Teruhiko Mano - The Japan Times

BUSINESS / JAPANESE PERSPECTIVES

Apr 21, 2003

Evasive accounting will darken already cloudy economic outlook

Now that the war in Iraq has completed a crucial phase, a major source of uncertainty for the world economy appears to have been eliminated. However, the global economic outlook still remains cloudy, as illustrated by the fall in share prices that occurred when Baghdad fell into the hands of the U.S.-led forces. This cloudiness is being caused by such factors as the daunting task of rebuilding Iraq, the lingering risk of terrorism, and the outbreak of severe acute respiratory syndrome (SARS), all of which are exerting heavy downward pressure on the major economies.

BUSINESS / JAPANESE PERSPECTIVES

Mar 24, 2003

Will new BOJ governor be able to navigate tricky global waters?

Fukui Toshihiko was officially sworn in as new governor of the Bank of Japan on Thursday, with former Vice Finance Minister Toshiro Muto and Kazumasa Iwata, a senior Cabinet official, appointed as vice governors. Under the revised BOJ Law of 1998, all members of the BOJ Policy Board are to serve a five-year tenure. It is Fukui, Muto and Iwata, plus the six other members currently on the board, who will be responsible for steering the nation's monetary policy in the coming years.

BUSINESS / JAPANESE PERSPECTIVES

Feb 24, 2003

Like real reforms, banking crisis this spring unlikely to materialize

Each spring in recent years, people have started talking about a financial crisis in Japan as the month of March draws near. In about five weeks, most Japanese firms will be closing their books for fiscal 2002, and I would like to discuss this year's situation from several perspectives.

BUSINESS

Jan 27, 2003

Trend of rising interest rates no cause for optimism in U.S.

Long-term interest rates are on an upward trend in the United States. The yield on 10-year U.S. government bonds, which stood around 3.8 percent in December, has climbed to around 4 percent. But has the U.S. economy been strong enough to trigger a rise in interest rates?

BUSINESS / Economy

Oct 28, 2002

Critically ill Japan can't depend on assistance from G7 doctors

Japan's economic woes and North Korean issues, including the abductions of Japanese nationals and Pyongyang's nuclear weapons program, will be the two main topics in the extraordinary Diet session that opened on Oct. 18.

BUSINESS / JAPANESE PERSPECTIVES

Sep 23, 2002

The future of the U.S. economy: tasks for top nations and the IMF

One year has passed since the terrorist attacks that hit New York and the Pentagon. Although the war in Afghanistan ended rather quickly, the danger of terrorism lingers on, and the Bush Administration's policy of not ruling out pre-emptive attacks has fueled new tensions. The recent slump in stock markets worldwide is a reflection of these tensions.

BUSINESS / JAPANESE PERSPECTIVES

Aug 5, 2002

Failure to cap deposit insurance means banking system will fester

Starting in April 2003, the government will no longer protect deposits when banks fail and instead introduce a "payoff" scheme offering partial protection of up to 10 million yen per depositor per bank.

BUSINESS / JAPANESE PERSPECTIVES

Jul 1, 2002

Dollar weighed down by external debts, tax cuts, skittish investors

The dollar is losing ground against major currencies and the foreign-exchange rates are reflecting the relative strengths of the economies involved.

BUSINESS / JAPANESE PERSPECTIVES

Jun 3, 2002

Balance of payments and intervention signal danger for economic reforms

Japan's international balance of payments for fiscal 2001, released by the Finance Ministry on May 15, highlighted a year-on-year fall in the trade and current account surpluses. But it also revealed a 24.4 percent increase in the nation's income surplus to a record-high 8.68 trillion yen.

BUSINESS / JAPANESE PERSPECTIVES

Apr 29, 2002

G7 needs developing nations' help as trend of globalization continues

The Group of Seven conference held April 19 to 20 in Washington highlighted negative as well as positive aspects of the world economy.

BUSINESS / JAPANESE PERSPECTIVES

Mar 25, 2002

Sinking investment signals need to embrace deflation

Two sets of key government statistics on economic conditions released earlier this month -- the October-December data on corporate activities issued March 6 and the quarterly 2001 annual gross domestic product released March 8 -- both highlighted the lackluster state of capital investment by Japanese firms.

BUSINESS / JAPANESE PERSPECTIVES

Feb 18, 2002

Hopeful bond sellers should strike while the iron is hot

Long-term interest rates are on an upward trend both in Japan and the United States. The yield on the 10-year Japanese government bond has recently been in the 1.5 percent range, while market rates on 10-year U.S. government bonds have been hovering at around 5 percent — the same as at the beginning of 2001 — despite the 11 cuts the Federal Reserve Board has made to short-term interest rates over the past year.

BUSINESS

Jan 21, 2002

Understanding new forex risks key to coping with expanding volatility

The Sept. 11 terrorist attacks on the United States reminded the world that a new type of risk can hit the global economy in the new century. Risk factors multiplied beyond economic fundamentals, adding greater volatility to markets.

BUSINESS

Dec 31, 2001

Hunting down terrorist funding requires new teamwork

The bombing in Afghanistan continued throughout the Islamic holy month of Ramadan and the Taliban government was swept from power much more swiftly than was previously anticipated.

BUSINESS

Nov 26, 2001

'Flying geese' must face onset of global 'megacompetition'

The "flying geese" theory of development has long served as the basis of policy formulation and analysis of post-World War II economic relations between industrialized nations and developing countries. The fundamental idea is that both sides benefit from a vertical division of labor across national borders.

BUSINESS

Oct 22, 2001

Getting a positive grip on Japanese unemployment

According to preliminary figures released by the government on Sept. 28, there were 64.43 million people employed as of the end of August, a decline of 370,000 compared with the same period the previous year. As a result, unemployment continues to stand at a record high of 5 percent.

BUSINESS / JAPANESE PERSPECTIVE

Sep 17, 2001

Inflation targets no substitute for needed structural reform

The 0.8 percent contraction in the second quarter gross domestic product, coupled with dive in Tokyo share prices, has increased pressure on the Bank of Japan to further ease its already loose monetary grip by setting inflation targets. Tuesday's terrorist attacks in the United States and the ensuing plunge in world financial markets are expected to magnify that pressure.

BUSINESS

Aug 20, 2001

Obstacles to decentralization must embrace independence

Prime Minister Junichiro Koizumi won big gains for his Liberal Democratic Party in the Upper House election and has been re-elected uncontested to a new two-year term as LDP chief. But the tasks ahead of him are mounting, and one of the biggest is the decentralization of administrative power.

BUSINESS

Jun 4, 2001

U.S. also caught in liquidity trap

On May 15 the United States Federal Reserve Board announced that it would cut short-term interest rates by half a percentage point. It was the fifth rate cut this year and brought the total amount of monetary easing to 2.5 percentage points.

BUSINESS

Apr 30, 2001

Monetary policies may collide as globalized economy emerges

As the globalization of the world's economies goes on, it will become natural for the monetary policies of one major country to affect the policies of others. After all, money flows across national borders.

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