Shinzo Abe secured final passage of a bill granting Japan’s govt sweeping powers to declare state secrets. The Bill won final approval of the measures at about 11:20 p.m. Tokyo time after opposition parties first forced a no-confidence vote in Abe’s govt in the lower house. The first rule of the pending Japan’s Special Secrets Bill is that what will be a secret is secret. The right to know has now been officially superseded by the right of the government to make sure you don’t know what they don’t want you to know. It might all seems like a bad joke, except for the Orwellian nature of the bill and a key Cabinet member expressing his admiration for the Nazis, "just as Germany needed a strong man like Hitler to revive defeated Germany, Japan needs people like Abe to dynamically induce change."
Overview of the week's economic and poltiical calendar in the context of the investment climate.
The early effects of the reform program have triggered a surge in the Japanese stock market, accelerated by the anticipation of growth revival. So far, so good for the markets and traders. But how will Abenomics accommodate public debt of over 200% GDP, and will Abe’s radical policies inspire a long-term economic recovery in Japan? Saxo Capital Markets’ new infographic explores the efficacy of Japan's prime minister's dangerous experiment to stimulate economic growth.
After being essentially nationalized as a result of the Fukushima explosion, and following years of denial finally admitting that TEPCO has lost control of the clean up effort of the Fukushima nuclear power plant corpse, one would think Tokyo Electric Power Company may have second thoughts about installing capacity in Fukushima. One would be wrong. "Tokyo Electric Power Company will build 2 advanced coal-fired power plants in Fukushima. The utility says it wants to contribute to the prefecture's recovery from the nuclear disaster. "
Japan – Like the U.S. – Turns to Censorship
"We, the German Fuhrer and Chancellor, and the British Prime Minister, have had a further meeting today and are agreed in recognizing that the question of Anglo-German relations is of the first importance for our two countries and for Europe. We regard the agreement signed last night and the Anglo-German Naval Agreement as symbolic of the desire of our two peoples never to go to war with one another again. We are resolved that the method of consultation shall be the method adopted to deal with any other questions that may concern our two countries, and we are determined to continue our efforts to remove possible sources of difference, and thus to contribute to assure the peace of Europe. My good friends, for the second time in our history, a British Prime Minister has returned from Germany bringing peace with honor. I believe it is "peace for our time." Go home and get a nice quiet sleep." - Neville Chamberlain, September 30, 1938
The Shocking Reasons that Americans Are Right to Be More Afraid of Bad Government Policy than Terrorism
"Frustrated" Liquidity Addicts Demand Moar From BOJ As Nikkei Rally Stalls, Abenomics Founders And "Hope Fades"Submitted by Tyler Durden on 11/13/2013 10:25 -0400
While the only topic of discussion for "sophisticated" investors everywhere is when (and if) the Fed will ever dare to reduce its monthly flow injection into US markets from $85 billion to a paltry $75 billion, everyone has forgotten that across the Pacific, for the past seven months the BOJ has been calmly injecting another $75 billion each and every month into the market, with no risk of this liquidity boost ever being tapered (since the broad 2% inflation target relies on ever broader wage increases that will never come). However, much to Japan's chagrin, in the current insta-globally fungible capital markets, over the past five months the bulk of this liquidity has found its way to the US stock bubble, leaving the Nikkei in the dust. As a result, the local Japanese liquidity junkies have started to loudly complain once again, and now the FT reports that "as excitement over the world’s second-biggest stock market has faded, some are now crying out for another jump-start." In other words: the BOJ must do "moar" to push the Nikkei bubble even higher following its rangebound trade since May which, worst of all, is now the primary reason why "hope is fading."
The operator of Japan's wrecked Fukushima nuclear plant will double the pay of contract workers as part of a revamp of operations at the station, after coming under criticism for its handling of clean-up efforts. Reuters reports, hazard pay for the thousands of workers on short-term contracts will be increased from 10,000 yen ($100) to 20,000 yen a day, Tokyo Electric Power Co said in a statement on Friday. The plan released on Friday also lays out improvements to the management of hundreds of thousands of tonnes of contaminated water building up, which comes from groundwater mixing with coolant poured over melted uranium rods. All of this as the riskiest phase of the decommissioning of Fukushima begins soon...
If Anything Goes Wrong, the Whole World Could Be Affected For a Long Time
While it took Japan over two years to admit the Fukushima situation on the ground is "out of control", a development many had predicted for years, a just as important topic is what are the implications of this uncontrolled radioactive disaster on not only the local environment and society but also globally, particularly Japan's neighbor across the Pacific - the US. To be sure, there has been much speculation, much of it unjustified, in the past two years debating when, how substantial and how acute any potential debris from Fukushima would be on the US. Which is why it was somewhat surprising to see the NOAA come out with its own modeling effort, which shows that not only "some buoyant items first reached the Pacific Northwest coast during winter 2011-2012" but to openly confirm that a debris field weighing over 1 million tons, and larger than Texas is now on the verge of hitting the American coastline, just west off the state of California.
The bailed-out owner of the Fukushima nuke, famous for its lackadaisical handling of the fiasco and its stinginess with the truth, reported earnings. It was a doozie.