Sunday May 27, 2012

JAPAN NEWS AND DISCUSSION

Cabinet approves Y90.334 tril draft budget

Politics Dec. 25, 2011 - 12:46PM JST ( 27 )

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27 Comments

-1

some14someDec. 25, 2011 - 07:18AM JST

But local media said the budget in reality is the largest ever, worth more than 96 trillion yen,

Congratulations and Merry Christmas !
2

NewsmanDec. 25, 2011 - 07:32AM JST

Forty-nine percent is paid for with bonds. Forty-nine percent?!
-1

CrickyDec. 25, 2011 - 08:30AM JST

Debt-servicing costs are estimated to be 21.944 trillion yen, a quarter of the planned budget and 51.8% of estimated tax revenue.

That can' be sustainable!
0

SasorizaDec. 25, 2011 - 09:11AM JST

and somehow reverse the falling birth rates

Women want to be financially independent. Besides, it gets harder and harder to support a family with only one working parent. You need to implement a law which punishes severely any company which somehow restricts/ refuse to hire full time/ bully into quitting married women and mothers, force the companies to create an environment where mothers will be able to both work and raise their children, with huge fines for those who fail to create such environment. Start an agressive campaign, like this about setsuden, to convince the elderly to give a hand in upbringing their grandchildren. Cut some benefits for the elderly-they get free everything, what is this?- and use the money for more child care facilities.
1

kwattDec. 25, 2011 - 10:07AM JST

I just wonder when Japan would be bankrupted like Greece. Its whole debt is now almost 1000 trillion.
-1

bangerDec. 25, 2011 - 10:16AM JST

Greece have no industry to speak of.Japan is totally different country.
-1

some14someDec. 25, 2011 - 10:34AM JST

Greece have no industry to speak of.Japan is totally different country.

having no industry is better than having industries making huge losses every year !
2

Patrick SmashDec. 25, 2011 - 11:15AM JST

Huge bond issues to gove huge amounts to elderly people, who are already the richest people in Japan. This country needs proper means-testing. The birthrate will not pick up with families knowing that consumption taxes will soon be hiked, allowances removed, income tax increased and their pensions reduced. And for what, to continue to give huge amounts of money to people who don't need it and to rebuild a contaminated area that no one should live in.
0

globalwatcherDec. 25, 2011 - 12:03PM JST

think that Japan’s budget-making processes and its reliance on public debt have reached their limits

Damn right.!!

After post WWII, Japanese people has been giving blank checks to LDP's shopping sprees.. Do not blame J. Gov. You need to blame yourself allowing LDP's overspendings in the past. This could been avoided many years ago.

The difference between US and Japan is that we have a solid goal for automatic spending cut starting 2013 while Japan has no such plan. I speculate the euro mess and strong yen will eventually cripple Japan's economy. US economy is very slowly recovering. Japan needs to work on deep public spendings. Issuing 49% is crazy and it will break Japan within 3-5 years, and I pray for Japan and Japanese people.
0

smithinjapanDec. 25, 2011 - 12:07PM JST

"Azumi stressed the need to raise the 5% consumption tax to pay for expanding pension costs as Japan’s working-age population shrinks."

So we'll pay more to cover gross mismanagement, and watch the economy shrink.
0

Jared NormanDec. 25, 2011 - 12:26PM JST

Just default now, the world's economy is already bad. at least everyone can have a fresh start.
0

globalwatcherDec. 25, 2011 - 12:38PM JST

Just default now, the world's economy is already bad. at least everyone can have a fresh start.

Jared, a fresh start? I am afraid the hell will break..
1

globalwatcherDec. 25, 2011 - 12:46PM JST

bangerDec. 25, 2011 - 10:16AM JST

Greece have no industry to speak of.Japan is totally different country.

Japan is like Greece now with a strong yen. Products are too expensive for exporting and nobody can afford to buy Japanese products.
4

GWDec. 25, 2011 - 01:19PM JST

Japans debt is beyond insane, at some point its going to bust, the govt will default on its debt & sink itself as most debt is held in Japan, its the main reason this insanity continues, but at some point it will be too much.

And then it will be a much bigger test than 3/11 & it will cover the entire nation north-south & east-west, no one will be immune, not sure if I want to be a gaijin here when that happens
-1

TrevorPeace1Dec. 25, 2011 - 01:32PM JST

Uh oh!
0

globalwatcherDec. 25, 2011 - 01:43PM JST

<<And then it will be a much bigger test than 3/11 & it will cover the entire nation north-south & east-west, no one will be immune, not sure if I want to be a gaijin here when that happens

Yep, GW. When it happens,........ you know what I would say. Japanese are still in deep sleep. They do not know a big financial tsunami is coming to a Japanese shore. .
3

NewsmanDec. 25, 2011 - 01:46PM JST

I don't know that it will matter whether you live in Japan if -- or perhaps "when" -- the dam breaks. So far the government has been very successful persuading banks and others to buy Japanese government bonds; after all, if you're an institution already holding $50 million in worthless paper, what's another $50 million between friends? But I don't see how you push Japanese financial institutions into a (comparatively) more transparent world financial system without the rest of the world dropping its collective jaw in sheer awe at the sort of financial shenanigans that have been pulled off until now. People talk about this financial debacle eventually coming to rest upon the shoulders of the Japanese taxpayer, but there's no way in h--- you can squeeze that much blood out of a daikon. And it will happen someday, when one bank cries "No mas!" and all of the other banks suddenly stampede along with the first. Japan will cease to be a financial player, period, and everything the country funds, whether it is yen development loans or the purchase of U.S. treasuries or international stock portfolios will disappear faster than a Louis Vuitton fukubukuro ... at which point you and I will look back at the aftermath of the "Lehman Crash" of 2008 and say, "Remember the good ol' days?"
0

moomoochooDec. 25, 2011 - 02:13PM JST

If you live in Japan, you might want to keep some of your savings abroad.

Cos eventually, this ship is gonna sink.
0

bajhista65Dec. 25, 2011 - 03:24PM JST

GlobalWatcher..... there are many International Banks operating in Japan and all over the world you can put your savings.
0

wtfjapanDec. 25, 2011 - 03:43PM JST

@banger Greece have no industry to speak of.Japan is totally different country.

yep and with Japan Inc increasing moving production overseas there wont be much industry left to employ anybody. to all the smart/weathy Japanese get your degree learn to speak English fluently then work/live in a country that has a future, without massive debt rising taxes decreasing medical & family support. basically get off the boat before it sinks.
-2

wtfjapanDec. 25, 2011 - 03:51PM JST

YEP nicely put. A big financial Tsunami is coming to these shores soon, just be prepared to have a liferaft ready so you wont drown in taxes like the majorty of the population. 30+% consumption tax is needed now to reduce the huge debt the government/Japanese tax payer owes
0

BernieKDec. 25, 2011 - 04:30PM JST

"I'd like (the Japanese public) to allow us to raise the consumption tax and overhaul the tax-revenue structure to make ourselves fully prepared to look after a continuously aging society and somehow reverse the falling birth rates,"

You know how governments work for paying back loans. First they take care of themselves, then the other people get a trickle of what is leftover. The government would first settle outstanding central and regional government debts with the goal of wiping out the country's primary deficit, then converting the consumption tax into a welfare tax like social security costs, including pension and medical insurance programs. I'm guessing it will take fifteen to twenty years to pay off the principal. How can the government look to the aging population and falling birth rates now? The government workers are only looking after themselves with this tax hike.
0

globalwatcherDec. 25, 2011 - 05:02PM JST

bajhista65Dec. 25, 2011 - 03:24PM JST

GlobalWatcher..... there are many International Banks operating in Japan and all over the world you can put your savings

Thanks. Maybe in US here, it has something to do with tax issues. All saving accounts here need tax id which is a SSI# with a permanent resident address. Homeless people without a permanent address cannot open savings account. I am glad Japanese people have some options in Japan . That's very fair.
0

globalwatcherDec. 25, 2011 - 05:11PM JST

yep and with Japan Inc increasing moving production overseas there wont be much industry left to employ anybody. to all the smart/weathy Japanese get your degree learn to speak English fluently then work/live in a country that has a future, without massive debt rising taxes decreasing medical & family support. basically get off the boat before it sinks.

wtfjapan, very well said. The ones who keep polishing professional and bicultural skills are the winner and they are already here. .
0

globalwatcherDec. 25, 2011 - 05:38PM JST

The government workers are only looking after themselves with this tax hike.

BernieK, you've got it.

It is impossible for Japan to do a deep public spending cut as basically Japan is run by elite bureaucrats.These bureaucrats will make sure to bury any politicians who are for the public spending cut. They want to stay on government payroll for life time. This is a current problem of Greece sovereign debt mess.
-2

wtfjapanDec. 26, 2011 - 11:01AM JST

` globalwatcher yes my son is bicultural, but I doubt very much he will choose to stay in Japan when he is old enough, to do choose. the opportunities/benifits are by far more appealing overseas than what will be available in Japans not too distant future, oops now for that matter.
0

globalwatcherDec. 26, 2011 - 11:13AM JST

@wtfjapan, . I do not know if he is a half American. If he can write and speak both languages fluently with science backgrounds, there are tons of job opportunities here in US with good pay. There are many staffing agencies available he can submit his resume to. He may even want to consider applying for a job in the State Dept. Hope MOD does not remove this post.