Bank of Japan's Y400 trillion cash injection changes little for ordinary people
It’s been the most radical cash injection in history — nearly ¥400 trillion pumped into Japan’s economy over more than five years to slay deflation and kick growth into higher gear.
That’s still not enough to save Tomoaki Nagai’s metal parts factory near Osaka, and it’s a similar story throughout the world’s third-largest economy.
North of Tokyo, Hiroyuki and Machiko Hayashi of Utsunomiya, Tochigi Prefecture, worry about Hiroyuki’s lack of job security as a wedding photographer. And in Akita Prefecture, taxi driver Takeshi Kikawa struggles to make ends meet when interest rates on low-risk investments are near zero.
Their stories, and those from two dozen interviews with young couples, factory owners, financial planners and taxi drivers from Akita to Okinawa Prefecture reveal a sobering reality for Prime Minister Shinzo Abe’s Abenomics revival plan: The Bank of Japan’s massive monetary experiment just hasn’t been the game-changer Gov. Haruhiko Kuroda was tasked to deliver.
True, some people are breathing a bit easier. Since Kuroda launched the BOJ’s radical stimulus, the economy has grown about 1.2 percent annually, moderately better than its potential rate. The yen’s steep fall versus the dollar, which exceeded 60 percent from its strongest level, has helped the Toyotas of the world, pushing corporate profits to record levels and, earlier this year, stocks to 27-year highs. Worker pay adjusted for inflation has fallen 0.7 percent a year — which is actually progress after years of declining nominal pay.
But the Japanese people’s “deflationary mindset,†partly a result of the dark cloud cast on their economic future by an aging and shrinking population, has proved too tough to overcome. As the focus turns to its end game even though inflation remains only halfway to its 2 percent target, the BOJ’s ultimate job — selling a growth story to the Japanese people — remains unfinished.
News On Japan - Nov 26
Panicked passengers on a Shinkansen bullet train were evacuated at a central Japan station on Friday night, after a plastic bag containing suspicious liquid was found onboard.
News On Japan - Nov 26
A 29-year-old man has been arrested for meeting an underage teen girl, with sexual intent, after sending her messages, promising to make her "the happiest in the world".
News On Japan - Nov 25
Inui Street, the famed autumn walk within the Imperial Palace in central Tokyo, opened to the public from Saturday.
News On Japan - Nov 25
Nissan Motor Corporation has announced plans to transition all its vehicles produced in the United Kingdom to electric vehicles (EVs).
News On Japan - Nov 25
A JR West Japan train conductor has been arrested for secretly filming eight women in the toilet of the express train "Haruka" while on duty.
News On Japan - Nov 25
Tofukuji Temple, home to 2,000 maple trees and renowned as one of Kyoto's premier autumn hotspots, features the Tsutenkyo Bridge, and the breathtaking 'sea of autumn leaves'.
News On Japan - Nov 25
The strongest cold snap of the season has brought a dramatic drop in temperatures to northern Japan, where snow began falling Friday morning, with up to 50 cm expected in Hokkaido and Tohoku by Saturday evening, and a chance of blizzards.
News On Japan - Nov 24
It's Shichi-Go-San, the Japanese festival season for celebrating the healthy growth of children, with Aibo the robot dog giving prayer at a shrine in Fukuoka, on Friday.
NHK - Nov 24
Japanese police are investigating a stabbing incident that took place at a music arena in Yokohama City, south of Tokyo, on Thursday.
News On Japan - Nov 24
The amount of undeclared income by wealthy people in Japan has reached a record high of 98 billion yen, among the worst offenders being scrap gold wholesalers, breeders and yakiniku restaurants, the National Tax Agency announced on Friday.
Total Film - Nov 24
After hitting the big screen in its native Japan on November 3, Godzilla Minus One is about to make its way overseas – and it's a hit with international critics.
NHK - Nov 24
Tokyo has a new landmark, a 330-meter-high skyscraper that opened on Friday. The Mori JP tower has 64 floors for shops, offices and residences. It's the tallest building in Japan, a title that previously belonged to the Abeno Harukas commercial and business tower in Osaka, western Japan.
theceomagazine.com - Nov 24
Shitennō-ji temple is one of Osaka’s most important Buddhist temples. Built in the sixth century during the rule of Prince Shotoku, it has stood firm as the high-rises of the modern-day city have towered above it.
News On Japan - Nov 23
As street dance reaches fever pitch in the lead up to the 2024 Paris Olympics with the inclusion of breakdancing, one of Japan's largest street dance events was held in Yoyogi Park, Shibuya, Tokyo.
News On Japan - Nov 23
Russians continue to be the worst offenders among cars with foreign diplomatic number plates when it comes to not paying off parking fines in Japan.
News On Japan - Nov 23
As Kyoto's autumn foliage reaches its peak, swarms of tourists have converged on the ancient capital, captivated by stunning displays like Wednesday evening's illumination at Kiyomizu Temple.