One of the major reasons for Prime Minister Shinzo Abe’s reelection last December, apart from a weakened and divided opposition, was the stability of economic policy. With a weakened yen, a stock index that is surging, and long-awaited inflation instead of deflation, Abe has been able to claim several successes.
The April 16 tragedy of the MV Sewol in the territorial waters of South Korea has been exercising an impact on the local economy of Tottori Prefecture. This has occurred mainly due to the fact that the accident, in which more than three hundred people appear to have lost their lives, has deeply undermined the South Korean public’s faith in the safety of ferry boats.
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.
“Joining the Trans-Pacific Partnership negotiations is a far-sighted policy,” declared Prime Minister Shinzo Abe to his Cabinet and journalists on Friday, “Japan should play a leading role toward a year-end deal.” The prime minister may be exactly right, but the fact is that very few independent observers have any firm basis for making a judgment. Not only are the TPP talks highly complex, they are also secret and moving very quickly.
The results of Sunday’s House of Councillors election are a foregone conclusion in light of the electoral district system and the number of candidates run by each party. The ruling coalition of the LDP and New Komeito will win a strong majority in the upper house but cannot possibly win on their own the 2/3 majority required for constitutional revision. What we will have when the Diet next opens will be the Abe government popular with the public and in firm control of the parliament.
“We Want to Go Fishing!” was the slogan of a rally organized by the National Federation of Fisheries Cooperative Associations (JF Zengyoren) in Tokyo on May 29. As the yen falls, so the price of fuel is soaring and reaching a level that some fishermen say they can no longer endure.
For several months we had been thinking that the success of the Nuclear Regulation Authority, or NRA, might represent one of the truly under-appreciated stories of 2013. For most of the anti-nuclear crowd the NRA could never really win much admiration because they dispute a fundamental premise upon which this organization was built — that nuclear energy could ever really be safe in earthquake-prone Japan no matter how strict the regulations.
The third consecutive Japanese prime minister has embraced the Trans-Pacific Partnership (TPP), and this time it is probably for real—at least as far as entering the negotiation process goes. Prime Minister Shinzo Abe used his much-awaited visit with US President Barack Obama to crow a little bit about how he was “restoring” the US-Japan Alliance after the three dark years of the Democratic Party of Japan.