Japan ambassador to U.S. urges tighter financial industry oversight

Saturday 01st November, 04:01 AM JST

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timorborder at 03:23 PM JST - 1st November

Pretty unusual to see a Japanese diplomat get up from the missionary position to criticize the US, he must have gagged on something. Also, considering that it took Japan more than 10 years to address its own bubble economy (and the aftermath), it is pretty funny that this guy is trying to give the US lessons on how to run its economy.
Freakenese at 03:56 PM JST - 1st November

Cheapshot....
movieguy at 06:02 PM JST - 1st November

Pot meet kettle...
Athletes at 06:33 PM JST - 1st November

After ten years from Asia financial Crisis, US is facing the finacial Crisis like Asia. It is fair to say that US needed to listen other nation opinions too. Private banking system is out of control & has already been nationalised. Government is bailing out the private companies. Tax payers fund is being used for rescuing the Freddie & Fanny. Sub prime morgage has created default loans which may never recover. Banks are facing the liquidation. Banks do not trust each other & easy credit become history.

During the Asia Crisis, Economists from US lectured ASIA for how to recover from Crisis. Indonesia, Thai & South Korea followed advices and requested the special loan from IMF. In the reality, rescue plans from those experts did not work. Because of their rules & restrictions, market plunged further. Unemployments,social unrest & poverties increased

Later on IMF admitted their policy was very harsh & making market more unstable. Malaysia did not request the loan and did everything opposite from those experts advices. It was very successful from recovery from crisis shortly. US is doing the bail out & rescue package right now as same as Malaysia. Not as own advice given to Indonesia or Thai.

Financially Japan & China invested their reserve in the huge amount of US treasury bonds. As an investor Japan is entitled for giving advice for the safety of investment. In the globalization, every nations are depending on each other. If J & C will not finance, US will not buy their products anymore. If US dollars & assets keep falling, J & C may withdraw their investments. The result will be sky rocketted inflation & further panic from market. Wise people are not senstive about critism & willing to follow the good advice. No one is more superior than someone. Let 's the financial market & global economy recover!
Freakenese at 07:37 PM JST - 1st November

It was still a cheepshot.
Athletes at 07:57 PM JST - 1st November

A cheepshot came from Weapons of Mass deception! Not from a financial Crisis.
Badsey at 10:17 PM JST - 1st November

I do feel a Chinese property financial crisis (meltdown) will happen due to all the speculation in a few years.

But for the time being: How about -Don't write checks another can't cash. -that would fix the problem right there.
ptolemy at 11:51 PM JST - 1st November

Ah, since when do diplomats give economic advice? They don't its out of their leaguue. They stick to diplomacy which is: Nod and look intelligent, say yes even when the answer is actually no, and then when its over talk about them behind their back.
teaabe at 03:57 AM JST - 2nd November

Japan's ambassador means jack nothing in the U.S. it's like, o.k. who gives a damn about the oriental over there.
Athletes at 09:16 AM JST - 2nd November

The financial crisis impacted the whole world. It is a gloable affair & US alone can not solve this crisis. Co-ordination required among the nations. G20 will attend the summit in US soon. Besides that investors are frustrated about the progress from wall street. Wall street is destroying the main streets. When US needs the funding the war for Arfagan & Irag, Japan's ambassador will become something. He hasjust performed his duties.

He is a representatitive of Japan & need to be respected.It is not a one way traffic. If you want the finance, you need to respect the opinion of who is financing you. Racial insult are not welcomed in JT. Be mature!
ptolemy at 10:22 AM JST - 2nd November

Actually, the Japanese ambassador will have no say on the funding. It will be up to Aso and the Diet. The Japanese ambassador to the US is a UN (Useless Nations) rep who is paid by the taxpayers of Japan to basically play golf and have expensive meals with his fellow diplomats. Any financial issue is dealt with by the Prime Minister, the Diet, and the necessary Ministry of the government. Like all ambassadors it is more of a social status marking from a buddy politician, than actual government position, many ambassadors don't even speak the language of the nation they are sent to. Thomas Schieffer for example speaks no Japanese outside of "arigatou" and "sumimasen". He was also ambassador to Australia for, his friendship with GW Bush got him these positions, not any experience or langauge skill.
timorborder at 10:47 AM JST - 2nd November

How little you know. Actually "diplomat" is a coverall term. To describe all diplomats as knowing nothing is actually inaccurate. In reality, the staff of any embassy is usually comprised of people from a number of government industries. As such, agriculture counsellors come from ag ministries, economic counsellors come from industry-related industries, and counsellors that deal in financial issues are usually from the ministry of finance (or its equivalent) in their home countries. Moreover, people on the front line (serving in the host country) are charged with day-to-day analysis issues. Their reports to their home countries can have a significant impact on the countries policies regarding the host nation.

The situation of the Japanese ambassador to the US, however, is a bit different. Because it is such a high-level posting (perhaps Japan's most important embassy overseas), the people who become ambassador are usually the creme of Japan's ministry of foreign affairs or have a similar background in some other area of Japan's government. Moreover, the US does take a fair bit of notice of what Japan says regarding financial issues. This is because Japan has a huge reserve of US T bonds. To ignore Japan would probably result in some negative outcomes in terms of policy coordination, etc. At the same time, however, Japanese ambassadors to the US have traditionally not got involved in criticism of Washington, they leave such activities to people further up the food chain back here in Tokyo.
Athletes at 12:42 PM JST - 2nd November

Ambassador himself may lost some fortunes in the incompetent & lossely regulated wall street. As a diplomat, he may be a bit blunt. As a investor, there is nothing wrong about his opinion. He may be frustrated & upset.Share holders used to criticize and blame the CEO & board of directors. Because they are the ones who lost money. CEO & directors will resign with huge pay out.

Wall street is the epicenter of financial crisis. Many people retirment savings has evaporated in the recent market turmoil. For attracting the investment & rasing the investor confidence, strict regulations are required. That's what ambassador suggested. It was nothing wrong in the speech. US ambassador in Tokyo also gave some advices to the Japan before.

In the Asia financial Crisis, US media & economists criticised Asia financial system too. Criticism is promoting the changes, deregulation & better future. Now Asia banks & financial systems are stronger because of that. If there is no criticism, no change will occur & market turmoil will come again & again. Market like a wild beast. Sometimes, it can be wild in the nature. Controlling the beast needed special attentions & skills.
Seiharinokaze at 09:19 PM JST - 2nd November

‘‘This is so important because too much laissez faire really cannot govern the situation,’’ Fujisaki said, referring to the cause of the ongoing crisis.

I remember the former Secretary of the Treasury Lawrence H. Summers (ardent promoter of free trade and globalization) demanding in a quite overbearing manner more than ten years ago that Japan should inject government money into the banks and keep a cheap money policy. Japan managed to raise the fund by herself and struggled to survive. I wonder if the next Secretary of the Treasury will brazen it out by demanding that Japan buy still more bonds issued by the department for the funds to rescue Freddie Mack & Fanny Mae and bail out the private companies for the stabilization of global economy while tacitly asking Japan to write off Freddie & Fanny-related securities which is already no better than waste paper?
teaabe at 02:01 PM JST - 4th November

when ceo's leave with 'golden parachutes' and millions of dollars while the others are fired in droves, isn't there something wrong going on here? and then there's lawsuit hellfire whereby people sue each other like crazy. welcome to 'America'.