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...economists and analysts worry that the dearth of consumer confidence, despite a low unemployment rate of about 4%, could weigh heavily in the long run. "A negative view of the world is more ingrained here," says Schuster. "People are more prepared to think that this downturn will last." Shirakawa says the mind-set of the Japanese public, which he calls structural pessimism, is, "Oh, it's a recession again" - a sentiment learned from the trials and tribulations faced during the Lost Decade. There is no easy solution to this endemic lack of confidence, he says; it requires different policy solutions...
...frugality that has gripped Japan in recent months might be part of the problem. Analysts see it as symbolic of a deep-rooted pessimism held by the Japanese public, evidenced by abysmally low consumer confidence and the subsequent shuttering of thousands of small- and medium-sized businesses this year. Even if the recession Japan now faces ends up less bad than those in the U.S. and Europe - as some say it might be - the grim consumer outlook has the potential to put off a full recovery. (Vote for your Person of the Year...
...Japan's minister for economy, trade and industry, Kaoru Yosano, summed it up on Monday when he said, "Japan is in a very serious situation." Last month, as the nation's export-driven economy watched global demand slow down, Japan's Nikkei index fell to a 26-year low. Couple this with the appreciation of the yen - which some economists say could strengthen to an exchange rate of 80 to the dollar by the end of next year - and it's little wonder that corporate powerhouses like Toyota, Honda and Sony have seen profits dive. Royal Bank of Scotland Japan...
...city is seeking a Clean Energy Choice grant from the Massachusetts Technology Collaborative, a state agency that promotes development of green energy. The grants, which will be awarded next May, allot a minimum of $100,000 for renewable energy and energy efficiency measures in municipal buildings that serve low income residents. The Peabody school qualifies for the program because more than 50 percent of its students qualify for free and reduced lunch, Healy said at the meeting. The city will submit a grant application detailing its plan to install photovoltaic solar panels at the school, which serves students in kindergarten...
...solutions, like increased tolling, congestion pricing, encouraging reduction of demand, or a national infrastructure fund to be bankrolled by ending the Iraq War (the favored plan of Obama)—it has already proven to be a useful option in solving a giant problem that receives an absurdly low degree of attention commensurate with how many people are affected every day. Although both presidential nominees made reference to the infrastructure crisis in speeches, neither did so in a substantive and extensive way, instead resigning this issue to platitude-filled policy-bites. McCain did not even include the issue...