politics

Gov't to aid virus-hit firms with ¥500 bil from reserve funds

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How about all the people suffering losses in wages, etc.

Another few rounds of 100k p.p. are required at least. you reap what you sow with the SOE's.

17 ( +18 / -1 )

There are no "funds." The money begins to exist once the government presses buttons to mark up the accounts of the recipients.

As the definition of "fund" is a sum of money saved or made available for a particular purpose, it would be nice if the pundits used language reflecting the reality, so that readers aren't mislead. Ergot:

"Japan's cabinet has decided to give businesses 500 billion yen from a 5-trillion yen stimulus commitment to counter the impact of the coronavirus."

8 ( +9 / -1 )

Business does need help too, particularly those that were scrapping by before the virus, people on low paying contracts that have seen their hours cut or simply let go. They need help too and it’s not about being able to open the doors for another non profitable day. It’s buying food, paying rent, bills and bizarrely taxes. This seemingly bottomless pit of reserve funds could be spread around a lot more. And I not talking mini face nappies, cash.

10 ( +11 / -1 )

numbers solve everything of course.....

-1 ( +0 / -1 )

Got to love the headline:

Gov't to aid virus-hit firms with ¥500 bil from reserve funds

I always thought it was "something" you already have and can use if needed.

As for Japan it is "just" turning on the printers.

And please, give the money to those who need it most .... no more wasting!

6 ( +7 / -1 )

Reserve Funds = Money to be printed on demand? There always seems to be these endless reserve Funds available to governments in Japan. And what about all these supplementary budgets? Can somebody who has studied economics in Japan explain?

8 ( +9 / -1 )

The financial assistance will be delivered to prefectures so that they can provide subsidies for small and midsize firms and tourism operators to help them keep their businesses running. Local governments will also use the money to monitor the implementation of tighter steps to curb the spread of the virus.

Assistance for workers is a lost cause with the LDP, there are too many cronies ahead in the line.

But at least, use some of those reserve slush funds to monitor those companies receiving assistance.

The majority are not retaining staff at acceptable levels, either radically cutting wage hours to unlivable levels or firing staff. The subsidies are going to corporate bottom lines and execs.

6 ( +7 / -1 )

200,000 yen to large operators that comply with authorities

who gave the authorization to unleash the helicopter money from taxes to selected people? if you do not want to comply then what????

4 ( +5 / -1 )

500 billion. If only the Olympic budget had remained what they promised us it was, we might have a little more money to spend on supporting the taxpayers of Japan whose money it is.

Remember? 8 billion was all we needed? And Fukushima is completely under control?

LDP is a feudal dynasty of lies.

14 ( +15 / -1 )

Well said Derek Grebe!!!

5 ( +6 / -1 )

Many many other people (like myself) who are not bars or eateries have also closed down.

Seems to be no compensation this time around.

4 ( +5 / -1 )

Open the coffers and let the embezzling begin!

3 ( +4 / -1 )

500 Billion.

yep, not taking serious measures and giving people broad economic support last April is sure working out economically in the long term isn’t it.

2 ( +3 / -1 )

The only businesses that will see anything will be established corporations that can provide the long list of documents and jump through the hoops and get by the pitfalls they put in place.

The last time, my kojin ( self employed) business took until February to finally let the minimum offered and that only happened because my children's grandfather is a retired CPA and took over trying to deal with it.

My 2 children graduated University last year ( yes same time as one did her master's) one the company he was to work for rescinded all job offers and has since shut down, the other the company went under not long after she started, neither qualified for hellowork.

All they got was ¥100,000 but the national pension and health insurance still expect to get their parents, both now work part time/contract based from home.

They are lucky as they can still live in my house.

Many of their friends are in bad shape trying to keep some form of employment or find enough work to pay the bills.

My business is basically dead because I don't sell or provide essential need or goods and in today's atmosphere people are cautious in their spending and limiting their spending to the basics.

4 ( +5 / -1 )

Why the bars and eateries limitation? As if that industry is the only one being hit.

4 ( +5 / -1 )

Are these existing reserves, or just money that will be produced by government fiat, electronically transferred to corporate accounts, and added to the taxpayers' tab?

-1 ( +0 / -1 )

Does this include Freelancers? We have many Freelancers who really need assistance too!

0 ( +1 / -1 )

@thepersoniamnow - many other people (like myself) who are not bars or eateries have also closed down.

The LDP/ Government seem obsessed with supporting bars and restaurants, who are able to open for limited hours anyway and earn money.

Anyone or any business involved in events, conferences, exhibitions, media, art, music, who have all been closed down receive nothing. But they still have to pay for office space, warehouses for equipment, insurance, some personnel and overheads.

Reductions in salaries take one year to have any effect on taxes and health insurance; trying to sell corporate assets to raise funds has little effect as no-one has money to buy them; few small companies have enough saving to last beyond one year without significant income; and using personal savings to support your business gets very complicated.

Still, at least we are still alive!

-1 ( +0 / -1 )

Money printer go BBRrrrrrrrr!!!

1 ( +1 / -0 )

Every recourse to ‘reserve funds’ (aka the printing press) should trigger a corresponding currency appreciation. Governments and central banks propensity for engaging in this race to the bottom, beggar thy neighbor market distorting behavior needs curbing. Knowing their sacrosanct export competitiveness would come under threat each time they opened the money spigot, would force them to do what they should have done in the first place; get their own economic house in order.

-1 ( +0 / -1 )

Any aid for workers? I thought not.

0 ( +1 / -1 )

How about all the people suffering losses in wages,

yes ! & contract workers & freelancers

0 ( +1 / -1 )

@Tora

There always seems to be these endless reserve Funds available to governments in Japan. 

It's a number that is decided on and then written on a spread sheet, rather than an account stuffed with cash.

 There always seems to be these endless reserve Funds available to governments in Japan. 

True. That's why stimulus money is spent within a couple of days of being decided on. Because there are no "funds" that need to be collected or borrowed first.

-2 ( +0 / -2 )

"The financial assistance will be delivered to prefectures so that they can provide subsidies for small and midsize firms and tourism operators to help them keep their businesses running."

We are doing our best for the tourism operators and small restaurants. It is a thankless job but someone has to do it.

-2 ( +0 / -2 )

We are doing our best for the tourism operators and small restaurants.

More ‘sarcasm’ from you, I guess.

1 ( +2 / -1 )

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