JeffLee comments

Posted in: Court finds COVID restrictions for Tokyo restaurant chain illegal See in context

Well, except for the NHK collectors.

As well as Fukushima evacuation orders, which are mandatory and fully backed by the force of law. Japanese policymakers can create a legal framework if they wanted to for pandemics and other public health threats, but it seems they don't want the political risk and responsibility.

3 ( +5 / -2 )

Posted in: BOJ chief rejects scaling back monetary easing as Japan 'different' from U.S., Europe See in context

@Septim

Japan won't go bankrupt but it will become like Zimbabwe and Weimar Germany.

Zimbabwe's real economy collapsed in one fell swoop. Its monetary and fiscal crisis was symptom, not the cause of its problems. If you seriously expect Japan to quickly collapse based on economic fundamentals, then you need a serious reality check.

Weimar Germany owed foreign currencies and gold. Japan has no such obligations. How many times must I point this out.

1 ( +3 / -2 )

Posted in: Companies are actively hiring those who are experienced, can immediately contribute to their businesses or have expertise in a particular field, such as digital skills. Not all job seekers are able to find work they want to do. See in context

"You're a certified and experienced IT expert? Great: we offer you 180,000 a month, 12 hour work days and no personal holidays. Welcome aboard!"

0 ( +0 / -0 )

Posted in: BOJ chief rejects scaling back monetary easing as Japan 'different' from U.S., Europe See in context

@Blue

By cancel / void the securities you would obviously ruin all residents having invested in them,

Me and ABe-san are talking about the bonds, ie, "debt" held by the BOJ, a public sector institution. There are no creditors or investors who would be ruined.

You're a real piece of work, are you...

Your inability to grasp simply concepts - yet having strong opinions about them - make you the real piece of work.

@ rocknroll

....J government could simply decide never to pay it back,

Again, the bonds owned by the BOJ. Any "paying back" (coupon payments) go back to the MOF. Thus the BOJ can throw all their bond certificates in the incinerator. There is no one making any claims on these securities (creditors). Poof, and nearly half the debt is gone.

1 ( +2 / -1 )

Posted in: Why frustration lingers in Okinawa 50 years after its reversion to Japan See in context

Japan should grant Okinawa a certain degree of autonomy, as Canada has done with many of the indigenous territories within Canada's borders.

The history of Okinawa being part of Japan is very short yet fraught with lots of problems.

2 ( +7 / -5 )

Posted in: BOJ chief rejects scaling back monetary easing as Japan 'different' from U.S., Europe See in context

Abe said Monday the government could roll over its debt when the repayment deadline comes because it is a government subsidiary that can purchase debts.

I hate to agree him, but that's technically true. The BOJ, as owner of the securities, could even cancel/void them if it wanted to, and nearly half of Japan's fiscal "debt" would disappear in a second. This is why Japan is not Greece, Argentina, etc. and can keep issuing debt til the cows come home while maintaining low inflation and and very low interest rates.

Many other countries aren't so lucky.

0 ( +1 / -1 )

Posted in: Japanese firms' net profit in Jan-March falls 41.3% on cost hikes See in context

Forest for the trees. Corporate Japan is still healthily profitable, with a 32 percent rise during the fiscal year just ended. Right now is a bad time, however, with oil price surges -- and especially when the Softbank disaster is included! LOL.

4 ( +5 / -1 )

Posted in: Kremlin warns of retaliation after Finland moves toward NATO See in context

Maybe instead of incessantly issuing threats to other countries, Putin and the other Kremlin leaders should ask themselves why so many of their neighbors hate and distrust them so much.

41 ( +46 / -5 )

Posted in: Japan's FY2021 current account surplus shrinks 22% on fuel price rise See in context

Pretty good news. Things appear to be getting gradually better.

Exports grew 25.1 percent to a record 85.50 trillion yen, lifted by a 33.9 percent increase in semiconductor-manufacturing equipment shipments that reflected booming global chip demand.

0 ( +0 / -0 )

Posted in: Japanese writer who documented WWII Tokyo firebombing dies See in context

Sounds like Russia is doing to Ukraine right now. 

It's nothing like it. Ukraine didn't invade all its neighbors and kill around 25 million people in the process, Ukraine did not start the war by destroyed a major Russia naval base in a sneak attack.

By the spring of 1945, the global community was desperate to get Japan to surrender. If the US left Tokyo and other major Japanese cities untouched, Japan would have never surrendered and the mass killings in Asia would have continued.

-1 ( +5 / -6 )

Posted in: China loves lecturing the world about what is right and wrong in geopolitical affairs. One week it is preaching to the Philippines, the next day it advises Japan and on the third day it is lecturing all of the above. Last week, China's lecture was directed to Japan. Beijing was telling Tokyo that it shouldn't be a promoter of NATO's Asia-Pacific expansion. See in context

The author doesn't seem to realize that Japan wants to be on the winning side, should the excrement collide with the rotary cooling device. Ukraine has shown us how pathetic Eastern Bloc weapons, battlefield doctrine and conscript soldiers are.

0 ( +5 / -5 )

Posted in: Toyota posts record full-year ¥2.82 tril net profit See in context

Japan Inc. is faring not badly during the pandemic, as I predicted 2 years ago. The situation is way more critical elsewhere in the world, like lockdown China, no-gas Europe, and super-inflation US.

2 ( +3 / -1 )

Posted in: Japanese writer who documented WWII Tokyo firebombing dies See in context

"to raise awareness of the massive civilian deaths and the importance of peace..." 

The Japanese only started to realize "the importance of peace" after their own country was attacked. For about a decade before then, the people's enthusiasm was devoted to the conquest and subjugation of all their neighbors.

5 ( +11 / -6 )

Posted in: Japan FY2021 long-term debt hits new high above ¥1,000 tril See in context

the blasé remark: "Oh but it's Japan's domestic debt, so it's fine."

Blase but true. What exactly are the fiscal strains the fiscal debt is placing on the economy?

Each Japanese shoulders a debt of $70,000 

Except they don't. Got any proof, like a publicly issued debt instrument, that obliges you personally to pay the Japanese govt $70,000? Didn't think so.

So, why the heck are taxes being levied and not just levied but increasing?

Because taxation policies are the work of politicians, who usually study law rather than economics, and thus don't understand the nuts and bolts of public finance.

-3 ( +1 / -4 )

Posted in: Japan FY2021 long-term debt hits new high above ¥1,000 tril See in context

without any plan how to reduce and pay it.

They could get the BoJ to buy the debt. Oh, they've already been doing that for years.

Another point to the yen's slide

How? Why?

the government will have to pay it back

To its own institutions, like the BOJ and the govt pension fund, and its own residents, giving them more yen income, aka "stimulus."

-2 ( +1 / -3 )

Posted in: Bitcoin falls below $30,000, lowest since July 2021 See in context

I thought the main investment attraction of BT was because it was OUTSIDE and independent of the Federal Reserve/money printing system, hence a hedge in times like these. I guess not. Another reason to give it a miss.

2 ( +2 / -0 )

Posted in: Xi warms up China's economy, but virus narrows options See in context

Soooo many reasons today now to lessen the global supply chain's dependence on communist, authoritative China. I warned about the "China risk" many years ago, back when the mainstream globalists said with great conviction that global integration would make China more prosperous, and therefore liberal and free with the growing middle class clamoring for democracy.

Wrong, I said at the time. Too bad the people of my worldview have basically zero representation among Western policymakers.

4 ( +4 / -0 )

Posted in: Descendants of wartime Korean workers remember their past in new museum See in context

Utoro households went entirely without water...until 1988..."

I spent a short amount of time in Osaka city in the 1980s close to a Korean area, and living standards were third world. Shanty towns along the river. People living in shacks, including under the arches of the Shinkansen tracks and in the swampy grounds under the Juso bridge.

6 ( +8 / -2 )

Posted in: BOJ's commitment to easy policy keeps yen on relentless slide See in context

Government spending records are broken every year,

this has nothing to do with govt spending. It's about the Bank of Japan's monetary policy. Econ 101.

his is not a situation now where the BOJ can just “tighten” or “raise rates”.

Yes it is. The sliding yen is due to the Boj's willful decision to continue to keep rates low while others raise. Inflation is still considerably lower in Japan than elsewhere, giving Kuroda more leeway with his rate policy. He reckons Japan's current inflation is temporary anyway, given that it is cost push.

0 ( +4 / -4 )

Posted in: Bank of Japan hikes inflation forecast on soaring energy prices See in context

the current inflation rates in March in America, Europe, and Japan were predicted to be this level before the war in Ukraine. 

yup, because the covid lockdowns were in full swing. Even today, one in five container ships are stuck in port while Shanghai port is closed. Ukraine is the latest disruption, whose effects will also be feeding through soon.

Governments like to put everything on the Ukraine War,

No they arent. They also cite the covid shutdowns and the solid recovery in US private demand, which isn't being met due to the global supply shock.

-3 ( +1 / -4 )

Posted in: Bank of Japan hikes inflation forecast on soaring energy prices See in context

A decade of money printing and weak economic fundamentals is devastating the yen.

Nope. Japan has been printing money like crazy over 20 years while the yen was strong and stable (remember 77 to the dollar?) , and the "fundaments" then and now haven't changed much. It's weak now because the Fed recently hiked, due in turn to the twin global supply shocks of covid and Ukraine.

So they finally got their inflation target.

No they haven't. That number is a forecast for the 2022-23 financial year.

Lots of strong opinions here based on a fundamental lack of knowledge.

9 ( +17 / -8 )

Posted in: Toyota FY2021 domestic output at lowest in nearly half a century See in context

This article is actually very good news. Global sales were at a record high, mainly due to the extraordinary strength of the Biden economy and growing passenger car acquisition in developing Asian countries.

-2 ( +0 / -2 )

Posted in: Japan should ease COVID border controls for foreigners: panel members See in context

let's have the summer we all deserve

You'd have to be crazy to come to Japan during summer.

10 ( +19 / -9 )

Posted in: Human skull pieces found near campsite where 7-year-old girl disappeared in 2019 See in context

Why did he wait 2 whole days before reporting what he found?

Maybe because he thought they were animal remains. That would be my first assumption.

2 ( +2 / -0 )

Posted in: Asian shares decline, echoing broad slump on Wall Street See in context

The US market has been killed by the Biden administration.

That's pretty funny. The market doesn't like the interest rate rises, which were decided by Powell, a Trump nominee. Biden's stimulus had earlier jump-started an economy that was seriously devastated by Covid. The inflation is based on the currently raging demand from US consumers and businesses, which can't be met because of serious problems with the global supply chain caused by covid lockdowns and Russian sanctions. The Biden economy is on fire. The problem is what's going on in the rest of the world.

-3 ( +1 / -4 )

Posted in: Japan unveils ¥6.2 tril package to soften impact of Ukraine war See in context

Prices were already rising before anything happened in Ukraine.

Because of covid. China, Vietnam, and other economic powerhouses have enforced harsh lockdowns that shuttered major factories and broke the global supply chain. Shanghai port, for example, one of the world's major ones, is today shut down , And one in every five container ships worldwide is bow stuck in port, largely because of persisting covid, although increasingly also due to the Russian sanctions.

Add that to the strong economic recovery in the US, and bang, prices go up, up, up. The Biden stimulus jump- started a pandemic-hit economy, but now demand in the US is outstripping crimped global supply.

0 ( +1 / -1 )

Posted in: Japan to provide food, medicine to Ukraine, Kishida tells Zelenskyy See in context

Ukraine needs food and weapons.

12 ( +18 / -6 )

Posted in: Japan unveils ¥6.2 tril package to soften impact of Ukraine war See in context

The govt has never heard of tax cuts!? They would be a heck of a lot easier, more effective and cheaper to administer than this unwieldly spending package.

Subsidizing heavily taxed items like gasoline seems insane.

20 ( +22 / -2 )

Posted in: Financial support should be given regardless of whether the evacuees have relatives or other acquaintances in Japan. Depending on the situation, they might not even be able to pay for medical fees in the event of an emergency. This has brought to the fore the reality of an insufficient support system for not only Ukrainians, but for foreigners in Japan as a whole. See in context

The UN and others set up a global refugee framework that covers these fundamental issues. Japan, by taking in Ukes but refusing to recognize them as refugees, is once again having to make up its own unique rules as it goes along.

Ironically, Japan is one of the loudest voices these days for "rules-based approaches" in global forums on things like trade and investment while criticizing others that what to go their own way. Hypocrites, much?

-4 ( +6 / -10 )

Posted in: Russia hits rail, fuel facilities in attacks deep in Ukraine See in context

Russia charged that two Ukrainian helicopter gunships hit an oil depot in Russia’s Belgorod region, 

So, our large military is allowed to pummel your much smaller society relentlessly but you attempting to the same on a smaller scale is unfair? Putin bears the hallmarks of a spoiled child.

Anyway, once the Ukes get the US howitizers and other heavy duty weapons, then watch out, southwestern Russia. Say goodbye to your infrastructure.

2 ( +10 / -8 )

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