FACTBOX-Policy challenges facing Japan's government

Published 09/12/2010, 10:25 PM
Updated 09/12/2010, 10:28 PM

By Chisa Fujioka

Sept 13 (Reuters) - The winner of a ruling party vote this week to decide Japan's prime minister faces a raft of challenges, including huge public debt, a rising yen and an ageing population.

Following are challenges facing the government:

ECONOMY

Japan's economy slowed to a crawl in the April-June quarter and analysts see more weakness ahead given a yen near 15-year highs, sluggish domestic demand and flagging growth in major export destinations such as the United States and China.

Kan unveiled last week a 915 billion yen ($11 billion) economic package and has hinted at an extra budget, but any more spending will be constrained by worries over a public debt that is already twice the size of the $5 trillion economy.

Kan's government has pressured the Bank of Japan to do more to fight deflation but the central bank's key policy rate is near zero and it has been loath to take unconventional easing steps.

The BOJ loosened policy earlier this month by expanding a cheap loan scheme, but the move did little to curb yen gains or falls in stock prices as investors saw it as a symbolic gesture.

The yen has shrugged off hints of intervention from the government as investors doubt Japan would risk going solo and have all but ruled out coordinated intervention with other Group of Seven countries.

The yen's surge versus the dollar threatens to derail the recovery by hurting Japan's export competitiveness and stifling corporate investment.

AGEING POPULATION, SALES TAX DEBATE

Japan needs to revamp its social security system so it can pay for soaring health, social welfare and pension bills as post-war baby boomers retire.

Economists say funding these will mean raising the 5 percent consumption tax, one of the lowest among major economies. While many voters agree an eventual hike is inevitable, the timing is politically sensitive because the public wants to first see the government do more to cut wasteful spending.

Kan's proposal for debate on a future tax hike touched a nerve with voters and was blamed by critics for contributing to the Democratic Party's thrashing in a July upper house election.

The Democrats say they will not raise the tax before the next general election, due by late 2013.

FOREIGN RELATIONS

Japan's relations with its biggest ally, the United States, have been frayed over the relocation of a U.S. military base in Japan's southern island of Okinawa, host to about half of the U.S. troops in the country.

The dispute has distracted the two sides and could weaken the 50-year-old alliance as they try to cope with an unpredictable North Korea and a rising China.

Japan's ties with China have improved recently after years of friction over Japan's military aggression in Asia before and during World War Two, although territorial and maritime disputes still erupt periodically and mutual mistrust over military ambitions simmers.

Japan is keen to keep relations with China on an even keel given the two countries' growing economic ties. China has been Japan's biggest trading partner since 2009.

DIVIDED PARLIAMENT

While the Democratic Party and its tiny ally have a majority in the powerful lower house, they lost control of the upper house in a July election, forcing the Democrats to seek help from opposition parties to pass bills.

Opposition parties have ruled out joining the Democrats in a coalition. Kan has said he would reach out to rival parties on a policy-by-policy basis to pass bills, but the process could be long and complicated at a time when Japan needs quick action to lift the economy out of stagnation.

EMISSIONS AND ENVIRONMENT

The Democrats have set a target for Japan, the world's fifth-biggest greenhouse gas emitter, to cut emissions by 25 percent from 1990 levels by 2020, but the goal has met resistance from industries worried about the impact on growth.

The government compiled a climate bill earlier this year that made the target legally binding and set a one-year deadline for Japan to design a compulsory emissions trading system.

But the bill, shelved in June after parliament ran out of time to finish debate, faces an uncertain fate after the ruling bloc lost control of the upper house. (Editing by Tomasz Janowski)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.