanApr. 21, 2012 - 07:19PM JST

This is how our Japanese friends respond to our call. If you didnt know, the US was short of cash this time to help, but they referred it to their Japanese partners. I would say that is fair if you look at how much Japan is indebted to the US
1

Jeremy RigbyApr. 21, 2012 - 07:38PM JST

Japan has no natural resources, the only way it can prosper is by selling it's technologies and it's goods. I think this was a smart move.
1

KariHarukaApr. 21, 2012 - 08:18PM JST

It maybe the case that other last year other countries assisted us in recovery. But previous to that we've also done the same for countries like New Zealand, China etc who suffered earthquakes. Its ridiculous that instead of sorting out our own debts and matters concerning the country our government are happy to just throw away $60 billion of taxpayers money!
1

tmarieApr. 21, 2012 - 11:35PM JST

I'd love it if they helped those in THIS country instead - and stopped spending my tax money on crap!
0

keika1628Apr. 22, 2012 - 04:22AM JST

During Japans 20 year recession they had A European market to sell to , You could say a Ponzi market with bubble investors buying up Japanese goods . If japan does not have markets to sell into they will have to try find buyers on Mars .

If Japan finds a market with Martian inhabitants then you will never have to pay duty taxes .
0

LFRAgainApr. 22, 2012 - 11:43AM JST

"I'd love it if they helped those in THIS country instead - and stopped spending my tax money on crap!"

Helping ensure that the International Monetary Fund can stave off another economic crisis spurred in part by the overwhelming debt of countries throughout the EU, allowing consumer spending the world over to recover, giving you, me, and the guy down the street jobs for the forseeable future is "speding tax money on crap"? Interesting perspective.
-2

tmarieApr. 22, 2012 - 07:10PM JST

LFR, looking towards the future is great. I just wish they would look towards the future of THIS country a little more. Future generations are going to be paying for this "vision" for decades. A little more cuts here, no raise in tax and not spending our cash so quickly would be nice.
0

LFRAgainApr. 22, 2012 - 10:12PM JST

Tmarie,

I can appreciate that. I'm no fan of Japan's fiscal policy, but usually in order to make money, one has to be willing to spend it.

I honestly don't see the average Japanese citizen experiencing any particularly undue hardships today outside of those living in the areas directly affected by the earthquake, tsunami, and Fukushima reactors. And even those folks are getting help. It may not be as fast as some would like it to come, particularly from the perspective of the people having to live in makeshift housing as they wait for something more permanent to come along. But there's a common misconception that simply throw a king's ransom worth of money at a problem will somehow make everything shape up back to normal lickety split. Life doesn't work that way.

In the meantime, Japan with a per capita GDP of $34,000 -- a total GDP of $5.85 trillion, would see its $60 billion investment in protecting the average Japanese from the crippling effects of a collapsed European economy impact each taxpayer in Japan to the tune of 472 yen this fiscal year. That's a cup of coffee to you and me. I think we can afford the peace of mind.