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Sun, 2011-03-13 17:04 — mdmcdonald
Economic Impacts

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Remittances: They Crossed Oceans to Lift Their Families Out of Poverty. Now, They Need Help.

Mon, 2020-07-27 13:56 — mike kraft

...Around the globe, the pandemic has jeopardized a vital artery of finance supporting hundreds of millions of families — so-called remittances sent home from wealthy countries by migrant workers. As the coronavirus has sent economies into lockdown, sowing joblessness, people accustomed to taking care of relatives at home have lost their paychecks, forcing some to depend on those who have depended on them.

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Billions for Japan tsunami recovery went elsewhere, reports find

Mon, 2012-11-12 18:29 — Maeryn Obley

A crane this month sorts out rubble from the 2011 earthquake and tsunami at the collection site in northeastern Japan. Some reports suggest the country's reconstruction efforts are set back by spending on unrelated projects. Credit: Koji Sasahara / Associated Press

Image: A crane this month sorts out rubble from the 2011 earthquake and tsunami at the collection site in northeastern  Japan. Some reports suggest the country's reconstruction efforts are set back by spending on unrelated projects. Credit: Koji Sasahara / Associated Press

latimesblogs.latimes.com - October 31st, 2012 - Emily Alpert

Billions of dollars meant to help Japan recover from its devastating tsunami went to government projects that had little or nothing to do with the disaster, a new spending review shows.

Japan - Fiscal Sustainability - Defying Gravity

Thu, 2012-08-16 21:40 — Kathy Gilbeaux

economist.com - by R.A. - August 14, 2012

ONE of this week's new NBER working papers is a fascinating look at Japanese government debt, by Takeo Hoshi and Takatoshi Ito.

"Economic research has been accumulating overwhelming evidence against the fiscal sustainability of Japan. Many international financial institutions, credit rating agencies, and private-sector analysts agree over this assessment. Yet, the JGB interest rate has been low and stable. The 10-year JGB rate has been below 2% since 1999, and between 0.8% and 1.5% in the last few years. The rate is much lower than the bond rate of other advanced countries. This is despite the fact that Japan has a higher debt to GDP ratio than the European countries that have suffered from sovereign debt crises in the last two years—Greece, Ireland, Portugal, Spain, and Italy. JGB yield actually fell as the Japanese debt to GDP ratio increased in the 1990s and 2000s as Figure 3 shows. Why has the JGB yield not risen?"

(READ COMPLETE ARTICLE)

DEFYING GRAVITY:
HOW LONG WILL JAPANESE GOVERNMENT BOND PRICES REMAIN HIGH? - (63 page .PDF file)
http://papers.nber.org/tmp/78579-w18287.pdf

Three Reasons Japan’s Economic Pain Is Getting Worse

Fri, 2012-04-27 22:36 — Kathy Gilbeaux

submitted by Samuel Bendett

bloomberg.com - by Jared Diamond - April 25, 2012

Japan’s economic problems are serious and getting worse. Foremost among them is the crushing burden of government debt.

Japan’s ratio of government debt to gross domestic product, currently about 2.28, is by far the highest in the industrial world, almost double that of even Greece and Italy, and steadily growing. Already, the combined costs of interest on that debt and social security are approximately equal to total government tax revenue.

(READ COMPLETE ARTICLE)

Health Uncertainties Torment Japanese in Nuke Zone

Fri, 2012-03-09 11:56 — Kathy Gilbeaux

submitted by Samuel Bendett

      

In this Sunday, Feb. 26, 2012 photo, Yoshiko Ota displays bottled water she bought at a local shop for daily use at her house in Fukushima, Japan, Sunday, Feb. 26, 2012. Ota keeps her windows shut. She never hangs her laundry outdoors. Fearful of birth defects, she warns her daughters: Never have children. This is life with radiation, nearly one year after a tsunami-hit nuclear power plant began spewing it into Ota's neighborhood, 40 miles (60 kilometers) away. She's so worried that she has broken out in hives. (AP Photo/Itsuo Inouye)

By YURI KAGEYAMA - The Associated Press - ajc.com - March 9, 2012

FUKUSHIMA, Japan — Yoshiko Ota keeps her windows shut. She never hangs her laundry outdoors. Fearful of birth defects, she warns her daughters: Never have children.

This is life with radiation, nearly one year after a tsunami-hit nuclear power plant began spewing it into Ota's neighborhood, 40 miles (60 kilometers) away. She's so worried that she has broken out in hives.

Japanese Parliament Backs Noda as Prime Minister

Tue, 2011-08-30 21:07 — Kathy Gilbeaux

by Hiroko Tabuchi - The New York Times - August 30, 2011

Haruyoshi Yamaguchi/Bloomberg News

Yoshihiko Noda, below, the new prime minister of Japan, and Naoto Kan, the outgoing leader.

 

TOKYO — Yoshihiko Noda, a down-to-earth fiscal conservative, was elected prime minister by the Japanese Parliament on Tuesday in the sixth change of leaders in five years, a period of mounting economic and social challenges to the world’s third-largest economy.

Japanese Prime Minister Resigns

Fri, 2011-08-26 01:38 — Kathy Gilbeaux

The Sydney Morning Herald - August 26, 2011

                         

Japanese Prime Minister Naoto Kan has resigned as president of the Democratic Party of Japan, effectively ending his tenure as Japanese leader.

"I resign as the (party) president effective today," Mr Kan told senior party officials, Japan's Jiji press quoted him as saying today.

The long-expected move paves the way for the election of the nation's sixth prime minister in five years as Japan looks to safeguard a recovery from the March 11 earthquake, tsunami and an ongoing nuclear crisis.

A ballot for a new party president, who would then become prime minister, is expected on Monday.

Parliament will then vote the leader in as prime minister on Tuesday next week.

"I will leave the post of prime minister once the new leader is decided," Mr Kan said.

Mr Kan was scheduled to hold a press conference later today.

Japan Faces Costly, Unprecedented Radiation Cleanup

Fri, 2011-08-26 00:08 — Kathy Gilbeaux

by Yoko Kubota - Tokyo - Reuters - August 25, 2011

     

(Reuters) - Nearly six months after the world's worst nuclear crisis in 25 years at the Fukushima nuclear plant, Japan faces the task of cleaning up a sprawling area of radioactivity that could cost tens of billions of dollars, and thousands may not be able to return home for years, if ever.

Fuel core meltdowns at the facility in March, triggered by a huge earthquake and tsunami, released radioactive material into the air which mixed with rain and snow and covered dozens of towns as well as farmland and woods, mainly along the northeast coast of Honshu.

Tokyo has been slow to provide a plan for rehabilitation, leading some residents near the plant exposed to high levels of radioactive caesium in homes and food, have started their own cleanup instead of waiting for the government to act.

Moody's Cuts Japan's Debt Rating on Deficit Concerns

Tue, 2011-08-23 23:30 — Kathy Gilbeaux

BBC - August 23, 2011

The earthquake and tsunami caused widespread destruction to Japan's north-east coast.

Rating agency Moody's has cut Japan's long-term sovereign debt rating citing concerns about the size of the country's deficit and borrowing levels.

The rating was cut to Aa3 from Aa2, though Moody's also said the country's outlook was stable.

Japan has been trying to recover since the global economic crisis in 2009.

However, it was also hit by an earthquake and tsunami in March, and the rebuilding cost is weighing on growth and state finances.

"The rating downgrade is prompted by the large budget deficits and the build-up in Japanese government debt since the 2009 global recession," Moody's said in its statement.

"Over the past five years, frequent changes in administrations have prevented the government from implementing long-term economic and fiscal strategies into effective and durable policies."

Rice Futures Trigger Circuit Break in Tokyo Debut

Mon, 2011-08-08 00:47 — Kathy Gilbeaux

Bloomberg - By Jae Hur and Yasumasa Song - August 7, 2011

 

An official from the Chiba Prefectural Government Offices shows a sack of rice samples bound for radiation tests at a field in Katori City, Chiba Prefecture, Japan.

Rice futures in Tokyo surged on the first day of trading after a seven-decade halt, triggering the bourse to suspend trade, on concern radiation from the stricken Fukushima nuclear plant may spread to crops and curb supply.

No deals were concluded on the Tokyo Grain Exchange after prices hit 18,500 yen per 60 kilograms from the opening, compared with the bourse’s reference price of 13,500 yen. The surge triggered trade to be suspended.

The exchange listed rice contracts today for the first time since the start of World War II to boost flagging volumes and profit. The resumption comes as fallout from the Fukushima Dai- Ichi power plant may spread after it was found cattle had been fed cesium-tainted rice straw.

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