politics

Aso pledges to keep economy strong as tax hike looms

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If Abe's broken pledges could be converted into concrete, Japan could build a sea wall so massive, so impregnable, that no tsunami could overwhelm it even if it was some Bruce Willis movie, asteroid hitting the ocean level of wave.

20 ( +23 / -3 )

Keep the economy strong? I guess the rarefied air of not actually have to work a day in one's life somehow damaged his ability to think.

The economy hasn't been strong for decades, not to mention you and your ilk of the LDP have chained our great-grandchildren to paying off your gross mismanagement of everything connected to the economy.

Do everyone a favor and retire!

28 ( +30 / -2 )

Is that an entertainment, or a joke ? Japan was given three chances but all was rejected: Asian Infrastructure Investment Bank, Belt and Road Initiative, and one standard of 5G. A prosperous Asia isn't Japan's national interests.

-10 ( +6 / -16 )

I will translate what he said for the readers at Japan Today. Ahem...he will provide "stimulus" to companies and groups that he likes, but the general public will suffer.

14 ( +17 / -3 )

He literally lowered company taxes and raised consumer taxes.

17 ( +17 / -0 )

Japan was given three chances but all was rejected: Asian Infrastructure Investment Bank, Belt and Road Initiative, 

Akie, Why would Japan join those scams? They are controlled by communist PRC. TPP is far superior. Led and driven by Japan. Free and fair trade has always been the main objective of PM Abes economic policies.

 six years after Abe's return to power, nominal GDP had grown to a record-high 550 trillion yen as corporate profits scaled new heights

Unbelievable! And once TPP kicks in, GDP will grow even faster.

-16 ( +3 / -19 )

Aso pledges to keep economy strong

hmmm that’s not confidence-inspiring because of this nasty revelation!

https://www.zerohedge.com/news/2019-01-27/japan-data-scandal-tokyo-admits-40-its-economic-data-fake-news

5 ( +5 / -0 )

Japanese companies are investing heavily overseas. They keep buying companies like they bought real estate during their "bubble" It is also the same thing the Chinese have been doing. People keep saying that it isn't debt if they borrow from themselves. But if they have no intention of paying back the debt then they are just printing money and have abandoned the financial system or principals that the rest of the world uses. Abe is going to keep winning elections and will start saying it would be "irresponsible" to step down. He is going to make a Fukushima type "mess" that will damage the world. The BIG question is what will finally set it off ?!

10 ( +10 / -0 )

The government doesn’t have to implement all those new measures to boost the economy. Just scrap the planned consumption tax hike.

10 ( +10 / -0 )

Ganbare Japan! said "Why would Japan join those scams?"

The answer is to become rich and prosperous, to become independent and sovereign, to be peaceful and civilized.

-4 ( +6 / -10 )

TPP is a joke.

0 ( +6 / -6 )

Well, as long as Aso is on the case, everything will be fine. I mean, what could possibly go wrong?

11 ( +11 / -0 )

Just increase the minimum wage to the same level as in other developed countries. It is the people on minimum wages and part time/contract work who are suffering in Japan.

12 ( +12 / -0 )

And once TPP kicks in, GDP will grow even faster.

None of us will be alive as the manner in which some of those tariff reductions were negotiated they wont take effect for another 30 years or so, "to give those areas affect a chance to adapt", translated to mean, "after all the old folks die off who were being subsidized and we wont need their votes anymore"

Japan's GDP can't grow without the people to actually produce something, and with a shrinking population you can sure bet the GDP will go down proportionately as well!

7 ( +9 / -2 )

Aso pledges to keep economy strong as tax hike looms

Pledging is easy

12 ( +12 / -0 )

Is that another flailing arrow? Lolololololololololololololololololololololololololololololol

4 ( +6 / -2 )

The only way for Japan to be strong is to become a part of China, economically, as simple as that.

-15 ( +1 / -16 )

six years after Abe's return to power, nominal GDP had grown to a record-high 550 trillion yen as corporate profits scaled new heights and unemployment fell to the lowest level in 25 years.

That must be why I haven't had a raise in 15 years.

9 ( +11 / -2 )

Bruce Chatwin, hahahha, what a joke ! GDP new high ? in Yen, of course. Hahaha.

-9 ( +0 / -9 )

six years after Abe's return to power, nominal GDP had grown to a record-high 550 trillion yen as corporate profits scaled new heights and unemployment fell to the lowest level in 25 years.

Gotta love that sweet sweet smell of propaganda

10 ( +12 / -2 )

"As protectionism spreads across the world, Japan must be a leader in defending the system of free trade," Motegi said.

How does one get to actually speak like this, all the time knowing true well that Japan practices one of the most stubborn forms of protectionism known to mankind? Are they taking the preverbial?

11 ( +12 / -1 )

six years after Abe's return to power, nominal GDP had grown to a record-high 550 trillion yen as corporate profits scaled new heights and unemployment fell to the lowest level in 25 years.

According to the World Bank, when Abe took over in 2012, Japan's GDP was 6.2 trillion current US $. In 2017, Japan's GDP had dropped to 4.9 trillion current US $. Corporate profits are up because Abe has been cutting the corporate tax rate, which was 38% in 2012 and is at 31% today. The unemployment rate has fallen in lockstep with Japan's ever decreasing population.

9 ( +9 / -0 )

"We will pledge to ensure..."

Wow! I feel so much more at ease now...

This is what you voted for J-people. It's all on you!

8 ( +9 / -1 )

To be fair to Aso, he is the finance minister because he generates the most donations for the LDP. Not because he has any monicommon of Financial acumen. His family has historically made billions from Tax payers so there is a history there of garnishing his own wealth to the cost of tax payers, who he belittles and demeans regularly. These tax incentives have no benefit at all for the average worker, just benefit those companies that contribute through Aso the LDP.

10 ( +11 / -1 )

.

Aso is a good ol' boy who never had a clue.

.

The Tax Hike will KILL J's economy.

.

10 ( +10 / -0 )

For someone with such a good life, Aso always seems to looked pissed off.

15 ( +15 / -0 )

In Japan, demand for high-priced large electrical home appliances continued to be robust. By product, refrigerators rose 3.3 percent to 437 billion yen and washing machines grew 6.1 percent to 347 billion yen.

The looming consumption tax increase is causing a mini-boom for retail sales. What will happen after the increase?

7 ( +7 / -0 )

Notice how the incentive only effect a few people? Tax cuts for buying a new car or house? New car and house sales are at their lowest in decades. Food vouchers for low income earners is a farce and will only help very few. The criteria to be eligible for them is ridiculously strict and you have to be pretty well totally destitute to get them.

This:

Aso promised to work toward improving Japan's battered fiscal health by cutting unnecessary spending and reducing government debt, which is more than twice the size of the nation's gross domestic product.

Then this:

A primary balance surplus means that tax revenue is more than sufficient to cover government spending on everything but interest payments on public debt.

First he states he will cut government spending to reduce the public debt and then he states there are ample funds from tax revenue. Remember Abe stating the first sales tax increase was to pay off the national debt? And, he has three times borrowed more money from the BOJ since then. Abe and Aso are just a pair of lying crooks.

11 ( +11 / -0 )

The real criminals...

8 ( +8 / -0 )

This is beyond satire.

9 ( +10 / -1 )

Economy isn't bad bur propped up by super low interest rates and artificial government spending on nonsense.

Household spending is already flatlining so not sure why a small tax hike would maker it "plummet".

Japan needs to start paying off some of the fiscal deficit and also reduce size of BoJ balance sheet.

3 ( +3 / -0 )

"Keep" the economy strong?

Have I missed something?

13 ( +13 / -0 )

"As protectionism spreads across the world, Japan must be a leader in defending the system of free trade," Motegi said.

Ahahaha....more comedy gold from the LDP chaps, they are killing it ( literally ).

six years after Abe's return to power, nominal GDP had grown to a record-high 550 trillion yen

Another piece of reliable govt statistic?

9 ( +9 / -0 )

When I started visiting Japan the tax was 5%. Soon it will have doubled.

I can't think of a first world country that has doubled a tax in such a short time, but maybe there are some.

4 ( +4 / -0 )

Nippori.

Maybe you are right, but in absolute terms 5% is nothing.  In EU countries it is closer to 20%.

Income tax rates in Japan are high though, certainly compared to many other Asian countries.  Maybe if those were adjusted downwards and the government spent less on wasteful rubbish and pumped more of the revenue back into the economy we might see some real progress.

5 ( +5 / -0 )

And do tell how? Since the 8% GST increase, it's been going down hill 1-2% GDP, and you're wanting 10%GST increase... Where's the logic? Where as in the US, they've slashed many taxes and we're increasing..

3 ( +3 / -0 )

For someone with such a good life, Aso always seems to looked pissed off.

He is just not happy they keep waking him up ....those chairs are just so nice and soft , perfect for dozing off on taxpayer time.

8 ( +9 / -1 )

Oh, YES, another one who pledges, promises, and will do everything needed ......

..... to keep his cushy "position" (don't want to call it job).

And of course all "so the economy remains on a recovery track".

Haven't seen much recovery personally so far.

6 ( +6 / -0 )

Yeah, same thing they said last time leading up to the "Why aren't people committing to their fiscal responsibility and spending??? I can't understand why they wouldn't spend more with prices having gone up!"

4 ( +5 / -1 )

There's nothing like a looming tax hike to get the economy all revved up.

5 ( +5 / -0 )

The look on abby’s Face is the same one I had after reading the headline.

5 ( +6 / -1 )

"As protectionism spreads across the world, Japan must be a leader in defending the system of free trade," Motegi said.

So this is a political comedy show. Now I get it.

5 ( +6 / -1 )

Personally, I would pledge to form a panel to think about advising me possible ways to improve the economy. Depending on how much I like their findings, we would have to see where to go from there. These things take time...

0 ( +0 / -0 )

I am afraid that both Finance Minister Taro Aso and Minister for Economic and Fiscal Policy, Toshimitsu Motegi proposals, promises and pledges, are economically, fiscally, monetarily baseless.

The totally contradictory realisms are contained within there own governments FY2019 Budget........

https://www.mof.go.jp/english/budget/budget/fy2019/01.pdf

There is no escape route from graph International Comparison of General Government Gross Debt.

And FY2019 Budget: Expenditure and Revenue, the national debt has to be serviced. no ticky no laundry.

So the opinions are straight forward, swinging government spending cuts, across all ministries and sectors. Reforms and restructuring of tax and employment legislation. There is no magic money tree to shake, or printing press.

The moment this LDP government fails in its obligations or commitment to manage international agreed monetary polices, so pensions and social security payments wont be worth the paper they are written on.

2 ( +2 / -0 )

"We will use every policy tool at our disposal to make sure that the economy remains on a recovery track," 

Whatever happened to that 3rd arrow?

Abe in 2013:

https://japan.kantei.go.jp/96_abe/statement/201306/19guildhall_e.html

"I have positioned the next three years as a period for intense reform. I will be afire, burning with all the political strength I can muster..."

What happened to those intense three years of reform?

"If I am unable to make Japan a great country and a robust country this time around and pass it on to the next generation, then there is no meaning to the life I have lived thus far."

Abe said it, not me.

increase tax cuts for people who purchase homes and new cars.

Tax cuts for the wealthy in response to the regressive sales tax hike, it's just brilliant isn't it.

Aso promised to work toward improving Japan's battered fiscal health by cutting unnecessary spending and reducing government debt

Fool me once, twice, three, four, five, six... sheez how many times?

nominal GDP had grown to a record-high 550 trillion yen 

Wasn't 600 trillion the target?

Motegi vowed to improve Japan's fiscal position so that it can achieve its target of a primary balance surplus by fiscal 2025, though even its own optimistic forecasts show it is currently tracking towards a deficit of 2.4 trillion yen for that year.

Fool me once......

5 ( +5 / -0 )

He's hiding his hands. Someone check if his fingers are crossed.

0 ( +0 / -0 )

Within the space of two paragraphs in the article Aso is quoted as both promising to cut back unnecessary government spending AND promising to ramp up public works projects.

Let that sink in.....

1 ( +1 / -0 )

"We will use every policy tool at our disposal to make sure that the economy remains on a recovery track,"

Whew! I was getting worried...

0 ( +0 / -0 )

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