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With new BOJ chief, Kishida bids farewell to Abenomics

By Leika Kihara and Tetsushi Kajimoto

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If the military spending was from products made in Japan it would make sense. But buying weapons and protection services,(like the patriot system), it is not only servitude, but also selling jobs to foreign nations. Sometimes our so called friends are there for their own interests until there is nothing more to extract.

Countries should invest in their own infrastructures, while preventing outside sources from leading them in the path of servitude.

9 ( +11 / -2 )

It's way overdo from the onset. Three arrows....

7 ( +10 / -3 )

Proof is in the proverbial pudding. Folks can talk all they want, but until the central bank makes policy changes that are a benefit to the overall economy, meaning putting money into the hands and pockets of us "regular" folks here in Japan, we have to wait and see if this choice was the right one or not.

7 ( +10 / -3 )

@ThonTaddeo @dragon Japan does need continued fiscal stimulus banking and legislative policies. The real problem is that zero labor productivity gains means no real wage increases (on average).

6 ( +9 / -3 )

Who really missed Abenomics seriously...

Companies? Which have seen the highest profits in Japanese corporate history. Investors? Who saw the Nikkei triple in value? Tourism operators? Home buyers? Just to name a few.

"Abenomics" isn't over yet. The govt is still giving fiscal injections and the BOJ policy remains loose. Given the unprecedented and lingering global shocks caused by Russia/China, any other policies would be disastrous right now.

3 ( +8 / -5 )

Kishida's administration also wanted someone who would signal a departure from Kuroda's monetary experiment that was a key part of his predecessor's "Abenomics" stimulus policies, and became deeply unpopular with the public for failing to broadly distribute wealth.

Long story short; Kishida wants to appear to be changing the Abenomics QE policy of socialism for the rich in Japan, while choosing one of the architects of the policy .


While continuing in the vein that these monetary policies will be an engine of wage growth for the populace which has not been the case for decades.

That being said, given the media in Japan, how many of the electorate even know that the LDP and BOJ policies are directly responsible for their impoverishment and the enrichment of the rentier class in Japan?

“This country has socialism for the rich, rugged individualism for the poor."

Which is something that can apply for most of the G7 and associated capitalist nations.

1 ( +15 / -14 )

As long as they do not take up the always disastrous policy the west does of raising interest rates.

Look at Canada with multiple rate hikes this year and little effect of inflation but massive effects on homeowners.

Those with variables rates or mortgages that are renewed every 5 years are looking at 3 to 4 times their expected monthly payments.

Example is a couple was paying $1500 a month is now going to figure out how to pay $4400 a month and because of the economy the house is now valued $150,000 less than they paid.

So can't sell to pay the mortgage can't pay $4400 a month so only option bankruptcy or loan default and seizure but even the bank doesn't want the house.

This is going on all over the west not just private homes but businesses unable to pay back loans now with high interest rates.

The rates in North America are 18 times higher in January this year than in March 2022 .( March 2022 0.25% January 2023 4.5%)

Japan needs to avoid this same stupidity.

1 ( +7 / -6 )

"Abenomics" was never more than a cute, new label on an old bottle (LDP-brand nest-feathering capitalism) , a marketing ploy to monkey with the economy while gaslighting the electorate with smoke 'n' mirrors.

1 ( +8 / -7 )

With new BOJ chief, Kishida bids farewell to Abenomics

Who really missed Abenomics seriously, only some Abe faction from his party.

0 ( +16 / -16 )


Politicians are really in a tough spot. Even the social Democrats and labour don't want to touch housing as they will have half their voters switch off (lower rates and incentivize investments and non-homeowners can't afford; raise rates and increase housing supply and homeowners pay more and lose home value). Personally, I say treat housing like healthcare and realtors an building companies as doctors and hospitals. Dont pay for housibg directly. Do it through taxes. Single payer housing.

0 ( +2 / -2 )


Today 08:46 am JST

The problem are plenty and people with utopia views and unrealistic ideas.

Raising interest rates will lead to raised rents something many keep forgetting.

The idea of housing being like Healthcare or financed via taxes is a failure before it starts.

It has been proven in public housing, welfare, etc.. if people don't feel responsible they don't care or take care, why do homeowners require deposit and guarantors? Because renters often don't care about what they do to the place, new beautiful public housing are trashed within a few years despite millions of dollars spent trying to maintain them.

In my home city the most successful project ever was city land given to a developer each second house built was to be "sold" to a low income family with special rates fixed on income by the city.

20 years later the low income houses are as well maintained as to for profit with wealthy buyers next door.

Why? Because the low income owned it they felt a connection and no other one was going to just be given to them.

But if Japan does like the west and interest rates jump 18 times we will see a lot of people unable to afford their homes.

0 ( +5 / -5 )

Not an economist, but all I know just by watching others and how interest rates can raise or lower the standards of living of so many including businesses.

It's a deadly game but someone has to play it.

0 ( +1 / -1 )

Seems like he's been picked for a steady middle-of-the-road policy stance. Expect a gradual shift away from zero interest rates. Markets seem unfazed and exchange rate hasn't moved much which is a good sign.

-2 ( +0 / -2 )

Credit downgrade, here we go!

Japan should prepare itself as a poor country at this point to receive developmental assistance from World Bank and IMF. No one will lend to Japan and any Japanese business if the credit rating hits the speculative level. Japan is hoovering really close to BBB+.


Japan's big banks are looking to exit Japan completely!

-2 ( +2 / -4 )

By the way forgot to mention, KAWAI photo, thank you, lol

-6 ( +2 / -8 )

@dagon, fully agreed.

These two paragraphs appear in the same story:

Ueda has a fresh image and gives the BOJ a freer hand in shifting away from Abenomics," said a ruling party heavyweight belonging to Abe's faction.

But just before that:

Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

Translated: "The target is unchanged. We will continue to impoverish the working class through inflation. The debts our government has run up will continue to be devalued at the expense of bondholders like you. The Cantillon effect will continue to enrich big connected corporations at the expense of the worker. But this isn't 'Abenomics', somehow."

-7 ( +14 / -21 )

Abe’s loose monetary policy ensured that there is vibrant economic activities. Raising the interest rates would mean that the banks will choose to dump their assets in the central bank rather than provide loans to small businesses and individuals. The raising of the interest rates like what the US Federal reserve is doing is actually killing businesses and impoverishing the poor.

-7 ( +0 / -7 )

Nothing will change and the poor will get poorer.

Welcome to Japan where the salaries haven't changed in over 20 yrs !

-10 ( +17 / -27 )


great post agree!

@dagon, fully agreed.

Agree again.

Nothing will change and the poor will get poorer.

Welcome to Japan where the salaries haven't changed in over 20 yrs !

That's 3 in a row.

-11 ( +6 / -17 )

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