quote of the day

The pay increase at the BOJ is another good sign that a virtuous cycle of Abenomics is spreading in Japan. Wage increases in the government and at the BOJ will promote raises at private companies.


Minoru Nogimori, an economist at Nomura Securities Co, referring to Bank of Japan Gov Haruhiko Kuroda whose salary will rise to 34.7 million yen. (Bloomberg)

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Oh, I see. No, wait, I don`t see. So, increasing government salaries is an effective way to bring down the debt? Wow! That takes a lot of b@lls. That is a total insult to everyone in Japan.

3 ( +5 / -2 )

Wow, I am so happy for them. When do I see something in my pay packet? Oh, wait, I probably won't.

4 ( +5 / -1 )

So where does the money for the increased salaries come from?

We raise the prices of our goods to pay for a salary increase. Staff salaries are increased, but because our products become more expensive, sales drop.

The end result is that the rich get richer and the poor get poorer. A good example is Guv Haruhiko Kuroda who faces poverty as he struggles to get by on a paltry 34.7 million yen (sarcasm). He earns in one month what many earn in a year.

I wonder if he gets bonuses on top of that?

1 ( +2 / -1 )

So where does the money for the increased salaries come from?

The answer is so obvious, why am i answering it. It comes from the government. The government presses a button which credits the workers's bank accounts. Viola, money is created.

-2 ( +2 / -4 )

This is fracked up!

-1 ( +1 / -2 )

This is only a sign that those who support Abe and help inflict his stupidity on us get rewarded.

0 ( +1 / -1 )

Please excuse me, I coughed something onto the floor when I read this quote. I now have to upgrade my definition for "stupid", this quote will suffice.

0 ( +2 / -2 )

'Virtuous cycle of Abenomics'. Wow! That has the same oxymoronic hollowness as 'Dear Leader', And the rest of the quote basicly reads: 'Abe successful at generating more money for the rich'.

1 ( +1 / -0 )

Is this for real? "My fellow BOJ members, please vote to further debase the money supply; we can give each other a pay raise and then pretend that that too is good for the public!"

"Will there be time to sprint home and convert my savings to another currency before we announce it and the markets react?"

"Sure! (Taxi tickets!)"

"In that case, I vote YES!"

2 ( +2 / -0 )

The only reason BOJ pay increased is because it's a para-governmental institution and they were probably ordered to do so by the bureaucracy.

1 ( +1 / -0 )

This kind of desperation happens after labor unions are sapped of their power. Give back bargaining power to workers, and then we'll see fair wages again....plus a growing economy.

Today's free market policies are destroying growth, destroying prosperity. This is soooo obvious, yet no one wants to know about it.

-1 ( +1 / -2 )

I have been making ¥11 million a yen for quite some time, but business is not so good, so why do I deserve a raise?

-4 ( +0 / -4 )

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