Japan is completing steps to launch a derivatives market for Liquefied Natural Gas (LNG). While oil has long been traded in both spot and future markets, LNG remains very much the province of long-term fixed-price contracts. Japan is one of the biggest consumers, accounting for some 40% of world imports.
Senior members of the Shinzo Abe administration, from the prime minister on down, have already jumped into the Tokyo gubernatorial race to insist that candidates must not appeal to the public in terms of anti-nuclear policy, but instead according to what the government believes are the most “proper” subjects, namely preparations for the 2020 Tokyo Olympics and health care policy.
Rarely has a political party been created that so looks forward to its own destruction. More commonly the birth of a new political party is attended by hopes that one day, with hard work and perseverance, it may capture a majority and govern the nation. But in the case of the Unity Party, inaugural leader Kenji Eda has made it surprising clear that he expects his new party to have long met its demise even before its first general election.
This should be the best of times for the New Komeito Party. Somehow they remained loyal partners of the Liberal Democratic Party (LDP) even after the crushing electoral defeat of August 2009, and they patiently weathered more than three years on the opposition benches while the Democratic Party of Japan (DPJ) mismanaged the nation. By rights, the last two national elections should be judged a triumph in which this party performed well and its ally came to dominate the government ranks.
It has been little noticed in the mainstream media, but Japanese conservatives and their allies desiring to erase the painful history of the so-called Comfort Women have been taking their campaign of denial to the US White House. They are doing this through the “We the People” online petition section of the White House official webpage.
The Mainichi Shinbun has opened the year with a blockbuster exclusive news story that is likely to be underplayed, or even ignored, by most of the rest of the Japanese media. One of the biggest headlines in November 2013 was the public announcement by Beijing that it was establishing an Air Defense Identification Zone (ADIZ) over a large swathe of the East China Sea.
Okinawa Governor Hirokazu Nakaima’s decision to approve construction of the planned US Marine air base at Henoko has won its fair share of admirers. Much of the international media has portrayed it as a “breakthrough” that resolves a long political “stalemate” that had plagued US-Japan relations for many years.