Teruhiko Mano - The Japan Times

BUSINESS / JAPANESE PERSPECTIVES

Oct 16, 2006

Global imbalances, economic and political, must be rectified

As countries throughout the globe undergo radical economic changes from the impact of globalization, there exist two major imbalances in the world today.

BUSINESS / JAPANESE PERSPECTIVES

Sep 18, 2006

China's tight yuan grip signals shortcomings as a global team player

Revaluation of the yuan, along with high oil prices, deceleration of the U.S. economy, and the euro's rise against the, yen was among the major topics discussed at the Group of Seven finance ministers' meeting in Singapore over the weekend.

BUSINESS / JAPANESE PERSPECTIVES

Jul 31, 2006

BOJ should have based hike on consumer needs, worldwide inflation trend

The Bank of Japan raised the unsecured overnight call rate from virtually zero to 0.25 percent at the end of its July 13-14 Policy Board meeting and hiked the official discount rate from 0.1 percent to 0.4 percent.

BUSINESS / JAPANESE PERSPECTIVES

Jun 26, 2006

Laws, morals and the delay of the financial products trade law

A mid the public uproar over insider trading prompted by the arrest of investment fund manager Yoshiaki Murakami, the Diet quickly enacted a new law to regulate transactions involving financial products on June 7. The legislation combines the previous Securities and Exchange and other laws in an attempt to beef up investor pro- tection -- an area where such efforts have been long, long overdue.

BUSINESS / JAPANESE PERSPECTIVES

May 29, 2006

Getting to the bottom of foreign currency reserves

In recent months, news about sharp rises in foreign currency reserves held by emerging economies has been making headlines in Japanese papers.

BUSINESS / JAPANESE PERSPECTIVES

May 1, 2006

Global inflation changing economic fundamentals

Ajoint statement released April 21 by finance minis- ters and central bankers of the Group of Seven major economies in Washington noted that the global trend in economic expansion has entered its fourth year, with inflationary pressures relatively contained despite the surge in crude oil prices.

BUSINESS / JAPANESE PERSPECTIVES

Apr 3, 2006

Things to watch as BOJ restores interest rates

The Bank of Tokyo-Mitsubishi UFJ, Japan's biggest banking group, raised the rates it offers on time deposits with a maturity of one year or over on March 20. The increase varies according to the size of the deposit and the length of maturity. The annual rate for a five-year deposit under 3 million yen, for example, has climbed to 0.23 percent from 0.1 percent. The rate hike, the bank's first in about five years, was copied by many other financial firms. It was spurred by criticism that Japanese banks weren't raising the rates on deposits as quickly as the rates for loans, which fluctuate in accordance with the market.

BUSINESS / JAPANESE PERSPECTIVES

Mar 13, 2006

U.S. current account deficit may trigger shift in global savings

The current account deficit of the United States topped $800 billion in 2005. Ben Bernanke, who recently became chairman of the U.S. Federal Reserve, told a lecture in the spring of last year that the U.S. deficit level is "passively" determined by income, asset prices, interest rates, currency exchange rates and other factors collected from nations around the world. That may be true when one looks at past patterns, but who knows if it will continue to be?

BUSINESS / JAPANESE PERSPECTIVES

Feb 20, 2006

Japan's falling savings rate reflects a global competition for funds

The national savings rate dropped to as low as 2.8 percent in 2004, according to a report released by the Cabinet Office last month. This is incredibly low, given the figure had been above 10 percent until as recently as 1999.

BUSINESS / JAPANESE PERSPECTIVES

Jan 23, 2006

Regional cooperation with Japan belies focus on Yasukuni problem

Prime Minister Junichiro Koizumi, in his first news conference of the year, argued that Yasukuni is not a diplomatic issue, rebutting claims that Japan is being isolated in Asia because of his repeated visits to the war-related Shinto shrine.

BUSINESS / JAPANESE PERSPECTIVES

Dec 5, 2005

Privatization hurdles: Japan Post should compete with banks on level playing field

The government bills drafted to privatize the state-run postal services were finally enacted into laws in mid-October, but there will be two major challenges ahead as privatization is carried out.

BUSINESS / JAPANESE PERSPECTIVES

Nov 14, 2005

The pros and cons of an island nation: economic growth vs. national security

Postwar Japan gave up guns for butter in its bid to prioritize economic reconstruction. This position has lingered for 60 years, and Japan today continues to rely heavily on its alliance with the United States for its own national defense.

BUSINESS / JAPANESE PERSPECTIVES

Oct 24, 2005

Government's policy yardstick should be based on per capita GDP, not GDP

Finance ministers and central bankers from the G20 advanced and emerging economies expressed strong concern Oct. 16 that high oil prices could decelerate growth and destabilize the global economy as they wrapped up their annual meeting on the outskirts of Beijing.

BUSINESS / JAPANESE PERSPECTIVES

Sep 26, 2005

Currency-controlling China not yet qualified to join ranks of G7

The two biggest events in the postwar history of currency exchange markets are the Nixon shock of August 1971 and the Plaza Accord of September 1985.

BUSINESS / JAPANESE PERSPECTIVES

Aug 15, 2005

Despite removal of dollar peg, yuan still a currency under control

On July 21, the People's Bank of China announced it had ended the yuan's effective peg to the U.S. dollar and that it would link it to a basket of currencies based on China's main trading partners. The central bank also said that the yuan's exchange rate as of that evening was 8.11 to the dollar.

BUSINESS / JAPANESE PERSPECTIVES

Jul 18, 2005

In final analysis, postal bills hold key to rationalizing the status quo

Now that he's back from the Group of Eight summit in Gleneagles, Scotland, Prime Minister Junichiro Koizumi faces an uphill battle to get his postal privatization bills approved by the House of Councilors.

BUSINESS / JAPANESE PERSPECTIVES

Jun 20, 2005

European integration a great idea, but need, motivation absent in Asia

The Netherlands followed France in rejecting the EU Constitution in a referendum earlier this month. While France has long been the driving political force behind European integration, the Netherlands has also been a key player in the integration process.

BUSINESS / JAPANESE PERSPECTIVES

May 2, 2005

Transition to 'payoff' system went smoothly, but full impact unknown

On April 1, the government's limited deposit guarantee, known as the "payoff" system, took full effect as scheduled. So far, the measure hasn't resulted in any visible disturbances, such as a major shift of funds out of bank accounts. Why?

BUSINESS / JAPANESE PERSPECTIVES

Apr 11, 2005

You can lead a market to bonds, but you can't make it drink

The government budget for fiscal 2005 has been enacted, but the amount dependent on government bonds, although slightly lower than in fiscal 2004, is still above 40 percent.

BUSINESS / JAPANESE PERSPECTIVES

Mar 21, 2005

Stock, flow of economy provide key insight into monetary policy

More attention is being focused on Japan's monetary policy, given the changing economic environment at home and overseas.

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