New Finance Minister Aso hits out at BOJ

Politics Dec. 28, 2012 - 06:55AM JST ( 15 )

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15 Comments

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some14someDec. 28, 2012 - 07:28AM JST

Yes, BOJ was supposed to hike wages of all workers (public/private sectors), it should have inspected wasteful use of money by the govt.....list goes on.... sarcasm over? no, to be continued.
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globalwatcherDec. 28, 2012 - 08:14AM JST

some14someDec. 28, 2012 - 07:28AM JST

That's not a responsibility of BOJ. FYI
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semperfiDec. 28, 2012 - 08:19AM JST

some14some: There is a lot about the new LDP Gov't to dislike. . . In fact .it is actually the apathtic selfserving LDP "leadership" over the past 50 years that brought Japan to this place of disrepair. . . . .. .The DPJ had no clue how to manage the mess without Ozawa ( who got pulled into a pseudo-legal mess of his own making) .. . . . ....That notwithstanding, the JAPANESE YEN MUST BE LOWERED FOR JAPAN TO COMPETE INTERNATIONALLY...................... If J- companies do not sell their products,the country will go belly-up & no one will end up having a job . . . . . . It basic economics. . . . . . . . .Japan has NO PRIMARY INDUSTRY ( outside of fishing) . . It sustains itself via SECONDARY INDUSTRY . . .so its Yen MUST remain competitive.
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papigiulioDec. 28, 2012 - 10:32AM JST

Aso as the minister of finance is the same as TEPCO in charge of the Fukushima clean up....a really bad idea.
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DogDec. 28, 2012 - 10:49AM JST

semperfiDec. 28, 2012 - 08:19AM JST

If J- companies do not sell their products,the country will go belly-up & no one will end up having a job . . . . . . It basic economics. . . . . . . . .Japan has NO PRIMARY INDUSTRY ( outside of fishing) . . It sustains itself via SECONDARY INDUSTRY . .

Your basic economics leave a lot to be deisred and resemble those mercantilist thinkers like Thomas Mun in the 17th Century.

Production should be determined by the market need and not what you are able to produce. If there is no market for your high-end goods, well it doesn't matter how cheap your currency is, you're not going to sell them, unless you have a load of colonies who you can impose your will upon.

As for Japan having no primary industry, apart from fishing, what total BS. Japan still has a virtual monopoly on front end high tech components. That Galaxy or IPad isn't getting made, without the Japanese components. It should be no surprise to anyone else but you that one of the healthiest trade balances Japan has is with South Korea. There's medical technology to just name another, but the list cold go and on.
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semperfiDec. 28, 2012 - 10:53AM JST

papigiulio :

Aso as the minister of finance is the same as TEPCO in charge of the Fukushima clean up....a really bad idea

I agree with you entirely. ...................... However, regardless how nauseatingly inappropriate many of the appointments in the cabinet are - - - the BOTTOM LINE is that someone needs to get the BOJ do what us right for the Yen- - - -and ultimately for the J companies and Japanese .
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herefornowDec. 28, 2012 - 10:58AM JST

Earlier Thursday, Aso said a planned doubling of Japan’s sales tax to 10% by 2015—pushed through earlier this year by the ousted Democratic Party of Japan—may be put on hold unless Japan’s economy picks up.

So they are going to print money to spend on new roads, dams and bridges, while also lowering the expected tax revenues. Japan is clearly headed for a 300% debt to GDP ratio and further lowering of their bond ratings. Wow. And, since the extra 5% of the consumption tax was supposed to go towards the rapidly increasing social costs caused by the aging population --medical and pension -- one has to wonder what the LDP will do.
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paulinusaDec. 28, 2012 - 11:05AM JST

I do agree the BOJ hasn't been proactive enough and there should also be some stimulus spending, but it has to limited,targeted and not wasted on unneeded projects (good luck with that though).
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Mirai HayashiDec. 28, 2012 - 11:09AM JST

some old faces...the more things change, the more they stay the same
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globalwatcherDec. 28, 2012 - 11:27AM JST

DogDec. 28, 2012 - 10:49AM JST

Production should be determined by the market need and not what you are able to produce

Dog, exactly. You are in Demand Side ideology as well as I am. I just want to tell you Supply Side idiots had built Tinseltown and shopping center in middle of nowhere (cornfield) here in my city, and they are now being left empty as nobody want to drive 10 miles to see movies. That's exactly what Japan is doing.
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tmarieDec. 28, 2012 - 01:20PM JST

This party is a joke. How many former PMs who sucked are going to be running the show. Next up, Hatoyama. Shame these guys are looking at the problems THEIR party caused for oh, 60 years? Why is there no money? Oh right, highways, bridges, damns... And a former PM who didn't know he has to pay into the pension scheme... Unreal.
2

edojinDec. 28, 2012 - 06:31PM JST

Aso and his LDP cronies are just itching to get their paws on that Bank of Japan money. The government, meaning the LDP, wants to take over the bank. If this happens, then we've got more than inflation to worry about . Gotta watch where they put those long sticky fingers ...
2

AristomanDec. 28, 2012 - 08:18PM JST

Funny to see all those looser PMs coming back. Aso got Famous for bad reading of jp kanji. Lets hope he can count better.
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WaxmanDec. 29, 2012 - 08:36AM JST

The remarks by Taro Aso.......A so desu ka!!!! From prime minister to finance minister......God help these men with some bright ideas otherwise most of us know what they are capable of doing!
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RedcliffDec. 29, 2012 - 09:48AM JST

BOJ should set the inflation rate in accordance to the economic environment and should be free of any interference from politicians.