Japan Fears U.S. Is Preying on Weak Economy

[cstaylor]

Japan Fears U.S. Is Preying on Weak Economy

The Japanese have long known that the economic tables have turned since the golden days of the late 1980's, when their banks, investors and shoppers ruled the West.

All week, Japan wrestled with fears that America Inc. was plotting to buy Japan Inc. — at a deep discount.

According to the conspiracy talk, Heizo Takenaka, the new economy chief, was doing the bidding of American "vulture funds" by planning to knock over shaky banks and force bankruptcies of companies that are insolvent on paper. Those rumors helped force Mr. Takenaka to water down his plan to tackle Japan's 12-year-old bad-loan problem.

"Agent of the Americans" screamed one tabloid headline about Mr. Takenaka, the minister of economy and of financial services

[tokyojoe]

Just tell them that there losing the competition. That was every Japanese patent answer to America's complaints during the 1980s. Amazing. Will Japan EVER get out of the toilet. Probably not.

As an analyst friend put it, `not until there is garbage in the streets`

[Andocrates]

Didn't Japan have the goal of being the biggest economy in the world by 2000 or something? And doesn't China now tout a similer goal? Well, it will never happen for a few reasons, one reason is Asian Languages are pretty much impossible for the world at large to learn, take English, it can survive all sorts of mistranslations, has a very simple alphabet and a basic operation can be learned in fairly short order.

But the biggest reason is nothing can compete with the sheer force of capatilism. Sure Japan made major inroads in the 80's, but capatilism eventually discovered, copied, and bested Japanese techniques in short order. It wasn't a concerted effort by desperate patriotic Americans, or big business, it's the nature of a capatilistic society.

This is why it's hard to take China seriously. Japan needs to abandon it's backward thinking and turn entrepanuirs loose, then it will recover. (of course we both know that will never happen)

[kamome]

Actually, I beg to differ on the China point. Who knows if China will achieve its stated goal of being the being economy in the world, but I think it would be foolish to discount them. I just read that China signed a Free Trade Agreement with Asean. It also is negotiating with Japan and S. Korea for a Far East FTA. China also finally got admitted into the WTO. I think at the very least they are more serious and are more capable of taking the lead in Asia.

I remember back in the '80's, the Reagan administration didn't take Japan seriously until "suddenly" Japan became a monolith and started taking over whole industries. If Japan could succeed like that, China can too.

[Andocrates]

Your point is justified, I'm just saying eventually it comes down to the guy on the assembly line. And for that reason communism can never compete with capatilism. The american on the assembly line works to pay his bills and advance his lifestyle, he knows he must perform to a certain level to succeed.

That sort of personal driven goal is not likely in China. And even if it is achieved . . . The Japan of the 80's was built on the excellence of the Japanese worker, but the socialist leanings and protectionism of Japan destroyed the economy in the end.

[kamome]

Your point is justified, I'm just saying eventually it comes down to the guy on the assembly line. And for that reason communism can never compete with capatilism. The american on the assembly line works to pay his bills and advance his lifestyle, he knows he must perform to a certain level to succeed.

That sort of personal driven goal is not likely in China. And even if it is achieved . . . The Japan of the 80's was built on the excellence of the Japanese worker, but the socialist leanings and protectionism of Japan destroyed the economy in the end.

Yes, Japanese style socialism has contributed to the demise of its economy. But let's not confuse China's political socialism with Japanese economic socialism. I think China is moving towards a true capitalist system as far as its industry goes. If they succeed in doing that, noone in Asia will be able to compete on their level.

[Buraku]

Japan needs less protectionism not more

Veneroso: Japan on the Edge of the Abyss
http://www.nakedcapitalism.com/2009/02/japan-on-edge-of-abyss.html

No more government subsides!!
no more bailouts !!

Our View: Protectionist measure has no place in stimulus
http://www.pjstar.com/opinions/x439281446/Our-View-Protectionist-measure-has-no-place-in-stimulus

US Auto bailout why and for whom?

Protectionism, unemployment and riots as the global slump deepens
http://www.moneyweek.com/news-and-charts/economics/protectionism-unemployment-and-riots-as-the-global-slump-deepens-42102.aspx