Yen slips in Asian trading as Abe steps up pressure on BOJ

Business Dec. 24, 2012 - 02:30PM JST ( 16 )

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16 Comments

1

DogDec. 24, 2012 - 04:09PM JST

Abe might actually believe in his own speel, but others know, and others sadly in his own party, that Japan needs economic structural reform, where she consumes more of what she manufactures and replaces some of that manufacturing with service and IT or 'it' as Aso, his future economics minister, once referred to IT.

The social structural reform of the economy is not in the form of more shinkansens to nowhere or roads for bears, but completely rewriting the zoning laws and altering the building laws so that quality spacious housing becomes available for the Japanese man. Financed in a similar way to Lee Kwan's housing policy of the 70's. At the same time existing labor legislation has to be strictly enforced so that the Japanese working man/woman spends no more that 38 hours a week in the office and take their full holiday leave. The government must, because the unions in this country are absolutely castrated, introduce heavy fines of millions of Yen and possible jail time for companies who do do not enforce the labor laws strictly.

The economic reforms............. well let's begin with the social reforms..... let's just begin, instead of returning to the Hosegawa pork barreling of 1990.
1

herefornowDec. 25, 2012 - 04:48AM JST

Semperfi, I know that economics is not your strong point,

Dog...if you find out what Semperfi's strong point is, please let the rest of us know.
0

semperfiDec. 24, 2012 - 03:01PM JST

It's good for exports - - the playing field is becoming more even and J products ( & esp. small companies) have a fighting chance now.
0

Betraythetrust!Dec. 25, 2012 - 03:41AM JST

The problem with Noriko Hama is that while she can see many things she fails to see that the world system is the fault not government policies. I used to think that she spoke sense until i understood what is really going on.

There is an elite that are manipulating us all, our governments, their policies, everything. This elite are tied to corporations, and can even cause wars and more. Their influence grows stronger by the year, Japan was isolated from this but is now a fully fledged member. Watch as the rich get richer and the rest work longer hours for less pay and more debt.

Think i am a nut? Then you haven't watched what has happened in the last 3 to 4 decades worldwide.
0

globalwatcherDec. 25, 2012 - 03:50AM JST

Betraythetrust!Dec. 25, 2012 - 03:41AM JST

The problem with Noriko Hama is that while she can see many things she fails to see that the world system is the fault not government policies. I used to think that she spoke sense until i understood what is really going on.

hmmm.. a very interesting observation. I believe she blames J. Gov. failing policies. "world system is the fault", I did not get that view as you do. Maybe I am missing something, I will re-read her writings again.
0

globalwatcherDec. 25, 2012 - 08:18AM JST

jeff198527Dec. 25, 2012 - 08:09AM JST

Globalwatcher, why is it you liberals think the perfect economy is one where nobody produces anything?

Jeff, I do not understand your question. Would you please elaborate further, so I can respond to you. Thanks. Keep it mind, there is a difference between liberal and the Liberalism.
0

DogDec. 25, 2012 - 09:24AM JST

jeff198527Dec. 25, 2012 - 08:09AM JST

Globalwatcher, why is it you liberals think the perfect economy is one where nobody produces anything?

Globalwatcher isn't saying that. The imperfect economy is when you over produce want the world doesn't want or cannot afford. This borders on soviet style 5 year plans.

A good developing economy is where you produce things that the world wants at a price the world can afford.

A good developed economy is where you produce things and services that both your domestic consumer and the world market want and can afford.

Japan is trying to still behave as a developing economy, when she has a developed economy. The result is a japanese workforce whose standard of living is declining annually, a government hoping to manipulate it's currency to resolve dampening domestic demand and the implementation of abenomic 5 year plans to offer a short term solution.

All will fail in the long term. Structural economic reform is the long long term solution, social structural reform is the short long term solution.
0

FarmboyDec. 25, 2012 - 11:34AM JST

The dollar fetched 84.38 yen from 84.25 yen, while the single currency bought $1.3183 from $1.3181.

Some "slip."
-1

DogDec. 24, 2012 - 04:08PM JST

semperfi

It's good for exports - - the playing field is becoming more even and J products ( & esp. small companies) have a fighting chance now.

Semperfi, I know that economics is not your strong point, but if you have time go over to the J----- Times online site and read the article today by Prof Noriko Hama, who by the way is the No 1 authority on the Japanese economy.

As she quite clearly states, as long as Japan remains the world's leading creditor - and for others who follow the flock and quack at Japan's trade deficit, please remember that Japan runs a very healthy current account surplus - and the US remains the world leading debtor, trying to weaken the Yen, relative to the dollar, is like trying to bring the mountain to Mohammad and will only lead to a currency war with Japan's leading military ally.
-1

some14someDec. 24, 2012 - 06:25PM JST

It's a seasonal drop. j-travellers always at disadvantage during year-end travel !
-1

globalwatcherDec. 25, 2012 - 02:45AM JST

semperfiDec. 24, 2012 - 03:01PM JST

It's good for exports - - the playing field is becoming more even and J products ( & esp. small companies) have a fighting chance now.

Increasing exports by the government? What economic model are you talking about? This sounds like a communism to me.
-1

globalwatcherDec. 25, 2012 - 03:02AM JST

DogDec. 24, 2012 - 04:09PM JST

The economic reforms............. well let's begin with the social reforms..... let's just begin, instead of returning to the Hosegawa pork barreling of 1990.

Amen to this!!

Let's bring back a basic concept of Capitalism to Japan that is Increasing a Domestic Consumption and Investment spending equating Economic Growth. Increasing Exporting and Investment spendings old model has failed and needs to be changed.
-1

globalwatcherDec. 25, 2012 - 03:17AM JST

read the article today by Prof Noriko Hama, who by the way is the No 1 authority on the Japanese economy.

I found that Prof. Noriko Hama-she is a realist and a rock in economics. I really like her.
-1

jeff198527Dec. 25, 2012 - 08:09AM JST

Globalwatcher, why is it you liberals think the perfect economy is one where nobody produces anything? Japan hasn't had a bubble in 23 years while almost half of America is on welfare while the other half earns $7.25 an hour doing service jobs.
-1

globalwatcherDec. 25, 2012 - 11:52AM JST

Because we, USA actually may go off the cliff and it has nothing to do with this topic.

December 24, 2012 7:19 PM PrintText "Fiscal cliff" deal could fall in Harry Reid's hands

http://www.cbsnews.com/8301-18563_162-57560765/fiscal-cliff-deal-could-fall-in-harry-reids-hands/
-1

globalwatcherDec. 25, 2012 - 12:45PM JST

The imperfect economy is when you over produce want the world doesn't want or cannot afford. This borders on soviet style 5 year plans.

A good developed economy is where you produce things and services that both your domestic consumer and the world market want and can afford.

Dog, excellent post. Exactly that!!

The biggest problem of Japan's economy is that they are just focusing on exporting products that nobody want. They are all missing a big bang in products-no innovation. I would like to suggest products in medicine serving for both domestic and global markets. It is great for growing population of Japanese seniors while the medicine has no trade barriers. Anyway, I am all for economic reform of Japan. This is a big task, but it can be done.