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Only 1.2% Of Friends "Like" Abe's Latest Social Media Screed

Tyler Durden's picture




 

With the Abenomics honeymoon over, and the market starts to turn against your extreme policies, you have to bring out the big guns. Girl bands, Teenagers in short skirts, Sumo champions, and now social media is the platform of choice for Shinzo Abe's latest propaganda-fest on how he is saving the world one printed Yen at a time. Unfortunately for him, of the 8,627 people that viewed his note on LinkedIn, a mere 66 gave it a thumbs up (how many ministers are there in his party?) and only 107 'liked' it on Facebook. It seems he is 'lucky' that there is no Dislike button...

 

 

Via LinkedIn,

Japan's New Growth Strategy: Bringing Rapid Reform To the Country

Place Japan on a path to recovery. This is the task that was given to me.

Prolonged deflation has been a major challenge and one that has persistently held Japan back. If the real value of money is higher than the value of goods (the very definition of ‘deflation’) then it is inevitable that corporate investment will be discouraged as a result and household consumption will decrease.

The path ahead is challenging. In many ways, those worst affected by deflation are the younger generation. I worry that the vitality and energy of Japan’s youth may gradually disappear.

My colleagues and I did not become politicians to create such a country; one that dampens the outlook for our young people. Simply put, there can be nothing more important than raising young people who have confidence in a brighter future.

A metaphor for deflation is that your body temperature drops continuously, bit by bit.

There is only one solution; deflation must be rooted out in one fell swoop, through bold and practical new monetary and fiscal policies, implemented simultaneously.

Large-scale central bank policy changes and budgetary measures pursued in quick succession were the first and second “arrows” of Japan’s economic revival strategy. The mood in the country has changed dramatically as a result. My goal was to successfully shake Japan out of the ‘deflationary mindset’ that had become so prevalent.

Another important priority is to tackle the ongoing challenges left by the 3/11 earthquake and tsunami, especially for those living in the affected areas. The tsunami, which occurred just over two years ago, was a ‘once in a millennia’ occurrence. In my role as prime minister I have visited the regions affected by the Tsunami and nuclear accident at least once every month to ensure that positive progress continues to be made towards reconstruction.

As long as people who have lost families and homes continue to suffer and live in unfavourable conditions we will be unable to say that Japan is fully recovered and will be unable to face our friends in the international community, who kindly provided their support. Without Japan’s broader economic revival, the victims themselves will be unable to recover and the regions affected will not be able to regain their vitality.

Japan faces significant structural challenges. During the prolonged recession, we lost 500 billion U.S. dollars in gross national income, equivalent to the disappearance of an economy the size of Norway or Poland. As a result, Japan’s government debt is more than twice its GDP.

Needless to say, growth is of vital importance if we are to reverse this negative trend.

Other structural challenges we face include the declining birth rate and ageing population. Both are difficult to solve. If we do not address these now, however, we will reach a stage where we cannot turn back. Japan must act swiftly before it is too late.

So what do we need to do? Unfortunately there is no panacea, nor ‘magic bullet’, to instantly fix these long term challenges. However, one thing is certain: we can expect a greater impact if we target specific ‘catalysts’ that can create a broader knock-on effect on the economy. More can be gained from decisive and ambitious policies than a patchwork of smaller, modest ones.

These ‘catalysts’ are, in effect, the real goal of Japan’s growth strategy.

I have promoted increased participation by women in the workforce, and in management, for many years. This is a ‘social’ policy, but at the same time it is also a very important piece of the broader growth strategy.

Changing Japan’s corporate culture to be more open and receptive to women is an absolute priority. Japan’s business community has, for too long, been dominated by men with uniform ways of thinking. I am determined to encourage women to break through the glass ceiling, and I will prepare the infrastructure to make that possible.

The next challenge is to ‘open up’ Japan and its markets. Upon becoming prime minister, I was faced with the issue of whether or not to pursue entry to the Trans-Pacific Partnership (TPP) Agreement. Voices of opposition were heard even among those supporting my own party. I did all I could do to change their views and, in the end, made the decision to participate in the negotiations. While some are hesitant about such an endeavor, I have no doubt that increased trade will create a positive chain reaction for the Japanese economy.

Japan is also seeking an economic partnership agreement with the EU, free trade agreements with both China and Korea, as well as trade agreements with participants of the East Asia Summit (the 10 ASEAN countries, China, South Korea, Australia, New Zealand, and India).

I also believe it is important that we step up efforts to attract foreign investment. As part of the new growth strategy we have set an ambitious target of doubling the level of direct investment into Japan by foreign companies.

Since I became prime minister, I have often said that I want to make Japan the most business friendly environment in the world.

One effective tool to achieve this will be the creation of ‘National Strategic Special Zones’ for investment. We have learned from past experience that a ‘bottom-up’ approach may be inadequate and open to the risk of hindrance from excessive regulation, vested interests and lengthy decision making processes. The new special zones will instead take a ‘top-down’ approach. I will personally take the lead in managing these initiatives and making the necessary decisions on deregulation and implementation of reforms.

We will review planning regulations that currently restrict the development of urban areas. In addition, we will tackle regulation to allow leading foreign doctors to work in Japan and to allow international schools to be established more easily. We will also change construction regulations to bring people back to the centre of our cities. If Tokyo’s bid for the 2020 Olympics is successful, it will become a valuable catalyst to boost the recovery of Japan’s economy. To host this global celebration of sport would be a dream come true for the people of Japan.

I want Japan to welcome talented people around the world who offer new expertise and know-how and who can themselves act as positive ‘catalysts’ for change in our economy.

Some may question whether Japan is up to this challenge. My response is that we can no longer afford not to meet these challenges, as they will only become more difficult with time. We must seize the moment.

I hope to act as the ‘drill bit’ that can finally break through the bedrock of Japan’s regulatory regime. Positive changes have already been made - structural reform in the electricity market is one example of this. We, the Abe administration, decided to move forward with the division of generation and transmission of electric power. In doing so, we made a decision to put an end to a market oligopoly that had continued for more than half a century. I expect to see new opportunities to emerge as a result, and increased investment in this market.

Japan’s Upper House election will be held this July. A win by the ruling coalition (consisting of the Liberal Democratic Party and New Komeito Party) will send a clear message of support from the public and will signal that it is time to break the gridlock and build upon the positive momentum made thus far.

In conclusion, it is important to clarifying that these efforts will not only benefit the citizens of Japan.

In the first quarter of 2013, the annualized rate of growth was 4.1 percent. Should the Japanese economy extend this 4.1 percent of growth rate throughout the year, it will be the equivalent of the sudden emergence of an economy larger than Israel’s.

The Japanese economy is not small. Measured in nominal GDP, it is larger than that of Germany and the U.K. combined. If a country like ours were to experience negative growth it would likely be the ultimate recipe for “beggar thy neighbour.”

Japan is a nation that takes responsibility for cultivating a peaceful and stable world order grounded in the rule of law. Japan must be strong to be able to make a strong contribution. To continue to do so, Japan requires economic recovery.

“Abenomics” can lift the country out of deflation and onto a growth path. It represents an opportunity for positive engagement with the world and a “win-win” scenario for both the Japanese and the global economy.

 

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Mon, 07/01/2013 - 17:24 | 3711405 q99x2
q99x2's picture

Siskel and Ebert would have given it two thumbs up each other's ass if he would have let them borrow his diaper.

Mon, 07/01/2013 - 17:27 | 3711411 Row Well Number 41
Row Well Number 41's picture

Abe needs a Red Arrow.  Lets see how long before the Nikkie gives him one.

#41

Mon, 07/01/2013 - 17:35 | 3711425 fonzannoon
fonzannoon's picture

Kyle Bass said that Japan could take another year or wto to blow up. We may be here a while.

Mon, 07/01/2013 - 17:42 | 3711452 slotmouth
slotmouth's picture

Japan has been insolvent for a long time, the market just doesn't know it yet.

Mon, 07/01/2013 - 17:56 | 3711488 PersonalRespons...
PersonalResponsibility's picture

I'm more concerned about the ongoing Fukushima disaster.

Mon, 07/01/2013 - 18:03 | 3711503 e-recep
e-recep's picture

timing in finance has always been a bitch.

Mon, 07/01/2013 - 17:35 | 3711423 ZerOhead
Tue, 07/02/2013 - 07:11 | 3713151 NidStyles
NidStyles's picture

Still not sure what to think about a nation that pimps out it's young women like that. South Korea used to do that and look what happened to them, most of their women are prostitutes or former prostitutes and the rest simply will not put up with Korean men unless they had boat loads of money. Let's not even get into their demographic issues of not enough women for every man now, which only makes the problem worse.

Mon, 07/01/2013 - 17:35 | 3711424 Hedgetard55
Hedgetard55's picture

Abe: "There is only one solution; deflation must be rooted out in one fell swoop, through bold and practical new monetary and fiscal policies, implemented simultaneously."

 

     Bullshit, you stupid fucking slanty eyed yellow fucking monkey. You need to CLEAR THE BAD DEBT, fuckhead, before anything positive can happen. Printing yen won't solve a fucking thing, Nipponese asshole.

Mon, 07/01/2013 - 17:49 | 3711459 ZerOhead
ZerOhead's picture

Please stop insulting monkeys... they had very little to do with the shitfest we find ourselves in today.

Unfortunately the present cards in Abe's hand really suck and he has no way out of his debt trap other than to print his way out... can't really write down the 200% of GDP government debt now can he?...

It will end badly.

Mon, 07/01/2013 - 17:52 | 3711476 krispkritter
krispkritter's picture

Zer0 +100  ;)

Mon, 07/01/2013 - 18:06 | 3711511 Hedgetard55
Hedgetard55's picture

My bad.

Mon, 07/01/2013 - 18:29 | 3711588 Mark Urbo
Mark Urbo's picture

But Abe will get monkey-hammered at some point...

Mon, 07/01/2013 - 17:37 | 3711429 Aurora Ex Machina
Aurora Ex Machina's picture

Japan’s upper house gave final approval on June 12 for a $500 million, 20-year fund to promote Japanese culture overseas. Called Cool Japan, the multidisciplinary campaign is designed to plug everything from anime and manga to Japanese movies, design, fashion, food and tourism. Overseen by the Ministry of Economy, Trade and Industry (METI), the campaign will woo private investors later this year to hit an eventual target of $600 million. It’s unfortunate that the name of a campaign to showcase creative originality strongly echoes Cool Britannia, the pop-cultural flowering that took place in the U.K. in the 1990s, but it’s early days for Tokyo’s own soft-power push...

One veteran Japanese movie producer, who spoke to TIME on condition of anonymity, has a more cynical take. “The government money will be funneled into big Japanese corporations [and] advertising agencies like Dentsu and Hakuhodo,” he says, “and they will filter it away into their own accounts through paperwork. No real domestic artists will receive the money — and they are the ones who truly need it.”

Need is an understatement. As the author of a book about Japanese popular culture, I have been tracking the government’s actual commitment to it very closely. And while this new fund is unprecedented in size and hoopla, it does nothing to support Japanese artists domestically, many of whom labor in sweatshop conditions with unsustainable pay. Anime artists in their 20s, for example, make roughly $11,000 annually — living in one of the most expensive cities in the world.

[Source July 1st]

 

Cool Japan: How to Ignore Inflation and pray no-one mentions Bonds.

 

<RISU!>

Mon, 07/01/2013 - 17:40 | 3711442 breakyoself
breakyoself's picture

Time to create some fake accounts.

Mon, 07/01/2013 - 17:41 | 3711443 Dr. No
Dr. No's picture

Actually, he is making progress.  His money dumping is reaching more than the 1%.  It is reaching an additional 0.2%!!!!  yes we can!

Mon, 07/01/2013 - 17:42 | 3711448 Rainman
Rainman's picture

At least he has 66 relatives who still like him

Mon, 07/01/2013 - 17:51 | 3711473 Bunga Bunga
Bunga Bunga's picture

I guess the 8,627 people that viewed his note were all Japanese government employees.

Mon, 07/01/2013 - 17:54 | 3711480 world_debt_slave
world_debt_slave's picture

ronest rbe

Mon, 07/01/2013 - 17:55 | 3711487 krispkritter
krispkritter's picture

 ‘National Strategic Special Zones’  Sounds like you can only get there by riding the short bus.

Don't you just love it when they come up with all these new buzzwords and catch phrases for the same old system of bribery, corruption, and payoffs to special interests and cronies when they could stop subsidizing crime, get the fuck out of the way(ie. economy), and let people keep their own money to invest in business ventures? I guess crime and payola comes in all colors....

 

Mon, 07/01/2013 - 18:15 | 3711536 flacorps
flacorps's picture

That place couldn't make it even if they suddenly cracked cold fusion, antigravity and faster-than-light space travel. They would also need teleportation and a vaccine that cures stupidity. Their odds are poor.

Mon, 07/01/2013 - 18:18 | 3711545 BigInJapan
BigInJapan's picture

Now that you've broken the story, Abe's "Dentsu Popularity Plunge Protection Team" will astroturf the fuck out of that.
Them Mofos'll be all "supah biggu rikey" by tomorrow.

Mon, 07/01/2013 - 19:46 | 3711875 BigInJapan
BigInJapan's picture

Am I the only person who reads "devaluation in one fell swoop" from Abe's quote?

Mon, 07/01/2013 - 21:13 | 3712170 mrjohn
mrjohn's picture

The Kyle Bass fan club desperately seeking meaning in Facebook likes.

Bass' Japan fund is underwater, has been all year, he can't last until that indeterminate point in the future when he will be half right about the Japanese economy.

Tue, 07/02/2013 - 02:10 | 3712932 BigInJapan
BigInJapan's picture

LINK?

Mon, 07/01/2013 - 21:22 | 3712193 Atomizer
Atomizer's picture

If you tmuhb me up in the saicol meida eco-sesytm, I'll sned you a dezon erogllgs and two fere pssaes to Whtie Huose Dwon mvioe.

Tue, 07/02/2013 - 04:41 | 3713056 NipponMarketBlog
NipponMarketBlog's picture

 

 

"There is only one solution; deflation must be rooted out in one fell swoop, through bold and practical new monetary and fiscal policies, implemented simultaneously."

 

This is the central problem with Abenomics. The belief that government can affect - through conventional means such as fiscal and monetary policy - a fundamental change in the way people and companies behave.

Consumers have been instructed ad nauseum now for months now that they must go out and spend, yet only luxury cars and the like are being bought by the wealthiest in the country. There is very little evidence that QE has sparked any consumption led momentum, despite higher inflation expectations, and yet very shortly the Japanese government will institute a new consumption tax....

What really needs to change is the inefficient mid- and small-cap corporate Japan, which still contains too many zombie companies that are run with the aim of just survival, and not growth. Serious restructuring of inefficient businesses and investment in profitable parts of those businesses is what the country needs.

But this is the only thing the Japanese government or central bank can do nothing about. Tax breaks for investment can not change a whole business culture.

 

http://nipponmarketblog.wordpress.com/

Tue, 07/02/2013 - 07:15 | 3713161 NidStyles
NidStyles's picture

Japan is just reverting to the Fascist Imperial system it had before the US military bombed the shit out of them and rebuilt their industry out of guilt. They still haven't learned anything after 60+ years of dealing with Americans. Then again they were dealing with the worst side of "American culture" with pseudo-socialist military.

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