Japan Finance – Aisa Net http://aisa-net.com/ Wed, 22 Sep 2021 09:23:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png Japan Finance – Aisa Net http://aisa-net.com/ 32 32 Kuroda of the BOJ reaffirms the need for a policy mix before the leaders’ vote https://aisa-net.com/kuroda-of-the-boj-reaffirms-the-need-for-a-policy-mix-before-the-leaders-vote/ https://aisa-net.com/kuroda-of-the-boj-reaffirms-the-need-for-a-policy-mix-before-the-leaders-vote/#respond Wed, 22 Sep 2021 09:23:06 +0000 https://aisa-net.com/kuroda-of-the-boj-reaffirms-the-need-for-a-policy-mix-before-the-leaders-vote/

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Bank of Japan Governor Haruhiko Kuroda has reaffirmed the importance of a concerted policy mix that supports the economy, ahead of a key ruling party election that will almost certainly determine the country’s next prime minister. Speaking after the BOJ left its policy unchanged and fleshed out more details on its green lending program, Kuroda stressed the need to continue supporting the economy amid the lingering risks of the pandemic, including the constraints on the supply side.

Wednesday’s stand-pat decision comes a week before a ruling party election to choose Prime Minister Yoshihide Suga’s successor. The new leader of the Liberal Democrats is expected to put in place a stimulus package to help the economy get back on a firmer recovery path.

In a busy week for central banks, the Federal Reserve concludes its own meeting just hours after the BOJ rally and is likely to offer clues to its cutback plans that could keep downward pressure on the yen or lead to a near-term rally depending on how bullish Jerome Powell is on the economy.

For now, it seems highly unlikely that the BOJ will join the first steps to cut stimulus, regardless of Suga’s replacement, especially with Japanese inflation still below zero.

What Bloomberg Economics Says …

“The Bank of Japan probably has no choice but to keep the stimulus measures at the current scale, given the difficult economic conditions… Its green policy shows that it is experimenting with new approaches, but the direction of its stimulus policy is unlikely to change much in the foreseeable future. future.”

–Yuki Masujima, economist

To read the full report, click here.

Kuroda declined to comment directly on the battle for leadership, but pointed to the success of the close cooperation between the government and the central bank since a joint statement issued two months before he became governor in March 2013.

“The joint statement has played a major role in supporting the Japanese economy,” said Kuroda, who will become the bank’s longest-serving governor on the day of the PLD vote. “The BOJ intends to continue to conduct monetary policy appropriately in accordance with the statement.”

Yet Kuroda did not completely rule out reviewing the statement with the government after the installation of a new prime minister. The joint deal commits the central bank to hitting 2% inflation, a target some of the leadership contenders seem less committed than previous prime ministers.

“Kuroda will not categorically refuse to discuss the price target if the government takes up the issue,” said Shigeto Nagai, Japanese director of Oxford Economics and a former senior official in the BOJ’s international department.

Leader Taro Kono, the Japanese vaccine czar, considers the BOJ’s 2% target to be very difficult to achieve and has in the past called on the central bank to clarify its exit strategy from the stimulus plan. Yet with the pandemic continuing to weigh on the economy, the winner of the leadership election is unlikely to be in a rush to change BOJ policy.

Nagai sees the target sticking around, given the prevalence of 2% inflation targets around the world, although it may become something of a longer-term target in Japan.

Read more: Kuroda and his monetary experiment continue on record-breaking BOJ tenure

Earlier today, the BOJ reported that supply side constraints were limiting the resumption of production and exports.

Conditions deteriorated for manufacturers who fueled the recovery. Toyota Motor Corp. and other Japanese automakers have announced plant shutdowns due to shortages of semiconductors and other parts as the impact of Covid cripples supply networks in Asia.

Kuroda said it was not clear how long the impact of production shutdowns in Southeast Asia would last as countries tried to bring the outbreak under control in the Delta, but signs of a recovery were emerging.

His comments will reinforce the view that while the central bank will not add to its measures, it will continue with its stimulus measures. This will leave any additional help for the economy to the government.

Read more: Japan’s leadership rivals diverge on economic paths after Covid

As a general election looms and Japan’s state of emergency economy still struggles to regain momentum, analysts expect an economic package to top the list of priorities of the new leader.

“I don’t think the BOJ is trying to push a new PLD leader to compile a massive economic package, but whoever wins the election, the size of the tax expenditure will be at least 30 trillion yen (274 trillion yen). of dollars). They have a national election to fight for, ”said Yuichi Kodama, chief economist at the Meiji Yasuda Research Institute.

The central bank also unveiled more details on its green lending program. The BOJ said it would start accepting applications immediately and start making the loans in December. Kuroda said he expected the program to start small, but eventually grow to a substantial size.

(Adds commentary from economists, details about the green loan program.)

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Mizuho’s $ 4 billion system to come under unprecedented state scrutiny https://aisa-net.com/mizuhos-4-billion-system-to-come-under-unprecedented-state-scrutiny/ https://aisa-net.com/mizuhos-4-billion-system-to-come-under-unprecedented-state-scrutiny/#respond Tue, 21 Sep 2021 15:35:00 +0000 https://aisa-net.com/mizuhos-4-billion-system-to-come-under-unprecedented-state-scrutiny/

TOKYO – The Japanese financial regulator will oversee Mizuho Financial Group’s ailing IT system over the next few months to prevent further crashes, taking an unprecedented step that follows a series of blackouts at its retail banking unit this year, learned Nikkei.

The Financial Services Agency is expected to announce the action as early as this week. The FSA informed Mizuho Bank of its plans on Tuesday.

Under the FSA’s supervisory order, the agency will oversee an inspection and system improvements for Mizuho, ​​Japan’s third-largest banking group in terms of assets. The initial timeframe for the action will last until the end of the year.

The FSA’s intervention comes after seven software and hardware failures at Mizuho this year, starting in February, when customers had to wait hours to retrieve bank cards swallowed by ATMs. The group has taken its own steps to avoid further disruption, but officials see the possibility of underlying flaws in the system itself.

Under the supervision of the FSA, Mizuho will be ordered to stop new operations and services that increase the workload of the system. A team brought together by the agency and Mizuho will make system inspection their top priority.

Dubbed Minori, Mizuho’s banking system was completed in 2019 at a cost of 450 billion yen ($ 4.12 billion at current rates). If the FSA’s investigation uncovers fundamental flaws, Mizuho could face additional costs.

The bank has been under FSA inspection since the ATM crash in February. The agency was set to issue a business improvement order in September when another outage occurred in August, followed by another ATM outage this month.

Mizuho attributed the series of failures to different causes.

Japan’s banking law gives the FSA the power to order necessary measures for banking supervision, but this power has never been used to oversee inspections of the system.

The FSA intends to pass judgment on management’s liability for disruptions until after its diagnosis of the underlying causes.

System issues have plagued Mizuho since its inception following the merger of three lenders. Mizuho Bank suffered a major transaction disruption when it opened in 2002. Another widespread ATM outage occurred after the 2011 tsunami in northeastern Japan.

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Japan’s finance minister says it may take longer to reach budget target https://aisa-net.com/japans-finance-minister-says-it-may-take-longer-to-reach-budget-target/ https://aisa-net.com/japans-finance-minister-says-it-may-take-longer-to-reach-budget-target/#respond Tue, 21 Sep 2021 04:35:00 +0000 https://aisa-net.com/japans-finance-minister-says-it-may-take-longer-to-reach-budget-target/

TOKYO, Sept.21 (Reuters) – Japan may need more time to meet its budget target of achieving a surplus in its primary balance by fiscal year 2025, Finance Minister Taro Aso said on Tuesday. by refraining from abandoning this elusive goal.

Some candidates in the ruling Liberal Democratic Party (LDP) leadership race have been cautious about the primary balance goal given uncertainty over the impact of COVID-19 on the economy.

A race winner is effectively guaranteed to become a new prime minister given the ruling bloc’s majority in the powerful lower house of parliament.

“It is true that we are facing a situation where it may take longer to reach the primary balance target,” Aso told reporters after a cabinet meeting. He declined to comment on the comments of the contenders for the LDP race.

On the other hand, Japan’s tax revenues have increased despite the pandemic’s impact on a fragile economy, making it difficult to forecast the fiscal outlook, Aso said.

He said he had no idea of ​​the additional budget spending the coronavirus might require.

“It is important to find the right balance between income and expenditure,” he said.

The primary budget balance, which excludes new bond sales and debt servicing, serves as a barometer to determine whether Japan can finance its spending with tax revenues without resorting to new borrowing.

Japan has pushed back the primary balance target several times in the past due to a series of strong fiscal stimulus it has put in place to deal with economic downturns.

Many private sector analysts find the 2025 tax target difficult, if not impossible, to achieve.

The government’s own projections suggested in July that the expected timeframe for achieving a primary balance surplus would be 2027 – two years earlier than previous estimates due to a surprise increase in tax revenue.

Reporting by Tetsushi Kajimoto; Editing by Ritsuko Ando and Stephen Coates

Our Standards: Thomson Reuters Trust Principles.

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Transformational macroeconomic trends shaping developed Asia through 2026 https://aisa-net.com/transformational-macroeconomic-trends-shaping-developed-asia-through-2026/ https://aisa-net.com/transformational-macroeconomic-trends-shaping-developed-asia-through-2026/#respond Mon, 20 Sep 2021 15:15:00 +0000 https://aisa-net.com/transformational-macroeconomic-trends-shaping-developed-asia-through-2026/

DUBLIN, September 20, 2021 / PRNewswire / – The report “Transformational Macroeconomic Trends Shaping Developed Asia Until 2026” has been added to ResearchAndMarkets.com offer.

Research and Markets logo

This research examines the national vision, the change in macroeconomic policy, new trade agreements and the industries promoted since the start of the pandemic.

Foreign and domestic direct investors should seek new government incentives that support economic recovery. Some of the key industries that have received a boost from the pandemic include, but are not limited to, high-tech industries driven by digital transformation; green industries, such as renewables and cleaner electric and motor vehicle models; smart manufacturing; and health care.

The business environment in developed Asia (Japan, South Korea, and Singapore) continues to be uncertain despite coordinated political efforts and government incentives to foster economic recovery. The next few months are going to be crucial for the region as countries attempt to weather the pandemic.

This macroeconomic outlook for developed Asia to 2026 will enable clients to develop scenario-based macroeconomic growth projections, obtain more in-depth information on income, trade, investment and demographic conditions in Japan, Korea and Singapore. The research has been divided into three key sections: the overall economic outlook, the demographic social outlook, and the investment environment outlook.

Analysis of GDP growth suggests that Japan and Singapore will grow 10.0% or more in 2021, mainly driven by a weak 2020 base. The study also undertakes scenario-based assumptions for the 2021-2022 GDP growth forecast, based on vaccine coverage, new COVID-19 outbreaks, government support measures, and recovery pathways that result.

In an accelerated vaccine deployment scenario, Asian countries will potentially achieve a full GDP recovery in 2021 itself; however, in a pessimistic scenario, the recovery of these economies would extend until the end of 2022 or early 2023. Growth prospects for 2023-2025 are however more positive and stable for all countries.

Fiscal tightening, one of the top priorities for governments in this region, could lead to income restraint in the post-pandemic period. Nonetheless, the economic recovery, the gradual reduction in the unemployment rate and an accommodating monetary policy will strengthen the outlook for per capita income in the long term. Structural reforms are also a major area of ​​intervention for governments, as evidenced by the push for digital transformation at the regional level. Governments in this region are also seeking to ease restrictions on foreign investment, the most recent being Japan.

Although depopulation and the high rate of old-age dependency may hold back the growth of the labor force, favorable government policies will help to counter this decline.

A significant portion of the research is also focused on identifying key growth opportunities despite the current volatility. Changes in global supply chains, one of the main consequences of the pandemic, are expected to open up new opportunities in developed countries. Asia.

With from China weakens and producers seek to diversify, other governments in the region – mainly Japan and South Korea – encourage companies to relocate or manufacture nearshore products in their country. The emergence of new growth poles, far from capitals, creates a favorable business environment for companies in sectors such as renewable energy, R&D, tourism and smart city infrastructure.

Main issues addressed

  • What are the GDP growth prospects for developed Asia in a baseline, optimistic and pessimistic scenario?

  • What are the sectors on which the government’s reform program is focused?

  • What sectors are likely to gain momentum after the pandemic in the region?

  • What are the top 10 provinces / prefectures of Japan and Korea which will contribute the largest share of GDP and population by 2026?

  • What are the main post-pandemic growth opportunities that companies could exploit?

  • What are the national visions and their implications for companies?

  • How are governments changing their macroeconomic policies to cope with the disruptions induced by the pandemic?

  • What are the opportunities for domestic exporters of the latest free trade agreements signed by developed Asian governments?

  • What are the new incentives offered to foreign investment?

Main topics covered:

1. Strategic imperatives

  • Why is it harder and harder to grow taller?

  • The strategic imperative

  • Impact of the three main strategic imperatives on the macroeconomic environment in developed Asia

  • Growth opportunities fuel the growth pipeline engine

2. Analysis of growth opportunities – Macroeconomic environment in developed Asia

  • Macroeconomic environment, developed Asia

  • Key macroeconomic indicators for Japan

  • Key macroeconomic indicators for South Korea

  • Key macroeconomic indicators for Singapore

  • Growth drivers for the macroeconomic environment in developed Asia

  • Growth Constraints for the Macroeconomic Environment in Developed Asia

  • Forecast assumptions for 2021-2022 GDP growth

  • Economic trends and forecasts for developed Asia

3. Economic Outlook for Developed Asia

  • Quarterly GDP growth (2021-2022), Japan

  • Quarterly GDP growth (2021-2022), South Korea

  • Quarterly GDP growth (2021-2022), Singapore

  • Annual GDP growth, developed Asia

  • Structure of the economy, developed Asia

  • Per Capita Income Outlook, Developed Asia

  • Income and population analysis by prefecture, Japan

  • Income and population analysis by province, South Korea

  • National vision and implications, Japan

  • National vision and implications, South Korea

  • National vision and implications, Singapore

  • Macroeconomic policy changes over the next five years, developed Asia

  • Recent Free Trade Agreements (FTAs), Developed Asia

  • Digital economy trends, developed Asia

4. Demographic and Social Outlook for Developed Asia

  • Analysis of the age structure of the population, developed Asia

  • Implications of population aging, developed Asia

  • Unemployment and Wage Outlook, Developed Asia

  • Labor Market Outlook, Developed Asia

5. Outlook for the Investment Environment for Developed Asia

  • Latest investment promotion measures, Japan

  • Latest investment promotion measures, South Korea

  • Latest investment promotion measures, Singapore

  • Industries promoted in the future, Japan

  • Industries promoted in the future, South Korea

  • Industries promoted in the future, Singapore

  • Comparison of FDI restriction, developed Asia

6. Universe of growth opportunities

  • Growth Opportunity 1 – Telecommuting and Smart City Technology Opportunities for Emerging Suburban Growth Centers

  • Growth opportunity 2 – Green plans and initiatives for a carbon neutral society

  • Growth opportunity 3 – Expansion of production capacity for supply chain changes

For more information on this report, visit https://www.researchandmarkets.com/r/1bmq5z

Media contact:

Research and markets
Laura Wood, senior
press@researchandmarkets.com

For EST office hours, call + 1-917-300-0470
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For GMT office hours, call + 353-1-416-8900

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Here’s why Europe, desperate for gas, isn’t buying LNG https://aisa-net.com/heres-why-europe-desperate-for-gas-isnt-buying-lng/ https://aisa-net.com/heres-why-europe-desperate-for-gas-isnt-buying-lng/#respond Mon, 20 Sep 2021 06:17:35 +0000 https://aisa-net.com/heres-why-europe-desperate-for-gas-isnt-buying-lng/

(Bloomberg) –

A record rise in natural gas prices in Europe does not mean that it has become lucrative to send all available molecules to the region.

Even though European prices have more than tripled this year, they have yet to exceed the prices of liquefied fuel delivered to Asia, the largest importing region. This is because countries from Japan to India are panicking buying ahead of winter, intensifying competition for the small fraction of the supply that is freely traded in the spot market and is not tied. to long-term contracts.

Gas markets in Europe, Asia and the United States are linked by the LNG trade, so movements in one region could redirect flows. As the world’s largest traders and producers gather in Dubai for the Gastech conference – the first major in-person event for the industry since the onset of the coronavirus pandemic – LNG purchases will be a key topic of discussion as nations are looking to keep the lights on and people are getting warmer this winter.

Here are five charts explaining why Europe did not get enough LNG and what it will take to reverse the trend.

1. Where is the LNG?

Europe went from surplus to shortage in just two years. This is because of the surge in demand in Asia, as China quickly emerged from the global pandemic. The worst drought in a decade in Brazil also worsened the deficit, as the country turned to LNG to generate electricity normally generated by hydroelectric dams. All of this left very few cargoes for Europe, with imports plummeting since early June.

2. Long-term contracts

Most of the LNG is stuck in long-term contracts and the majority is destined for Asia. Thus, traders must play with less than half of the total supply. These contracts are usually linked to crude oil, which is currently cheaper than gas prices at European hubs or LNG in Asia. This means that countries are likely to stick to their contracts, leaving less cash for the spot market.

“Long-term contract volumes are in the money and you will definitely bring that cargo,” said Ciaran Roe, global director of LNG at S&P Global Platts.

3. Watch out for the gap

The first step in determining who wins the cargo battle is to observe the price differential in Europe and Asia. In the financial world, this means monitoring the spread between futures contracts traded in the Netherlands and the Japan-Korea marker, the spot price in Northeast Asia.

“If you have a cash cargo, you’ll deliver it to where you see the best bottom line,” said Stacey Morris, research director at Dallas-based index provider Alerian. “It’s going to be very competitive. “

4. Beyond the spread

But it’s not just about the spread. What really matters is the cost of the cargo when it actually lands in Europe. Right now, the 16-cent premium on futures makes LNG purchases unlikely.

“Unless that changes, you won’t have a lot of spot LNG in Europe,” Roe said.

5. Shipping costs

The best market for LNG is also determined by the cost of getting a cargo to Europe or Asia. For example, if LNG freight rates are high, the Atlantic LNG is more likely to stay in the region rather than making longer trips to Asia, Roe said.

To avoid last winter’s ship shortage and the unprecedented costs of getting an oil tanker on site, traders booked ships earlier this year.

More stories like this are available at bloomberg.com

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EDITORIAL: Fighting fraud through education https://aisa-net.com/editorial-fighting-fraud-through-education/ https://aisa-net.com/editorial-fighting-fraud-through-education/#respond Sun, 19 Sep 2021 16:00:00 +0000 https://aisa-net.com/editorial-fighting-fraud-through-education/

Financial products and services have evolved rapidly, making the industry more complex, but the public has failed to keep pace. The lack of knowledge of people has led to disorder in the markets and mistrust of financial players, as well as fraud. Regulators are imposing stiff penalties on those who profit from consumer ignorance, but people need to be better informed about financial services.

Taiwanese have a high level of education, but the country achieves a low level of financial literacy, with relatively weak skills in personal finance management, budgeting and investing. Media reports speak of young people who cannot manage their finances well enough to pay off their student loans, of people plagued by credit card debt through ignorance of revolving interest rates, and of seniors who put pensions in. the insurance policy recommended by their sales agent.

Being financially literate means having the knowledge to make critical financial decisions, but the lack of financial literacy among Taiwanese continues to dominate the headlines, both as people buying insurance policies and purchasing insurance policies. derivatives linked to investments, investing in bitcoin and other cryptocurrencies, or buying stocks in fraudulent and unlisted companies.

The “Taiwan Financial Lives” survey released on October 30 last year by the Taiwan Academy of Banking and Finance found that 37% of respondents believed they had only a “little understanding” of services and financial products, while 36% thought they “completely” did not understand. Describing their overall financial literacy, 32.2% thought theirs was “poor”, while 45.5% said theirs was “extremely poor”.

As more Taiwanese embrace the diversity of wealth management tools and products available, they are finding that leveraging their knowledge and life experience is not enough to navigate the financial industry – literacy. financial is essential.

A survey released in June last year by HSBC bank found that only 20% of Taiwanese parents believed their financial literacy was sufficient to answer their children’s questions. More than half of Taiwanese teachers surveyed said they had never incorporated financial education into the school curriculum due to a lack of financial literacy, poorly designed finance courses, and poor experience. in teaching financial education.

The Financial Supervisory Commission announced last month that it would tighten regulations regarding relationships between bank clients and wealth managers from January 1, after incidents in which managers abused access accounts receivable and defrauded customers to meet sales targets have mushroomed over the past two years. This is the second time since 2019 that the committee has hardened its position on such relations in order to fight against fraud.

However, many people continue to blindly chase high returns without understanding the risks involved, which amounts to a lack of financial literacy. To improve the public’s financial literacy, the government should follow in the footsteps of the United States, United Kingdom, Australia and Japan, which have implemented national financial literacy strategies.

The commission urged the Taiwan Financial Services Roundtable to design courses to improve people’s financial literacy. The government and academic institutions could also cooperate at several levels, such as establishing a working group to coordinate financial education resources between ministries and to establish a financial program for elementary schools up to high schools, and even for universities.

Comments will be moderated. Keep comments relevant to the article. Comments containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. The final decision will be at the discretion of the Taipei Times.

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Favorites emerge ahead of German federal elections https://aisa-net.com/favorites-emerge-ahead-of-german-federal-elections/ https://aisa-net.com/favorites-emerge-ahead-of-german-federal-elections/#respond Sun, 19 Sep 2021 01:51:12 +0000 https://aisa-net.com/favorites-emerge-ahead-of-german-federal-elections/

German voters will elect a new parliament next week. The outcome of the September 26 elections will decide who will succeed Chancellor Angela Merkel, who has ruled the country for 16 years.

In addition to determining the next chancellor, the main issues of the election are economic policy in the face of the effects of the pandemic and measures against climate change.

According to the latest opinion poll by public broadcaster ZDF, the center-left Social Democratic Party, or SPD, is leading the race with 25 percent support.

Its coalition partner, the center-right Christian Democratic Union, and its Bavarian sister party, the Christian Social Union, follow with 22%. Merkel was the head of the CDU / CSU alliance.

The Greens have 16%, with growing support as the environment becomes an increasingly important issue for voters.

As for the candidates for the next Chancellor, Finance Minister Olaf Scholz of the SPD is considered the favorite. Armin Laschet of the CDU / CSU alliance, which has Merkel’s backing, and Annalena Baerbock of the Greens are also among the contenders.

Merkel is expected to retire from politics after the election. She guided Germany through various challenges, including an influx of migrants and the pandemic, and assumed a leadership role within the European Union.

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UPDATE 2-Japanese Prime Minister’s Candidates Deny Watering Down Opinions on Hot Issues to Get Votes https://aisa-net.com/update-2-japanese-prime-ministers-candidates-deny-watering-down-opinions-on-hot-issues-to-get-votes/ https://aisa-net.com/update-2-japanese-prime-ministers-candidates-deny-watering-down-opinions-on-hot-issues-to-get-votes/#respond Sat, 18 Sep 2021 09:32:24 +0000 https://aisa-net.com/update-2-japanese-prime-ministers-candidates-deny-watering-down-opinions-on-hot-issues-to-get-votes/

(Add the latest media poll)

By Ju-min Park and Leika Kihara

TOKYO, Sept. 18 (Reuters) – Two of the candidates vying for the next prime minister of Japan on Saturday denied toning down their positions on nuclear power and gender issues to gain Tory support in a close election to the leadership of the ruling party this month.

The winner of the September 29 contest to lead the Liberal Democratic Party (LDP) is almost certain to succeed Yoshihide Suga as the country’s next prime minister, as the party holds a majority in the lower house.

Suga announced he would step down two weeks ago as approval ratings dwindled, sparking a leadership race between four candidates.

They are Vaccine Minister Taro Kono, 58, former Foreign Minister Fumio Kishida, 64, Sanae Takaichi, 60, former Minister of Home Affairs of the most conservative wing of the party, and Seiko Noda, 61, former Minister of Gender Equality.

Voter polls show Kono as their first choice, a key factor ahead of the general election slated for November.

But US-trained social media geek Kono, who also served as foreign and defense minister, is widely viewed as a maverick – an image that worries many veteran party members.

Candidates must attract votes from popular party members and young lawmakers, who are more likely to be influenced by popularity ratings, while also gaining support from party leaders who remain influential.

A Kyodo news agency poll showed on Saturday that 48.6% of grassroots party members polled supported Kono, followed by 18.5% Kishida, 15.7% Takaichi and 3.3% Noda.

Long regarded as a critic of nuclear power, Kono rejected the suggestion that he had flip-flopped on the issue.

“What I said about phasing out nuclear is to rapidly decommission nuclear power plants that are coming to retirement and gradually move out of nuclear,” he said in a televised debate .

“As I explained earlier, we should stop using coal, increase energy savings and renewables and nuclear energy can be used to fill the void,” he added.

DIALOGUE WITH CHINA

Kishida, a more traditional LDP consensus builder struggling with a bland image, was asked if he had backed down to allow married couples to have separate last names.

Japanese law does not allow this option, and a change is strongly opposed by conservatives – including candidate Takaichi – on the grounds that it would undermine family values.

Asked how he felt he had previously fostered change, Kishida said he recognized the diversity, but questions remained about how to deal with children’s names in a new system.

“At least given the broad understanding of the people, I think the discussion is needed now,” he said.

During a broad debate on topics ranging from COVID-19 to pensions and diplomacy, Kono called for dialogue with China amid growing concerns over its marine insurance – a position echoed by Kishida.

“Summit (Japan-China) meetings should take place regularly,” Kono said. “Perhaps we should tell the Chinese leadership to exercise their power as an actor of the international order, and not in the path of expansionism.”

Highlighting the predominant view emerging from politicians ahead of the general election, Kishida – considered the most hawkish on tax policy among the candidates – said he would not increase the sales tax rate for a period of time. decade and instead prioritize revitalizing the economy over tax reform.

The uncertain outcome of the PLD race contrasts with last year, when Suga quickly emerged as the leading contender after Shinzo Abe quit the cause of ill health after a nearly eight-year tenure that made him the longest-serving prime minister of Japan.

Party factions clustered around Suga, Abe’s longtime lieutenant, and base members had little voice. This time around, most factions are not unified and grassroots members will be given the same number of votes as lawmakers.

If no candidate gets a majority in the first round, a second round will take place and the base members’ votes will be diluted, potentially increasing Kishida’s odds against Kono.

Takaichi and Noda, both vying to become the country’s first female prime minister, are seen as long-term candidates, although Takaichi has the backing of Abe and other party conservatives. (Additional report by Kiyoshi Takenaka Writing by Linda Sieg Editing by Simon Cameron-Moore and Helen Popper)

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Why Washington Is Worried About Stablecoins https://aisa-net.com/why-washington-is-worried-about-stablecoins/ https://aisa-net.com/why-washington-is-worried-about-stablecoins/#respond Sat, 18 Sep 2021 02:31:51 +0000 https://aisa-net.com/why-washington-is-worried-about-stablecoins/

Stablecoins might be the most ironically named innovation of the cryptocurrency era, at least in the eyes of many regulators and policymakers in Washington.

These digital currencies promise to maintain their value, which is usually tied to a government currency like the dollar or the euro, by relying on stable financial support like bank reserves and short-term debt. They are exploding in popularity as they are a convenient and inexpensive way to transact in cryptocurrency. Stablecoins have grown from a virtual non-existence to a market of over $ 120 billion in just a few years, with most of that growth in the past 12 months.

But many are built more as slightly risky investments than the dollar and penny cash they claim to be. And so far, they’re slipping through regulatory loopholes.

The rush to oversee stablecoins – and industry lobbying to avoid regulation or side with profitability – could be the most important conversation in Washington financial circles this year. How officials deal with the thorny questions about a relatively new phenomenon will set the precedent for a technology that is likely to endure and develop, effectively writing the first draft of a rulebook that will govern the future of the industry. money.