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JAPAN NEWS AND DISCUSSION

Azumi to press EU on debt fears at G20 meeting

Politics Oct. 11, 2011 - 05:30PM JST ( 19 )

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19 Comments

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globalwatcherOct. 11, 2011 - 09:54PM JST

Hope G20 can come up with a clear resolution while they cannot even agree with a lunch menu during the summit.
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JapanGalOct. 11, 2011 - 11:11PM JST

If the ¥ is so strong with such a devastated economy, imagine how strong it would become with a strong economy!

¥25 = $1.00
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PT24881Oct. 11, 2011 - 11:45PM JST

"Finance Minister Jun Azumi..he would PRESS Europe to take action to deal with the continent’s debt crisis at this week’s meeting of finance officials..."

The opening comment of the FM sounded unprecedentedly grand to be in line with his status of a big power minister's posture...

" if European leaders come up with a new scheme for dealing with the debt crisis, Japan will consult WITH the UNITED STATES on additional support the two countries could provide."

The ending comment was somewhat disproportional...whereby : if you guys are behaving correctly, Japan will consider additional support, understand ? ( oh ! waiting a minute, it should read :... japan will consult with the boss for consent in the first place over eventually additional support... ) it seems also advisable for the FM to double check his budget before throwing empty words around, the economic outlook is becoming tough for both Japan & the U.S. too my dear.
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globalwatcherOct. 12, 2011 - 12:29AM JST

¥25 = $1.00

Are you ready for Harakiri?

Unless you are thinking about your next Gucci handbag, this is a nightmare for Japan that depends on exporting business. But I do agree with your forcast of declining dollar in value.
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whiskeysourOct. 12, 2011 - 04:50AM JST

great!!!!!
2

gaijinfoOct. 12, 2011 - 06:43AM JST

Since when is Japan in any position to lecture other countries about debt? Japan's debt is higher than anybody else's.

Talk about delusions of grandeur.
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globalwatcherOct. 12, 2011 - 07:26AM JST

You've got it, gaijinfo. Japan's sovereign debt RATIO is the highest in the world while Japanese economy is tanking.
-2

Jeffrey DuelleyOct. 12, 2011 - 11:56PM JST

How many times do I have to say this:

Japan's debt is non-existent in relative to its assets and is 95% owned by the Japanese people. Also, around a billion US dollars flows into Japan every DAY. Europe and America's debts is much worse than Japan's. So please, learn to read before parroting the same anti-Japan talking points.
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BluebrisOct. 13, 2011 - 01:21PM JST

@Jeffrey Duelley Please elaborate. How is Japan's assets being owned by Japanese people boosting the economy? If Japan is so rich then why are taxes and prices across the board rising alarmingly? Why is the economy tanking? I fail to see how Japan's debt being "non-existent relative to its assets" means we shouldn't worry about the state of this country. Please tell us more. Some useful links to back you up would be nice too, rather than telling people to "learn to read."
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Jeffrey DuelleyOct. 13, 2011 - 09:32PM JST

The Japanese people have about $15 trillion in savings and the government about 700 trillion in assets. Japan was in a massive bubble in the 1980s and something like that takes decades to get out of. Also, economies stop growing if the population stops growing. Let me answer your question with a question: If Japan is in such bad shape, why are financial markets only concerned with America and Europe? 48 million Americans are on food stamps and U6 unemployment is over 23% in America. So yes, Japan is fine in comparison.

Of course, people like you think "stimulus" should be used to "boost" the economy, and just waste more money.
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Jeffrey DuelleyOct. 13, 2011 - 09:35PM JST

Oh, it's called inflation. US banks used bailout money to invest in commodity/resource markets, driving up prices. Taxes are rising because the government need revenues to deal with an aging society. Another question. If you people hate Japan so much why do you people live there? Also, why do JT posters know nothing about Japan?
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globalwatcherOct. 13, 2011 - 11:10PM JST

why are financial markets only concerned with America and Europe?

Jeff, Yes, WE ARE. We often talk about it. S&P has just down graded Japan. We are just crossing our fingers and praying nothing will happen to Japan.
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Jeffrey DuelleyOct. 13, 2011 - 11:21PM JST

If 95% of Japanese debt is owned by citizens, and assets outweigh debt, meaning Japan is still solvent, then what's the big deal? You actually trust ratings agencies? America, is completely insolvent in every way, shape, and form, and they give it a AAA rating. Half of America's debt is owned by banks, the other by foreigners, has $5.3 trillion deficits a year (according to GAAP accounting), has no manufacturing base, has 48 million people on foodstamps, etc. How is that AAA.

Anyone who thinks Japan is Greece is completely ignorant and just plain stupid. How is a manufacturing powerhouse comparable to a Socialist economy based on tourism? Maybe you people need to seek therapy if you're worried about something that will never happen.
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Jeffrey DuelleyOct. 13, 2011 - 11:24PM JST

Also, you people should know that since 95% of Japan's debt if held BY JAPANESE, that any default would be internal, and would cause no lasting harm.
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globalwatcherOct. 13, 2011 - 11:55PM JST

Jeff, Japan still can deault against their own people. Old Japan issued bonds to buy out land from farmers, after the WWII, all of them became worthless papers in Japanese history. Japanese govt stole land from Japanese farmers.

That kind of default SHOULD be avoided.. Let's hope it will NEVER happen.
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globalwatcherOct. 14, 2011 - 12:00AM JST

Forgot to add this: Govt bod is simply a promisary note. Nothing else.
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nigelboyOct. 14, 2011 - 12:11AM JST

Globalwatcher

I don't know which bonds you are talking about but the ones issued during the wartime became worthless after the war because of the inflation. There was no "default" in that case.
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Jeffrey DuelleyOct. 14, 2011 - 12:27AM JST

What does ancient history have to do with now? Servicing its debt only costs Japan $100 billion a year. It costs America over three times that much.
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globalwatcherOct. 14, 2011 - 08:32AM JST

Jeff, before Japan defaulting their own, probably Japan will pull money out of US. That means your benefit from US may be cut becaise there will be NO moneyfor US govt to pay you.. It will hurts you first before Japanese.