Prime Minister Kishida Mulls Replacing All Ministers from Abe Faction December 10, 2023
Introduction:
(Kyodo News) Japanese Prime Minister Fumio Kishida is considering replacing all ministers from the Liberal Democratic Party faction previously led by former Prime Minister Shinzo Abe, over a series of political fundraising scandals, sources close to the matter said Sunday.
Kishida has already decided to sack Chief Cabinet Secretary Hirokazu Matsuno over his alleged failure to report millions of yen received as part of fundraising efforts for the party faction, which is the largest within the ruling party, the sources said.
Economy, Trade and Industry Minister Yasutoshi Nishimura faces similar allegations. Along with the ministers, Kishida is also expected to dismiss all senior vice ministers and parliamentary vice ministers from Abe's faction, the sources added.
In addition to Matsuno, the top government spokesman, and Nishimura, the list includes two other ministers, five senior vice ministers and six parliamentary vice ministers from Abe's faction.
Kishida is likely to gauge the timing of when to change his Cabinet after the end of the ongoing extraordinary parliamentary session on Wednesday, the sources said, while calls are growing that Matsuno should be replaced as soon as possible as he holds twice-daily press conferences during the week.
Japan’s GDP Hits Record Low 4.2% Share in Global Economy by Yoichi Yonetani
December 26, 2023
Introduction:
(The Asahi Shimbun) Driven by the weak yen, Japan's economic output produced its lowest percentage on record in the global economy last year, according to data released by the Cabinet Office on Dec. 25.
Japan’s gross domestic product without adjustment for inflation fell to $4.2 trillion (597.469 trillion yen) in 2022, accounting for 4.2 percent of the global GDP.
That was 0.9 percentage point down from the previous year, marking the lowest share since comparable data became available in 1980.
Although Japan remained the world’s third-largest economy, the economic outputs of the top two countries, the United States and China, dwarfed that of Japan.
Of the $101.4 trillion global nominal GDP, the United States held the largest share, 25.1 percent, equivalent to $25.4 trillion, followed by China with 17.7 percent, or $17.9 trillion.
(RTTNews) - Toshiba Corp. has been delisted from the Tokyo stock exchange after 74 years and taken private by a consortium led by an equity firm Japan Industrial Partners in an 11 billion pound deal.
The company has also been delisted from Nagoya Stock Exchange, Inc.
Announcing the delisting, Toshiba said, "Toshiba Group will now take a major step toward a new future with a new shareholder. Even after privatization, with its basic commitment of 'Committed to People, Committed to the Future,' the Company will strive to further enhance its corporate value and contribute to society."
Toshiba, which was founded in 1875 as a clocks and mechanical dolls maker, started trading its shares in May 1949 at the Tokyo Stock Exchange.
Following continuing financial and other struggles, Toshiba initiated a restructuring of its operations and received its first takeover bid in April 2021 from Europe-based CVC Capital Partners. In November 2021, Toshiba announced a plan to split the entire group into three companies.
Hayashi Cancels Parties to Mark his Appointment December 30, 2023
Introduction:
(Asahi Shimbun) Newly appointed Chief Cabinet Secretary Yoshimasa Hayashi scrapped plans to hold a New Year party in his Yamaguchi Prefecture constituency to celebrate his promotion after being warned his timing was ill-advised.
Hayashi was named earlier this month to replace Hirokazu Matsuno as the government’s most senior spokesman. Matsuno resigned over a money and politics scandal that has engulfed the ruling Liberal Democratic Party’s Abe faction. He is alleged to have received more than 10 million yen ($70,900) from a slush fund created from party fundraising ticket sales.
Hayashi’s political patronage association and the LDP’s Yamaguchi prefectural federation were going to co-host a gala for 200 guests at a hotel in Yamaguchi on Jan. 20 to celebrate his appointment. The attendance fee was 5,000 yen.
There were also plans to host a New Year’s party on Jan. 21 in Shimonoseki with a 3,000-yen fee that included alcoholic refreshments.
A Dec. 28 report by The Asahi Shimbun on the plans for the parties prompted Hayashi’s office to explain the functions in n
Japan, China to Hold Expert Talks About Fukushima Treated Water by Anri Takashi
December 28, 2023
Introduction:
(The Asahi Shumbun) The Japanese and Chinese governments plan to hold discussions at an expert level early next year regarding treated radioactive wastewater being discharged into the ocean, according to Japanese government sources.
However, it is unclear whether the talks will lead to Beijing lifting its blanket import ban on Japanese seafood due to the release from the crippled Fukushima No. 1 nuclear power plant, which began in late August.
The development comes after Prime Minister Fumio Kishida and Chinese President Xi Jinping agreed to hold expert-level talks at a summit held in November.
The Japanese government is considering having the discussions attended by officials specializing in treated contaminated water from relevant ministries and agencies, such as the secretariat of the Nuclear Regulation Authority, the Foreign Ministry and the industry ministry, according to the sources.
As China will enter its new year holidays from Feb. 10, Japan is requesting that the talks begin before then.
Japan’s Economic Balancing Act by Masahiko Takeda
January 1, 2024
Introduction:
(Eurasia Review) The Japanese economy in 2023 had two distinct features. Macroeconomic indicators, such as GDP and employment, were broadly in good shape. But economic trends that are unsustainable kept worsening, raising concerns about Japan’s future economic stability.
Japan’s real GDP growth in 2023 was slightly above 1 per cent — modest, but not bad given potential growth estimated at below 1 per cent. The output gap — the difference between actual and potential output — is closing, the unemployment rate, which ticked up during the COVID-19 crisis, has fallen and the national jobs-to-applications ratio is well over 1.
Consumer price inflation is currently around 3 per cent, exceeding the Bank of Japan’s (BoJ) 2 per cent target. Corporate profits are buoyant, share prices have reached a post-bubble high and inbound tourism has recovered to pre-COVID-19 levels, benefiting industries hit hard by the pandemic.
Despite these positives, most of the Japanese populace is unhappy. The source of their discontent is that, although nominal wages are rising, the pace at which they are rising is slower than that of inflation. This has eroded real wages, undermined consumption and cast doubt over the continuation of modest economic growth.
The wage–price gap has affected macroeconomic policy decisions. Although the BoJ took several steps to marginally relax its yield curve control, it refrained from normalising extremely loose monetary policy. This decision is grounded in the absence of the so called virtuous cycle of wage and price increases. In November 2023, the government introduced a fiscal package aimed at ‘completely overcoming deflation’. The odd reference to ‘deflation’ reflected the notion that unless wages rise to meet or supersede inflation, the economy is seen as not free from deflation.
Nine of 10 Abe Faction Members on Reform Body Tied to Kickbacks January 13, 2024
Introduction:
(Asahi Shimbun) A political reform body set up by the ruling Liberal Democratic Party to address a funding scandal that has embroiled factions in the party was on shaky ground even before it held its first meeting on Jan. 11.
Of the 38 members on the panel, 10 are lawmakers from the faction once led by former Prime Minister Shinzo Abe and all but one of them are thought to have received kickbacks.
The Abe faction, the party’s largest and most influential, is in the crosshairs of Tokyo prosecutors because it is thought to have accumulated the lion’s share of unreported mountains of cash through fund-raising parties.
As such, the LDP can hardly expect to escape questioning about the seriousness with which it is trying to deal with the scandal that has already cost several leading politicians their posts.
Prime Minister Fumio Kishida ordered the formation of the new body to discuss political reform and the first meeting was held Jan. 11.
Either countries with aging populations (like Japan) quickly introduce useful automation and also hopefully healthy-life-extension (maybe practical transhumanism) or the related problems will only be getting worse and worse with each passing year. Innovate or perish. I don't enjoy it being like that, just stating a fact.
Global economy doubles in product every 15-20 years. Computer performance at a constant price doubles nowadays every 4 years on average. Livestock-as-food will globally stop being a thing by ~2050 (precision fermentation and more). Human stupidity, pride and depravity are the biggest problems of our world.
