politics

Noda offers vague promises to help stabilize Europe

30 Comments

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© 2011 AFP

©2019 GPlusMedia Inc.

30 Comments
Login to comment

Doesn't have a clue does he

2 ( +3 / -1 )

It's not like Japan has a choice here... I'm sure Europe will remember and pay back sometime...

0 ( +0 / -0 )

Can't the EU kick out those that are weak and do not belong? How would this work?

-3 ( +2 / -5 )

Shouldn't Noda work on stabilizing the ¥ first.

0 ( +1 / -1 )

"But he offered no details of how the world’s third largest-economy might step in to support the efforts of one of its biggest trading partners."

Aside from bailing out corrupt companies and detailed plans on raising taxes while cutting social security, I have yet to hear the Japanese government EVER give details on how they plan to help with something. Is he going to promise to be transparent on the issue next? Tell us he'll give details 'at some time'? It's great that Japan supposedly wants to help, but until there's a plan in place and detailed information it's naught but the usual lip-service.

1 ( +1 / -0 )

Wish you luck!

0 ( +0 / -0 )

What a moron. He can't fix his own problems, yet he thinks he's the genie in the bottle to get Europe out of its mess.

1 ( +3 / -2 )

Jared: Shouldn't Noda work on stabilizing the ¥ first.

Well, because the rest of the world is unstable, the yen is going up. Help stabilize the other economies (I don't know if voodoo would wok) and then the yen will go down.

0 ( +1 / -1 )

vague - sooooo japan

1 ( +2 / -1 )

the yen is KING for the moment, so japan should leverage that to the maximum.

if japan can stabilize the euro by throwing yen at it, that might have more of an effect than buying dollarinos, which is like throwing good yen into a black whole. at least there is light at the end of the tunnel in europe now.

and a stabilized euro would actually increase the value of the dollarino, as the situation in europe has been a major factor contributing to it's going even further south...

i read that mexico is contemplating making washington an offer to buy california back in order to help them lower that deficit, which is causing the wall-streey investor class such grief ; ^ )

-1 ( +0 / -1 )

do you guys know what Noda means in spanish?

noda = Dont give!

lol

3 ( +3 / -0 )

i got a proposal: since the yen is too strong, then why not buy in europe (it will be dirt cheap) all that is needed to solve problem of the homeless people in the disaster zone? this way, europe gets lots of yen. happy?

0 ( +0 / -0 )

My japan should stock up on a lot of stuff, get up to 400% debt/gdp and just default. This will bring the yen way down in value for trade.

0 ( +0 / -0 )

He, s been turning into a pretty " vague" PM lately... Kinda dissapointing

-1 ( +0 / -1 )

Sort of ironic that Japan, with a debt to GDP ratio of over 200% is going to help bail out Greece, that will end up with a ratio of 120%. If Japanese people weren't stupid enough to settle for .1% interest and so scared they can only put their savings in the Post Office, Japan would be going down the same road.

-2 ( +1 / -3 )

"mexico is contemplating making washington an offer to buy california back in order to help them lower that deficit"

Har!

0 ( +0 / -0 )

It's unlike a Japanese politician to vague isn't it :)

0 ( +0 / -0 )

Noda does not have to do ANYTHING unless all G20 are all willing to contribute a set % of contribution ( each countries GDP) to rescue Euro.

Japanese sovereign debt ratio is the HIGHEST in the world while its GDP growth continues to decline with a nuke mess clean up pending.

Saving Euro looks like we are trying to rescue kids who are addicted to drugs. Kids keep coming back for more money. If you think Greece is bad, you have not seen anything yet. Italy is a 800 lbs gorilla in cage.

1 ( +1 / -0 )

History never repeats... I tell myself before I go to sleep Depressed now

0 ( +0 / -0 )

I was just told Noda WILL help Euro. The Wall Street is very happy. I hope Noda is thinking to transfer some out of US Treasury to Euro just like China is doing before QE3 may be on horizon.

0 ( +0 / -0 )

I forgot to add my expression to the above.

Damn! Noda should have said NOTHING "Nada" until G20 meeting.

Why couldn't he wait to make any commitment while IMF, US and China are not helping?

G20 was established as many emerging countries wanted their voices need to be heard. Well, their demands were met and honored to establish the G20. Now the big test is if they are willing to share the responsibility as well.

0 ( +0 / -0 )

Wait, Japan is up to it's ears in debt, the economy is sputtering and Fukushima is still contaminating the rain. How is Japan going to help itself, let alone the EU.

0 ( +0 / -0 )

Noda needs to act fast, it's sad and dissapointing the way the dollar is plummeting to new record lows, I wonder who is really profiting from this?

0 ( +0 / -0 )

Europe is important for Japanese exports and Japan is worried that if no solution can be found quickly to the sovereign debt crisis, it could impact growth in Japan from lack of demand for Japanese products. The market volatility means investors move to traditionally safe investments, like the yen. If this occurs, the Japanese yen would continue to strengthen against the dollar and the euro, making products cost more and hurting trade further.

0 ( +0 / -0 )

Wow! A Japanese Prime Minister being vague? Are they serious? I doubt if there is even a word in Japanese for, sincere.

-1 ( +0 / -1 )

marcelitoOct. 28, 2011 - 08:48PM JST He, s been turning into a pretty " vague" PM lately... Kinda dissapointing

All you bemoaning the fact that Noda is being "vague," (the correct term is non-committal) seem to forget that Japan has one of the highest debt to GDP ratios in the world economy and just suffered it's greatest natural disaster in nearly a century. Japan doesn't have any extra capital to bail out poorly managed economies like Greece or Italy. Japan needs to spend its money at home or its 2nd largest per capita GDP will quickly slip out of the top ten.

Let China splash some cash as it is sitting a reserves that not even its massive public works/infrastructure development is sufficient to absorb.

-1 ( +0 / -1 )

Since when does the J-Gov give out things like... "details" ??? Seriously, pick a topic.

0 ( +0 / -0 )

Jeff HuffmanOct. 29, 2011 - 05:53AM JST. Japan has one of the highest debt to GDP ratios in the world economy and just suffered it's greatest natural disaster in nearly a century. Japan doesn't have any extra capital to bail out poorly managed economies like Greece or Italy.

Japan does have high GDP ratio. However, the market for Japanese Government Bonds remains stable for now. The JGBs are mostly purchased by domestic organizations and households. In other words, the private sector’s huge savings financed the government’s deficit, so that capital flight never occurred in the way it has in Greece, despite the desperate budget situation. But this situation has deteriorated recently. The Japanese society is aging fast and household savings rate will decrease dramatically, making it increasingly difficult for the private sector to finance budget deficits. Moreover, an aging population implies further pressure on fiscal expenditure, owing to higher pension and health-care costs, with all of Japan’s baby boomers set to reach age 65 in few years. The JGB market, which has been stable so far, will face serious trouble in the years ahead.

What is needed most now is for the DPJ government to restore comprehensive economic management. A tax hike is only part of that. Without a strategy for growth, an effort to reduce government spending, and a policy to stop deflation, a tax hike will not solve the problem. In some countries, lower military expenditures and interest rates has helped to improve a weak fiscal position. But in the case of Japan, military spending is already low, as are interest rates. This is why Japan fiscal rescue will be extremely difficult when trouble starts.

0 ( +0 / -0 )

in fact, the King Yen can be wielded against the speculators to good effect on multiple fronts by strategically bolstering the Euro!!! Smash the Speculators!

0 ( +0 / -0 )

trouble getting that BOLD function right...

0 ( +0 / -0 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites