By Eisuke Sakakibara
In this strangely candid booklet, Japan's former most sensible monetary diplomat asserts the pressing desire for wholesale structural reform to revitalize the long-stagnant jap financial system. Eisuke Sakakibara, whose effect over worldwide foreign money markets earned him the nickname of "Mr. Yen," envisions a social and financial revolution that encompasses all sectors of jap society. while prior analyses of eastern rules of the prior decade concentration narrowly on such matters as nonperforming resources and deregulation, Sakakibara offers a brand new viewpoint. Japan's monetary difficulties are structural, instead of cyclical, in keeping with Sakakibara. ecocnomic funding possibilities are not easy to discover within the dysfunctional company quarter, the place expenses are excessive and source of revenue maintains to say no. The country's entrenched strength elite —the Liberal Democratic occasion, the paperwork, and vested curiosity teams —are threatened by means of reform efforts. it will likely be tough to revive fiscal overall healthiness to Japan until eventually its political leaders may be able to holiday the grip of this "iron triangle" and enforce competitive, common reforms. This e-book furthers the certainty that structural reform or new establishment development in Japan wishes an all-encompassing technique that comes with some of the sectors of jap society and the economic system. merely with this sort of knowing can pragmatic and significant structural reform in Japan be applied.
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Additional info for Structural Reform in Japan: Breaking the Iron Triangle
Example text
K¯oky¯ot¯oshi no K¯eizaik¯oka (Tokyo: Nihon Hy¯oronsha, 1999), p. 26. The Public Construction State 37 merit only for construction companies and politicians who want to maintain the system for political reasons. However, the time of zoku politicians13 conducting Japan’s politics should be over. This is why the Koizumi government is emphasizing the road budget, special funds, and public road works as important targets of structural reform. This creative destruction is necessary in order to move beyond Japanese modernization and build a twenty-first century system.
4 During the Edo period, the government’s monopolistic trade system of sakoku, or national isolation, which shaped smoke spewed by the coal-burning steamships. In addition, the ships appeared threatening because they carried a total of over a hundred of the latest naval cannons. 2. Takafusa Nakamura, Sh¯owa K¯ezaishi, Iwanami Seminar Book 17 (Tokyo: Iwanami Books, 1986), p. 7 (my translation). 3. Yonosuke Hara, Ajia Dainamizumu (Tokyo: NTT Shuppansha, 1996), pp. 56–57 (my translation). 4. , Tokugawa Shakai kara no Temb¯o (Tokyo: D¯obunkan Shuppan, 1989).
The ASEAN member countries are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The “plus-Three” countries are China, Japan, and South Korea. Collapse and Transformation 11 Furthermore, structural reform that is externally imposed is likely to generate a backlash, such as anti-Americanism and anti-globalization. The issue of Asian regional cooperation or unification is discussed later in this book, keeping in mind that internally motivated structural reform is a precondition.