Nov. 3, Sat.
BOJ responds to Japan's faster-than-expected slowdown
The Japanese people are facing an economic slowdown that's engulfing the country faster than predicted.
Exports and domestic production are taking a strong hit. Factors include the sluggish global economy, a boycott of Japanese products in China over a territorial dispute, and the slowing of the Chinese economy.
The rise of the yen has knocked the competitive edge off Japan's manufacturers. Some of the biggest victims are household electronics makers. Panasonic is looking at a net loss of nearly nine billion dollars for the second fiscal year running. It's a massive reversal of recent predictions by the company of a return to positive territory in the current fiscal year.
Faced with the signs of an accelerating slowdown, officials at the Bank of Japan decided on further monetary easing. They expanded a program for providing funds to the financial markets, and introduced a measure to make credit more accessible to corporate borrowers.
In a highly unusual move, the BOJ chief issued a joint statement with the government. It said the government and BOJ will work as one to tackle deflation. Behind this declaration of unity, the government has been pressuring the bank to ease credit, while bank officials have complained that the government should do more.
What has caused the weakening of Japanese firms and the economy?
What should be done to turn the situation around?
Was the BOJ's decision for more monetary easing a good one?
We speak with Peter Tasker of Arcus Investments. Tasker is a long-time resident of Japan and an expert on the Japanese economy.
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