Japan Aff Michigan
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- Kan regime stability key to investor confidence and tackling the fiscal deficit Rowley, 6/3
- Regime stability key to East Asian economy and stability Junhong, ’10
Credibility KT EconomyKan’s economic policies save Japan’s economy—eliminate debt and boost investor confidence The Nation, 6/8 (6/8/10, “Kan’s Policies Likely to Boost Japan’s Economy”, http://www.lexisnexis.com.proxy.lib.umich.edu/us/lnacademic/results/docview/docview.do?docLinkInd=true&risb=21_T9613563872&format=GNBFI&sort=BOOLEAN&startDocNo=1&resultsUrlKey=29_T9613563875&cisb=22_T9613563874&treeMax=true&treeWidth=0&csi=220765&docNo=17) Tokyo Japan's new Prime Minister Naoto Kan will introduce policies likely to spur economic growth and earnings, boosting stock prices, strategists at JPMorgan Chase & Co and Deutsche Bank said. Kan, who is succeeding Yukio Hatoyama, will emphasise economic growth compared with his predecessor's focus on social issues, said Jesper Koll, head of equity research at JPMorgan. The new premier will also ease investor anxiety over the world's largest public debt by implementing a more disciplined fiscal policy, said Naoki Kamiyama, Deutsche Bank's chief equity strategist in Tokyo. "After the democrats came into power and after Hatoyama got into power, the number one priority was social policies," Koll said. "Now it's going to be economic policy. It's going to be to promote growth." Kan, who served as finance minister for five months, is taking the reins just weeks before the government is due to say how it intends to reduce public debt and release a strategy to sustain a nominal 3-per-cent growth rate over the next decade, a pace unseen since 1991. Japan's public debt is approaching 200 per cent of gross domestic product, the biggest among the 30-member Organisation for Economic Cooperation and Development. "Kan is better than Hatoyama in terms of fiscal discipline," Kamiyama said. "When investors are thinking of long-term investment in Japan, they are wondering whether it is a safe market." The nation's economy grew less than forecast in the first quarter as an export-led recovery failed to stoke consumer spending, a Cabinet Office report showed on May 20. Falling tax receipts and increasing social welfare costs helped push Japan's debt to a record high in the fiscal year ended March. Public debt totalled ฅ882.9 trillion (Bt314.6 trillion) as of March 31, up 4.3 per cent from a year earlier, according to the Finance Ministry. "Fiscal discipline is important for the popularity of the DPJ," Kamiyama said. "The policies may be good but the implementation may be a struggle as Kan faces an upper house election in July." Kan regime stability key to investor confidence and tackling the fiscal deficit Rowley, 6/3 (6/3/10, Anthony, The Business Times Singapore, “Hatoyama’s Surprise Resignation Hits Japanese Stocks, Yen”, http://www.lexisnexis.com.proxy.lib.umich.edu/us/lnacademic/results/docview/docview.do?docLinkInd=true&risb=21_T9604571746&format=GNBFI&sort=BOOLEAN&startDocNo=1&resultsUrlKey=29_T9604571749&cisb=22_T9604571748&treeMax=true&treeWidth=0&csi=11432&docNo=6) 'I sincerely hope people will understand the agonising choice I had to make,' a tearful Mr Hatoyama said. 'I knew we had to maintain a trusting relationship with the US at any cost, while seeking cooperation with domestic political partners. I have to take responsibility' for the fracturing of the political coalition that resulted from the deal with Washington. LDP president Sadakazu Tanigaki was quick to seize on the resignations. The DPJ 'should seek a public mandate' by dissolving the House of Representatives (lower house of parliament) and calling a general election,' he said yesterday, while urging that Mr Ozawa be excluded from a post in the new Cabinet. Japanese business leaders also called for decisive actions to restore political stability in Japan. 'I want (the government) to quickly establish a new administration capable of securing confidence at home and abroad by maintaining solidarity,' Hiromasa Yonekura, chairman of the Japan Business Federation (Keidanren) said. Markets reacted fairly calmly to the political turmoil with the yen retreating slightly against the dollar and shares prices declining marginally. But analysts said the implications of renewed political turbulence in Japan might take time to work through, depending upon how decisively the new government acts. If Mr Kan becomes prime minister, he is expected to begin attacking Japan's gaping fiscal deficit, which would reassure the Japanese Government Bond market. Foreign exchange markets are likely to be nervous, however, if Mr Kan assumes leadership because he has spoken in favour of a weaker yen in the past. Regime stability key to East Asian economy and stability Junhong, ’10 - a researcher with the China Institutes of Contemporary International Relations (6/4/10, Liu, Xinhua News Net, “Hatoyama’s resignation in Japan to have wider impact,” http://news.xinhuanet.com/english2010/indepth/2010-06/04/c_13332736.htm) Hatoyama promised to move the US base off Okinawa to ease the burden on locals who have long complained of aircraft noise, pollution and crime associated with a heavy American military presence since World War II. However, after failing to find an alternative location for the base, the Japanese prime minister backtracked and decided to keep it on the island, enraging Okinawans and his pacifist coalition partners, the Social Democrats. The left-leaning group quit Hatoyama's three-party coalition Sunday, weakening the government in parliament's upper house ahead of elections for the chamber expected on July 11, in which the DPJ expects to take a beating. Global economic turbulence and political instability are not expected to reduce in the post-crisis era. This is particularly the case in East Asia. As the largest economy in Asia, Japan's political stability and economic recovery will directly determine the larger economic, political and security environment across the whole region. 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