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Japan Diary

November 23, 2008

Japan acts and proposes against the global financial turmoil

The G20 summit meeting has ended, stipulating main directions on how the world financial transactions should be streamlined. Finance ministers of the member countries will further elaborate concrete measures.

Each member is urged to take measures to stimulate its own economy.
In the US, the epicenter of the crisis, its government will have to accelarate its decision about when, to whom and how much of official money should be poured in. Repair and construction of infrastructures may be a suitable means to save the country out of recession.

Japan's economy is the least hit by the recent subprime mishap. Having just recovered from the burst of bubble economy in 1992, Japanese companies and banks had not dared to purchase high-leveraged financial commodities.

Instead, they engaged in such a restructuring that in recent 4-5 years most of Japanese big companies have enjoyed record high profits.

Therefore, Japan, the second largest economy in the world, is in a position to take initiatives for mitigating miseries of the crisis.
Prime minister Mr.Aso has already launched measures (amounting to 300 billion dollars) which will stimulate Japan's economy and will replace the dwindling export.

Furthermore, Japan has capacity to help those countries which are suffering the effects of the subprime problem. Island, Hungary, Pakistan and other countries will receive Japanese money as part of IMF's rescue money.

Besides that, prime minister Mr.Aso and finance minister Mr.Nakagawa published the following initiatives.
●To double the capital of IMF (to 640 billion dollars). Pending its realization, Japan would be ready to put 100 billion dollars (from its foreign currency reserves) at the disposal of IMF

●To establish a special fund with the World Bank for capital participation in banks of the developing countries. Japan would be ready to donate 2 billion dollars for this fund, if the World Bank donates 1 billion dollars.

●To double the capital of Asian Development Bank (ADB) to 100 billion dollars.

So, to your surprise, Japan has acted quickly and articulately this time--probably a product of effective collaboration between politicians and bureaucrats.
When prime minister gives general directions and supports what bureaucrats propose, then infamously inert Japanese system can become more imaginative and dynamic.


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