Japan to lose trillions of yen in consumption with virus emergency

Not sure what world you are thinking of but No not on the scale that we now

Not sure where you are from but in my country of origin they do have a safety net for the unemployed already, and Japan seems to have something already too because it was on the front of today’s Nikkei Shinbun.

But I would transition to a system of personalized accounts as i mentioned anyway. These new spending programs every time a problem occurs is just a badly designed system, and the government has already racked up too much debt.

How did they get these estimates of loss? From what I understand, only restaurants and drink bars will be closing. People will be eating at home and drinking at home. They still have to spend the money to do that at home and it produces tax revenue, not to mention the effects of price gouging and panic shopping.

the CEO of Dentsu was entitled to the exact same ¥100,000 supportlast year as a single mother

Thanks to Komeito urging Abe to make it so.

Japan’s voters are the only ones who can put and end to this sort of ridiculous government action with our money.

Money or your life ?

*@Simian It’s an awful mistake. The hit the economy is going to take will cause many suicides and deaths and mental health problems, yes, awful darkness. *There will be many deaths regardless if the government doesn't get control of this virus

My partner and Self just dropped ¥55,000 today down in Kyoto and Nara and the smiles, although hidden behind masks were sincere. One can travel and support people in many ways and be very cautious.

I realize some people here are jealous of my ability to move around this fabulous country, but it took time to get there and we are super cautious.

One thing I noticed down in this Kyoto area is that people do not open windows on trains. We have been doing that.

Life is good

Agree with similar comments here -

A one-off ¥100,000 or even ¥200,000 ain’t gonna cut it

After one has helped the poor so much, don’t they deserve to treat themselves sometimes? I think so.

Get the stimulus rolling Suga. Lots of people in need. Cough out that Yen.

@Matt Carter

And so what if they are over 70?

Are their lives less important?

If they were your parents would just go, oh well they are old?

It boggles the mind that anyone can even ask age as if it makes a difference.

Tokyo reported more than 1,200 new coronavirus infections Tuesday, with a record-high 111 COVID-19 patients in serious condition. It was the second-highest figure for the capital, after 1,337 cases reported on Dec. 31.

give us age numbers!! I bet most of these 111 serious conditions are people in their 70’s!

The J-gov has been sitting back watching the new cases rise. They only have themselves to blame.

It's inevitable anyway, so why not help ease the pain of ordinary taxpaying citizens? (Who the money belongs to, anyway.)

once upon a time a man so eloquently said ^^^.

Yep, we all pay in the end, ordinary people should at least taste some benefit.

@Bernard Marx

Money bags? Where do you get that from?

Guess you did not read anything I wrote other than that part!

It means that 100,000 yen will do very little to help most of those that have lost their jobs, businesses, etc... It doesn't even cover one months rent for most.

SandyBeachHeaven Today  10:09 am JST

The ¥100,000 would go straight to my credit card for paying for my week long trip to Kyoto, of which I am on green Car right now. 

One should spend money to help out small businesses and am eagerly doing so.

Versus

SandyBeachHeaven Dec. 22, 2020  03:46 pm JST

Posted in: U.S. Congress approves $892 billion COVID-19 relief package  

If I get the $1200, we will convert to yen and buy onigiri for the homeless and distribute it ourselves. Will give out masks as well.

Wow! All I can say is that your circumstances (or priorities) must have changed dramatically in the last two weeks!

What's unconscionable is that the CEO of Dentsu was entitled to the exact same ¥100,000 support last year as a single mother working part time at a convenience store, never mind the rest of the bottom-up Covid wealth redistribution scams.

And another ¥100,000 one time payment wouldn't change anything.

Speak for yourself, moneybags. Will do wonders for me.

"...watch inflation skyrocket. It's inevitable anyway..." 

"Inevitable"? Japan has long had the OECD's most aggressive QE (money printing) program and it has ended up with, that's right, the lowest inflation rate of anyone.

Much more stimulus is needed. The private sector is getting pummeled and it's up to the govt and the BOJ to pick up the slack.

Don't fret, our esteemed leader 'consulted', and prolonged 'consideration' can only mean one thing ¥200,000 cheques will be in the mail to go with any emergency declaration.

That's much better than taking that money and giving it to his wealthy cronies, as is the usual practice. Print up more money. When we eventually come from under this cloud and the economy starts to grow again, watch inflation skyrocket. It's inevitable anyway, so why not help ease the pain of ordinary taxpaying citizens? (Who the money belongs to, anyway.)

How's that hiding your head in the sand from the Pandemic approach working out economically in the long term Japan?

The ¥100,000 would go straight to my credit card for paying for my week long trip to Kyoto, of which I am on green Car right now.

One should spend money to help out small businesses and am eagerly doing so.

Suga’s hands are tied by the constitution.

Don't countries already have such safety nets in place? It's not like a pandemic is the only time that people suffer such difficulties.

Not sure what world you are thinking of but No not on the scale that we now

most have put in place ways to pay those that have lost they income, rent and or mortgage relief in some form or another, etc...

Don't countries already have such safety nets in place? It's not like a pandemic is the only time that people suffer such difficulties.

I know at least 10 friends that had to permanently closed their businesses none were new businesses and had previously been profitable ventures.

Yes. The problem is who pays for any special support, and for how long?

The last thing I want to do permanently is subsidize rich people going on holidays and fine dining.

Economic troubles come along due to all sorts of reasons.

Japan is prone to natural disasters.

Japanese residents need to be prepared for the bad times.

Someone mentioned that structural reforms are required - I agree. Rather than the government spending it up when times are relatively calm, the government should rather be incentivizing residents to build up individual risk cover savings / investment accounts, so that when disaster or economic troubles strike, they have their risk cover account to fall back on.

And if that still isn't enough, that's when the government can go and spend it up to help make ends meet.

There problem in Japan is that the government spends it up every year, and spends the money poorly as well.

It's really critical that people are left in control of the money spending, not the central government.

And another ¥100,000 one time payment wouldn't change anything.

Exactly. The money is always so poorly spent.

I don't know how all countries are doing things but as far as most EU, Canada, Australia, New Zealand are concerned most have put in place ways to pay those that have lost they income, rent and or mortgage relief in some form or another, etc...

The USA and Japan governments seems clueless for the most part yes the USA has put in place a few more protections but most are just delaying rents and mortgage payments and once over the full past amount will need to be paid.

Japan hasn't even gone that far.

I know at least 10 friends that had to permanently closed their businesses none were new businesses and had previously been profitable ventures.

They could no longer pay employees or rent.

My own business is only surviving because it is in my own home so I do not have a landlord I need to pay rent to but without my wife's income we would be in big trouble.

And another ¥100,000 one time payment wouldn't change anything.

@Kohakuebisu You don't say?

...hard to believe the leaders of Japan are that incompetent.

Now it's time, yet again, to ask who the Go To fiasco was helping. I understand there are many unpredictable variables during a pandemic, but it's still jard

I think there is very high correlation between countries where people say "we must save the economy" and both Covid 19 deaths and economic damage.

Deaths and economic damage have been lowest in countries that took the virus seriously and did short, sharp lockdowns, like New Zealand. Countries that dithered or pretended it would go away have suffered the most.

I think more 'urging' will suffice. I'm pretty sure the suicide rate will be much higher than the infection rate if another state of emergency is declared.

Well we have had trillions of yen to throw at TEPCO for ten years, and trillions of yen to throw at concrete for the five-ring circus... suddenly we're being financially cautious about preventing an explosion of a killer virus?

Let's not forget that 30% of this country is over 65 years old. This could be a mass cull unless Suga starts acting like a leader.

Shinkansen trains are empty today. So it seems like people are cutting back already.

Money? What's money? The Japanese government will just print some more!

Feel free to distribute trillions or more for consumption, whenever you are ready. But hurry up, before the few stores and companies are closed too that we then still could consume from. lol

Led by Donkeys!

25 billion yen and counting for Nippon Kaigi sports day, 75% of it public money. 90 billion yen and counting for the Maglev white elephant, all of it public money. That's an insult to donkeys! Donkeys would at least understand that folks won't spend money during a pandemic, with a massively uncertain future.

A monthlong state of emergency planned by the Japanese government to contain a resurgence of coronavirus infections is expected to knock trillions of yen off private consumption, with some economists predicting the economy will return to contraction.

Maybe now is the time for payroll protection , enhanced unemployment benefits including p/t and contract workers and having companies finally comply with the many "urgings" of the LDP to raise wages in line with profits and inflation.

““But still, at least it’s not a lockdown like the UK or Australia.”

chalk and cheese mate!

I'm more hopeful than the economists on the outlook above. There always arise survivors who adapt well to, or take advantage of crises. It's instructive that the Japanese word for crisis or 危機 contains both "danger and opportunity". Businesses targeting people at home and online have been earning a lot. Consumption remains in different forms. Even the ongoing fight for the covid can contribute to future innovations.

Overall, structural reforms for the country's economy are necessary with or without the covid.

The Japanese are incredible in terms of team work and cooperation. Cutting back on the use of electricity in 2011 or complying with the first state of emergency in 2020 show they don’t have problems getting the public to carry out the measures.

Complaints about wearing masks or the early closing of shops and businesses are only limited to news interviews and even if disagreed it is accepted as what must be done for the sake of the country. There will be no protests and no concern about individual rights.

Swift and timely decision is not the strength but the spirit of working together will eventually overcome this crisis.

Japan to lose trillions of yen in consumption with virus emergency

Terrible headline.

Right and who gave a crap about this back in May and June?

Get the money back you have thrown to your cronies at Dentsu, for one. OUR money. GET IT BACK. THEN give it to PEOPLE who need it. Led by Donkeys!

But still, at least it’s not a lockdown like the UK or Australia.

You clearly dont know that the great majority of Australia has not had any hard lockdown compared to the likes of the UK.

Dear Japan, every single country has taken an economic hit. There's a pandemic, join reality and the rest of the world.

Don't fret, our esteemed leader 'consulted', and prolonged 'consideration' can only mean one thing ¥200,000 cheques will be in the mail to go with any emergency declaration.