Word: stimulus
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Japan's Prime Minister Taro Aso is proving himself to be a big spender. And he, like the rest of Japan, is hoping that spending more on the economic crisis will make it go away. At a press conference Friday afternoon, Aso unveiled $149 billion stimulus package, 50% larger than what Aso ordered up earlier this week and the third stimulus plan he has proposed since he took office last September. The latest package amounts to record spending for the world's second-largest economy - about 3% of GPP - and, if passed by lawmakers, will bring total fiscal spending during...
...stimulus package is a step toward the realization of an economic growth plan unveiled by Aso on Thursday. His strategy aims to create as many as 2 million jobs and as much as $597 billion in domestic demand over the next three years, with additional gains though 2010. The country's leaders are beginning to realize Japan is on the wrong path. Its flagship manufacturing giants have been pummeled by the crash in worldwide consumer demand. Exports fell by nearly 50% year-over-year in January and February; the economy as a whole is expected to shrink...
...Economists generally see the stimulus package as a positive. But some warn that it might not go far enough in generating domestic demand. Shinichi Ichikawa, chief strategist at Credit Suisse Tokyo, says that the government has failed to articulate "a philosophy to change the Japanese economic structure." The program doesn't do enough to reform the economy so that consumers will save less and spend more on a permanent basis, he says, which means growth will remain overly reliant on the performance of a handful of top companies such as Toyota Motor, the world's largest automaker. "I think...
...fund the new stimulus package, the government will present a supplementary budget to the Diet by the end of the month...
Some China-watchers see a light at the end of the tunnel for the country's faltering economy. These optimists note that there are mounting signs that the government's stimulus efforts - and in particular the flood of credit unleashed by the Central Bank last November - are beginning to have an impact...