politics

Finance chief defends bureaucrat warning against Kishida's stimulus plan

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Yano said in the article that stimulus plans "including their costs and adverse effects should be thoroughly examined," comparing Japan's current fiscal situation to "the Titanic rushing toward an iceberg."

A voice of fiscal prudence and reason? Get that many away from here!

4 ( +5 / -1 )

Yano's argument "does not contradict the government's policy on the basic level," Suzuki said, adding that former Finance Minister Taro Aso had approved the top official's contribution to the magazine before its release last week.

‘He has no idea about Finance other that what he gleamed from a Cartoon comic 60 years ago. So hardly a relevant fact. Or a digestible opinion.

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" adverse effects should be thoroughly examined," 

Good idea. What exactly are Japan's "adverse effects"? Where are the fiscal/financial strains? Cuz I dont see 'em.

All the other warnings by Yano's ilk of the past have been wrong.

They used to cite skyrocketing interest rates. Then rates went near-zero-negative. LOL. They used to cite skyrocketing inflation. Then prices barely budged. They used to cite JGB default. Nope. They used to cite loss of confidence in the financial markets. Then the Nikkei rallied like crazy. LOL.

That's the problem with debt hawks: they're always wrong. So let's hear more about the supposed "adverse effects," because I need more material by which I can ridicule them.

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Koji Yano is a rare treasure, the man should quit being a bureaucrat and join the Isshin party.

Japan needs more politicians with the guts to call time on the crazy spending.

How about Takaichi’s response? What a mindless dope she is, head completely in the sand or some other dark place.

Mr. Yaho actually works in the real Ministry of Finance, and knows how the system actually works in reality, as opposed to loons who look in the rear view mirror and claim that not having smashed into the iceberg yet is evidence that it won’t in future.

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Vice Finance Minister Koji Yano

That job title does not sound like that of a "bureaucrat". Ministers are usually part of the government, not the bureaucracy.

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lol. "They" used to do what?

Many rosy predictions about forever-negative or zero percent interest rates and endless deficit spending are rather premature,especially given what's on the horizon. Abenomics was a failure if you go by the aims of the strategy, so....let's do MORE Abenomics. Yeah, That's the trick. Apparently, even some in the local bureacracy are less sanguine? Which should be eye-opening, but nah! Full steam ahead! 500% debt to GDP? 20,000%? Why not? "Nothing" will come of it, right? lol.

Today, Japan stands at the very start of a once in its history demographic situation. Never before in the history of the world have ELDERLY become what will soon be THE main issue at hand, in almost every area.

Incidentally, the rest of the entire developed world also stands at such a precarious demographic cliff. Meanwhile, people go on pretending that, somehow, Japan will remain immune to such pressures?

You want to pretend that Japan's "healthy" economic state now is going to blithely continue into the future, unchanged, once 40% plus the entire population is in half-productive or zero-productive retirement? Interest rates "won't" be affected as all this stupidly loose capital suddenly disappears into low-yield retirement accounts? lol. Be my guest. Let's meet again in 10 years, once Japan's percent of "elderly" tips into the high 30 percents...and only grows...

Then again, you were probably one of the "they" who were predicting that endless deficit spending coupled with insanely easy monetary rates would lead to 2% inflation or a massive uptick in GDP, right? Meet the New Boss...Same as the Old Boss...

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I checked some more of what Yano wrote:

the Japanese public are not so foolish as to seriously welcome the lavish spending

It’s fantasy to suggest that Japan’s finances can be restored by economic growth alone

It is common sense in developed countries to debate how to finance economic stimulus packages

The 100,000 yen handouts last year weren’t a meaningful economic stimulus

Handouts are not needed, as the coronavirus situation improves consumption will naturally recover

Even if interest rates are below then nominal growth rate, the JGB debt pile can increase as a proportion of GDP

The idea to cut the consumption tax rate has lots of issues

What a sensible, sane voice. At least the top Finance Ministry bureaucrat has a brain - there is some hope!!

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fxgai

I checked some more of what Yano wrote:

What does he say specifically are the "adverse effects" of the current and recent fiscal spending?

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Bungeishunju magazine is reactionary, right-wing and conservative. As is Shunichi Suzuki. Another hereditary member of the LDP and of an aristocratic lineage. He embraces Abenomics and the preservation and expansion of wealth among the rich and powerful, after all that is his class affiliation. He just uses different lingo.

To quote the brother-in-law of the outgoing minister Aso, incoming minister Mister Suzuki has professed: “I strongly make the case that political stability is indispensable above all for the establishment of economic growth through the continuation of Abenomics.”

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