Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a lower house budget committee session in the Diet on Tuesday, while Prime Minister Shinzo Abe, right, naps, and Finance Minister Taro Aso reads a document. Photo: REUTERS/Toru Hanai
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BOJ chief Kuroda likely to face challenging 2nd term

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not sure printing money and buying bonds etc is that tough.  as for Funzo asleep on the job, says it all.

5 ( +8 / -3 )

Abe exhausted from all the olympic waving and handshakes?

3 ( +6 / -3 )

Arrest that snoozing man for contempt of Parliament!

4 ( +6 / -2 )

Ugh, that dasai upholstery and tablecloth - like some crummy snack bar from the 70s. Get a new look, Japan.

5 ( +7 / -2 )

Good to see Abe working hard for the people

4 ( +5 / -1 )

Your tax dollars at work.

Aso probably snuck one of his manga inside those documents he’s pretending to read

-2 ( +2 / -4 )

Never agreed with this Japanese thinking that napping at work is ok and means you must be working hard if you are so tired. Try that where I come wrong and you'll get the boot once the warnings have run dry.

Not to mention the disrespect to anyone speaking! It's only the bank GOV Shinzo!! I think you should hear what he has to say, don't ya think?

Good to see Taro on top of things though...like checking what position his horse came in and at what odds. lol

4 ( +5 / -1 )

Never agreed with this Japanese thinking that napping at work is ok and means you must be working hard if you are so tired. Try that where I come wrong and you'll get the boot once the warnings have run dry.

At my place of work, if I worked as hard as the PM of Japan, I'd get sacked.

2 ( +3 / -1 )

the BOJ has pushed back the timing for achieving the price target six times.

The ability of the central bank to achieve its goal has proved lacking, yet a fundamental change of course has not occured.

I believe this is because the BOJ policy committee members are not so interested in achieving the ostensible price target, rather they feel they have no choice but to continue their asset purchase program, because there is no easy way to stop it. Because if they would stop it, there would be a massive shift in the dynamics of the government debt market, as the BOJ is a "whale" that consumes the debt today, and it would suddenly be gone. With 40 trillion yen of new issuance each year, debt supply would go up, prices would go down, and interest rates would go up along with all the nasty consequences of that. (The government would likely need to have the GPIF start "investing" the pension fund monies back in debt, should the BOJ wish to exit, but this would be a massive political flip-flop.)

So I think the odds are that the BOJ will continue, until it gets lucky and the price target is reached (for reasons beyond the BOJ's control) or it gets unlucky and side effects of the asset purchase programs start to evidently outweigh the benefits of kicking the can down the road. Hopefully the can kicking can continue for a good while yet, but facing up to the harsh realities, getting over them, and laying the platform for a more prosperous long term future wouldn't be a bad thing.

-4 ( +0 / -4 )

And some people say women with children can’t concentrate on the “work of the people.” Blame it on jetlag, Abe, that’ll work.

-1 ( +1 / -2 )

Geez, he is not sleeping people, he is getting a foot massage.

0 ( +3 / -3 )

The danger point will come as a large number of people draw down on their pension savings and realize that, while there is a lot more money around than before, there are not many more things to buy, people to hire, etc. It's at that point that people may start to lose confidence in cash and you see a sudden rush into hard assets or foreign currency. Best case, a collapse in the yen, rapid house price inflation and and a loss in value of cash savings. Worst case, Weimar/Zimbabwe style hyper-inflation.

But I expect this is still 10 - 2- years off.

-4 ( +1 / -5 )

sorry 10 - 20

-1 ( +1 / -2 )

Your tax dollars at work.

If it were actually dollars I wouldn't be that upset with this PM, at least then he would be using other people's money.

0 ( +1 / -1 )

Wonder if those two guys ever get sick of each other?

Actually there is no precedent for recovery from 0 percent interest rates. The terrible end result is only being delayed. Government will have to monetize debt and devalue the yen. Japan and all Western developed countries will all suffer the same fate. You may think to buy gold but that will be outlawed in due course. WW3 being set up as we sleep.

1 ( +3 / -2 )

PM Abe is doing some radical easing!

1 ( +2 / -1 )

Worst case, Weimar/Zimbabwe style hyper-inflation.

WW3 being set up as we sleep.

Nice to see level-headed, sober analysis of the situation

-4 ( +1 / -5 )

What is it with Abe's administration and everyone in powerful positions receiving longer terms and their predecessors not? Even Abe was slated to back down as leader in 2016 after the term limit for LDP-leader came to an end, but rather hastily got it changed to allow him to serve 4 more years!

Koizumi Junichiro, respected this term limit and stepped down in 2006 after 6 years as party-leader. Koizumi could've definitely won another election, but still he respected "democracy". Why do people suddenly allow Abe and his affiliates to extend their terms, year after year?!

1 ( +3 / -2 )

at least then he would be using other people's money.

Even now Abe is spending other people’s money. Including the money of those who don’t get to vote yet.

1 ( +2 / -1 )

The three arrows never have sharp heads.

-1 ( +1 / -2 )

Stupid people steal money from past, smart people steal money from future.

2 ( +3 / -1 )

large purchases of government bonds with an aim of achieving the 2 percent inflation target within around two years.

Didn't Abe and his economist cronies say the same thing nearly 7 years ago? This will be four times Abe has dipped his hand into the cookie jar and consumer spending is still lower than it was when he took office. And, he wants to increase sales tax again this year? I have to wonder, do these jokers even know what inflation means? I'm pretty sure they don't because they have achieved the exact opposite with their corporate favoritism policies and lip service of worker's rights and benefits.

1 ( +2 / -1 )

What a waste of money - they are just piling on the debt for future generations.

Why is it so difficult for these people to understand - inflation isn't going to happen with declining population.

4 ( +5 / -1 )

Including the money of those who don’t get to vote yet.

Actually he is using the money of people not even BORN yet!

1 ( +1 / -0 )

Yes I was including them :)

0 ( +0 / -0 )

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