Japan 01 (May 08 - Dec 09)

[kennynah]

KNN.....jia lat ba

[millionairemind]

December 12, 2008, 5.58 pm (Singapore time)

Japan PM says new stimulus totals US$255 bln

TOKYO - Japanese Prime Minister Taro Aso said on Friday that new measures to stimulate Asia's largest economy would total 23 trillion yen (US$255 billion).

The boost is in addition to a 26.9-trillion-yen package unveiled in October.

Mr Aso said the latest stimulus would include 10 trillion yen in fiscal measures, including tax cuts for homeowners, and another 13 trillion yen in financial support such as loan guarantees for struggling businesses. -- AFP

[kennynah]

ask any ordinary japanese on the street..and many will have no idea where this money will end up in whose pockets...

[millionairemind]

BOJ Cuts Key Rate to 0.1%, Pumps Funds Into Economy (Update1)
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By Mayumi Otsuma

Dec. 19 (Bloomberg) -- The Bank of Japan cut its benchmark interest rate to 0.1 percent and introduced new ways of pumping money into the banking system to bolster the ailing economy.

Governor Masaaki Shirakawa and his colleagues lowered the target for the overnight lending rate from 0.3 percent in a 7- to-1 vote, the central bank said in a statement today in Tokyo. The bank also proposed to buy commercial paper to help companies gain access to funds.

The central bank’s second reduction in two months came after the Federal Reserve this week cut its target rate as low as zero, driving the yen to a 13-year high against the dollar. The Japanese currency has gained 25 percent this year, eroding profits for exporters that are already cutting jobs, production and spending as the global recession deepens.

[millionairemind]

Japan’s Exports Plunged 26.7% in November as Recession Deepened
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By Toru Fujioka

Dec. 22 (Bloomberg) -- Japan’s exports plunged in November, signaling more factory shutdowns and job cuts are likely as the recession deepens.

Exports fell 26.7 percent from a year earlier, the Finance Ministry said today in Tokyo. Economists surveyed by Bloomberg News predicted a 22.3 percent decline.
The Bank of Japan lowered its benchmark interest rate to 0.1 percent last week after business sentiment dropped the most since 1975 and the yen surged to a 13-year high against the dollar. Honda Motor Co. said last week that it may shift manufacturing overseas if the currency strengthens further.

“Japan’s export crash is finally upon us, and this is the worst thing that could happen,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo. “The recession will be very severe as companies adjust investment, production and labor.”

Gross domestic product shrank in the past two quarters, sending the world’s second-largest economy into the first recession since 2001. The government last week forecast zero growth for the year starting April 1.

Honda, Toyota Motor Corp. and Sony Corp. are among the companies that are shedding thousands of workers and closing production lines as profits dwindle.

The yen gained 25 percent against the dollar this year as the global financial crisis prompted investors to sell riskier assets purchased using money borrowed in the currency.

Honda’s Fukui

Honda President Takeo Fukui last week said the government should take action to halt the yen’s rise. Every 1 yen gain against the dollar cuts Honda’s annual operating profit by 18 billion yen ($201 million), according to the automaker. About 90 percent of Honda’s revenue comes from overseas.

Companies are also struggling to obtain funding as the market turmoil dissuades investors from buying corporate debt. To help businesses get financing, the Bank of Japan last week decided to buy commercial paper for the first time.

Sales at home are unlikely to make up for the collapse in demand from abroad. Households, whose confidence is at a record low, pared spending in each of the eight months to October as wage growth stagnated and job prospects worsened.

The Finance Ministry last week submitted an extra budget for the year ending March that includes 2 trillion yen in cash handouts for households as Prime Minister Taro Aso tries to spur spending. That may be too little, too late, economists say.

“Japan’s economy has never weaned itself off of the overbearing reliance on exports, and especially to the U.S.,” said Kirby Daley, senior strategist and head of capital introductions at Newedge Group. “Japan did nothing to prepare itself” for the collapse in demand from abroad.

[winston]

Record Japanese budget to kickstart stalling economy

Japan has approved a record 88.55 trillion yen (HK$7.6 trillion) budget for its next fiscal year starting in April in a bid to revive its economy, which is slipping deeper into recession.

The general-account budget is up 6.6 percent from the initial fiscal 2008 budget, as issuance of new government bonds soars 31.3 percent to 33.29 trillion yen.

The spending increase reflects an emergency economic package that Aso announced this month in a fresh bid to stave off a prolonged recession.

Japan's already debt-ridden state coffers would worsen, with the outstanding balance of government bond issues reaching a record 581 trillion yen at the March 2010 end of the fiscal year.

The budget will be submitted to parliament next month.

AGENCE FRANCE-PRESSE

[kennynah]

last time when in tokyo...saw many japanese living in cardboxes on main tokyo walking pavements, some just at traffic junctions, and parks.. they seemed like very contented though... and actually didnt look so very poor...

**********************

Japanese November Jobless Rate Rises
12/25/2008 9:16 PM ET


(RTTNews) - Friday, the Statistics Bureau said in a report that Japanese rose to 3.9% in November from 3.7% logged in October. However, the jobless rate stood below the expected rate of 4%.

Further, the bureau stated that job-to-applicant ratio fell to 0.76 from 0.8 reported during October.

The number of unemployed persons in November was 2.56 million, an increase of 4.1% from the previous year. At the same time, the number of employed persons decreased 0.7% to 63.91 million.

[winston]

last time when in tokyo...saw many japanese living in cardboxes on main tokyo walking pavements, some just at traffic junctions, and parks.. they seemed like very contented though... and actually didnt look so very poor..

Not too sure about their Social Program or whether they have anything to take care of their homeless..

Read somewhere a while back that the Japanese ( and I guess most people ) tend to ignore and pretend that homeless and poverty does not exist..

[Poles]

last time when in tokyo...saw many japanese living in cardboxes on main tokyo walking pavements, some just at traffic junctions, and parks.. they seemed like very contented though... and actually didnt look so very poor.../quote]

Not too sure about their Social Program or whether they have anything to take care of their homeless..

Read somewhere a while back that the Japanese ( and I guess most people ) tend to ignore and pretend that homeless and poverty does not exist..

in dec 97, my 1st trip to Tokyo. Before i have read about cardboard people living under train station......in NG mag.
I found a huge community living in shinjuku station...all the card board were beautiful "painted". As a curious young man, I snap away with my minolta slr.....knn the next moment, i heard some old voice shouting at me.....I stand there gong gong kena K by one of the cardboard man....
One volunteer who was serving them food came to my assistance. She explained that I should not show anyone these photos when I return to my country. They are ashame that they are living in cardboard. I feel so pai seh....after that I went to buy 20 cans of hot coffee for them......

some of these homeless people were businessmen whom has lost everything and some are just lonely but with $$$, so they like to stay in such free accomdation.

over the past years the jap government has clear up the cardboard community in the train station. Now I think there is still some groups in Ueno park.

I think it is better to be a homeless in SGP than JP....at least wouldn't die of cold.

[kennynah]

in 90 n 2000, i visited tokyo's several similar places.... small world....i believe it was a park, n could well be ueno park, very near akasaka palace that i saw these cardboard dwellers.... i didnt take pictures...no camera... just as well... no need to spend $$ buying 20 cups of coffee...hahaha