Public opinion without examining Abenomics - there is no point in criticizing it based on contradictory premises.
2024-01-08
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Abenomics three arrows
There are some surveys and opinions in public opinion that Abenomics has ruined Japan, but is that true? First of all, what is Abenomics? Were you asking people who answered the same question as in the poll, or were you asking people you didn't know? I wonder if asking someone I don't know will give me the results I expected. First, let's review the three arrows of Abenomics.
Three arrows of Abenomics
Bold monetary policy
Flexible fiscal policy
Growth strategy to stimulate private investment Monetary policy is still ongoing, but former Prime Minister Abe has said that the consumption tax increase was decided in advance and was carried out at a time when it could not be postponed, so he was unable to fire a second arrow. In other words, Abenomics is actually the first arrow in a variety of environments. In other words, I would understand if there was an evaluation of the fact that it did not advance to the second stage, but I have doubts about evaluating Abenomics itself.
Results are rarely published
Next, I will list some of the achievements of Abenomics.
Main achievements of Abenomics
The total national and local tax revenue will reach a record high of １０７ trillion yen in fiscal ２０１９, up from ７８.７ trillion yen in fiscal ２０１２.
The stock price, which was around ８,０００ yen, rose to over ２４,０００ yen under the Abe administration.
Public pension investment profits increased by ５７.６ trillion yen in seven and a half years.
The effective job opening ratio was ８３ job openings for every １００ people in ２０１２, and １６４ job openings for every １００ people in ２０１９.
Business operators improved their treatment due to the labor shortage. The minimum hourly wage rose from ７４９ yen in ２０１２ to ９０１ yen in ２０１９.
The rate of children from single-parent households going on to university increased significantly from ２３.９% to ４１.９%. Sanaenomics three arrows
Sanaenomics (Japanese Economic Resilience Plan) will be published. Representative Sanae Takaichi announced a policy to carry on Abenomics during the last presidential election.
Sanaenomics three arrows
Financial easing
Flexible fiscal stimulus in times of emergency
Bold crisis management investment/growth investment What they have in common is that monetary easing policy will continue, and if the Takauchi Cabinet is elected, the government will implement aggressive fiscal policy.
The Japanese government had no balance sheet
The fact that the Japanese government's balance sheet was introduced for the first time in １９９５ means that the Japanese government did not have the concept of strategic investment, which companies take for granted. How can you invest without a balance sheet or cash flow statement? It was only a matter of being able to compare the income and expenditure for a single year, or the previous year. The term "primary balance" has come to be used like crazy. At that time, Japan believed that deregulation would revive the economy, and the government repeatedly took the approach of relaxing regulations through legal revisions.
Dual structure of industrial transfer and wages
As a result, the Japanese government was unable to rebuild the national economy or make strategic investments for economic growth after the collapse of the bubble, which was an unprecedented economic crisis. More than ３０ years have passed since we stubbornly closed the doors. Then, companies moved their manufacturing sectors to emerging countries, and GDP and tax revenues mainly went to neighboring countries such as China, creating a dual wage structure of dispatched labor in order to prevent an increase in the number of unemployed people in Japan. . The economic disparity that arose from this process is said to be one of the causes of the current declining birthrate.
Choosing the next president based on policy
So, has Abenomics ruined Japan? Would that also mean denying Sanaenomics? Or will we continue to turn down investments from the government as we have been doing, paying close attention to the primary balance under the guidance of the Ministry of Finance and listening to the beautiful words of fiscal consolidation? The point of contention should be to gather opinions on whether or not bold fiscal spending by the government is necessary. In any case, regardless of whether the policy is better or not, there are parts where it seems like the point at issue is not policy at all, but just an extension of a personal attack, which is unfortunate.
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Will increased defense spending enable Japan to create innovations never seen before? - Amendment to Article 9 of the Constitution, revival of the military industry, and technological development.
Aims after constitutional amendment
Japan becomes a military power
The history of weapon development is a history of technological innovation
A world of innovation that cannot be imagined in everyday life
Japan should revise Article 9 of its constitution and revive its military industry. As I recall, Congressman Takaichi was the first member of the Diet to speak clearly about this issue. Amendments to Article 9 of the Constitution will expand Japan's military power and increase its defense capabilities, which will greatly reduce the risk of war. My personal opinion from the beginning has been that simply reducing the risk is a failure, and that technological innovation will be born by developing various military technologies in the name of military budgets.
If that happens, there will be countries and people who ridicule Japan's efforts to become a military power and try to get in the way, but it would be better to say clearly, ``Japan will become a military power.'' No engineer is aiming for second or third place in the technological development competition. When it comes to Japanese technology, it is normal to aim for the top in the world. Too many people think that if they developed a weapon, they would be murderers.
What exactly are the bronze tools used for thousands of years BC? It is a weapon and a vessel. What is iron? This is also used as a weapon, agricultural tool, and various decorations. These processing techniques were developed to defeat the enemy in war. Countries that acquired these processing techniques gained supremacy over their regions and acquired cultures such as bronzeware and iron-related crafts.
What exactly is an aircraft? Don't stop thinking just because the Wright Brothers achieved their dream of flying. The development of airplanes progressed with the investment of national funds for use in the war, making them faster, safer, lighter, and larger, and they were put into practical use during World War I. What exactly are passenger planes commonly used today? Grumman and Boeing are in the military industry.
Hitler was passionate about automobile development and invested a large amount of state funds. At that time, automobiles were the pinnacle of industrial technology, and were connected to the drive and performance of military vehicles and tanks. Winning in automobile races increased national prestige. Why are BMW, Mercedes-Benz, Audi, and Volks still so strong?During this era, Germany won the technological competition.
What are nuclear weapons? A bomb that uses the enormous energy released during nuclear fission. So what is a nuclear power plant? The electricity for the PC I am currently using is also generated by nuclear power.
Is the country that developed the coronavirus vaccine a medical technology powerhouse? Completely different. These are countries that conduct military research into bacterial and viral weapons.
The technology to defeat the enemy in war is a technological innovation for survival that assumes the extraordinary, and has no taboos. Human history has proven that this is a field where innovations and paradigm shifts that cannot occur in everyday life can occur in the sense of achieving a goal using various methods. In other words, Japan should seriously aim to become a military power. This is because, at the same time, unimaginable technological innovations that can be used for peaceful purposes will be born.
What are the purposes and practical benefits of the annexation of Japan and Korea? Japanese security perspective at the time
There are two main reasons why Japan annexed the Korean Peninsula. The reason that South Korea claims that it is for exploitation is completely untrue because the management of the Korean Peninsula was in the red. In other words, the amount of Japanese tax money that was spent on the Korean Peninsula was probably greater. Would you call this exploitation? Japan annexed the Korean Peninsula primarily for the purpose of defending Russia and building infrastructure from Manchuria to Busan.
It is clear that Russia's purpose is to use the Trans-Siberian Railway to colonize the Korean Peninsula and Manchuria, and in reality Russia is acquiring interests in northeastern Asia one after another. The reason why Japan carried out the Triple Intervention on the Liaodong Peninsula, which it acquired after the Sino-Japanese War, was because it did not want to hand over its Manchurian interests and because it did not want Japan to control the ports and shipping routes on the Liaodong Peninsula. The Baltic Fleet is not needed at all to colonize the continent or the Korean peninsula. The places you go by boat are places that can only be reached by boat. It's Japan, and there's another one. It's Taiwan. In other words, Russia was targeting the Japanese archipelago, the Korean Peninsula, and the Manchuria region, including Taiwan, which Japan had acquired in the Sino-Japanese War.
In 1891, Tsar Alexander III of Russia issued a royal order to build a railway that would penetrate all of Russia, and it became clear that it was not just a railway construction, but that the Trans-Siberian Railway could be constructed from both the start and end points. It was also clear that Vladivostok, which was just a stone's throw away from the Korean peninsula, would be connected to the Russian capital. The Baltic Fleet is coming there. Japan succeeded in destroying the Baltic Fleet off the coast of Tsushima, the narrowest sea area, but what would happen if it were to pass through? If Russia acquires the Korean Peninsula one after another and builds a military port in Busan, the Japanese archipelago will be just a stone's throw away. In this form, the Korean Peninsula would have surrounded the Japanese archipelago in a circular shape, and Japan would have had no chance against Russia, which had great national power.
With the defeat in the Russo-Japanese War, the Romanov dynasty lost power, and Lenin took advantage of this to launch the Russian Revolution during World War I. This was in 1917, 12 years after the Russo-Japanese War. Still, Japan will have to be wary of the possibility that Russia will rebuild its system and send a fleet. If the Korean Peninsula becomes Japan due to the annexation of Japan and South Korea, the Russian fleet passing through the Sea of Japan will be caught in a pincer attack all the way to Vladivostok, and the situation in the Sea of Japan will be completely advantageous to Japan. Masu. In other words, Japan surrounded the Sea of Japan.
As a result of the Russo-Japanese War, Japan acquired the railway between Harbin and Port Arthur, which later became the South Manchurian Railway, under the Treaty of Portsmouth. And Russia's interests in Manchuria were largely rejected.
After Korea became an independent nation after the Sino-Japanese War, Japan obtained the right to build a railway on the Korean Peninsula, and built a railway across the peninsula to Busan. After the Russo-Japanese War, the Harbin-Lushun railway obtained in Manchuria was expanded and connected to the railway on the Korean Peninsula. In other words, Japan built a huge infrastructure that connects the Manchurian region to Busan, which is just a stone's throw from Japan. This will ensure infrastructure by sea and land from Dalian and by rail. In other words, victory in the Russo-Japanese War meant that the Sea of Japan was surrounded in both name and reality, making it an exclusive maritime area, and connecting it with southern Manchuria by railway. will be sold to Manchukuo. In other words, Japan obtained the Korean Peninsula and Manchuria, which Russia had been trying to obtain.
This was a result of Japan's large expansion from the perspective of Japan's security against Russia, and in the past there was a critical situation in which Tsushima might become the line of defense, but now the line of defense is now more than 1000 km away. This means that it has also moved northward.
At that time, the Korean peninsula was in constant political instability and conflict, and the country's finances were in a state of collapse as it had failed to issue its own currency. Diplomatically, Japan has sold various interests to Russia due to financial issues, and the fact that the Korean Peninsula is in doubt from the perspective of Japan's security.
Japan's security was also in doubt. This was due to the size of Russia's national power at the time, and if the Russian fleet were to succeed in moving north through the Sea of Japan, Japan would be in a hopeless situation.
Conversely, by placing Manchuria and the Korean Peninsula under control, Japan's security became rock solid. For this reason, Russia was geopolitically inferior to Japan, and even when World War II broke out, the Soviet Union signed a Japan-Soviet Nonaggression Pact. If Japan were to invade the Far East while fighting the Nazis in Europe, Russia would be left alone. In this sense, one of the reasons why the management of the Korean Peninsula was in the red is that it required various investments such as building railways and developing infrastructure from Manchuria to Japan. The administration of the Korean Peninsula was financially in the red, but what if we considered it in conjunction with Manchuria?
Let's compare it with the longitudinal railway under Taiwan's rule. Even if you look at it this way, the railways on the Korean Peninsula cover more areas. This may be due to the difference in population of the Korean peninsula, which had a population of 13.13 million compared to 2.6 million at the beginning of Taiwan's rule, and the fact that the central part of Taiwan is mountainous. While the railway was completed, it seems that the Korean peninsula had a very different role as a railway that ran from Manchuria to Japan. To this day, Korean railways still use the Korean Government-General's Office railway line that was built at this time. Regarding Taiwan, it is also based on the Taiwan Governor-General Railway.
North Korea actually still uses this line, and since the South Manchurian Railway was converted to China, it naturally connects to China. When Kim Jong-un visits China, he travels by train, but he is actually using the benefits of the Korean Government-General's Office Railway.
In today's world, it is completely understandable to think that the annexation of Japan and Korea was a failure. Perhaps this is because South Korea is a country that has experienced many frustrating things for Japan, such as the occupation of Takeshima and the subsequent anti-Japanese movements. If you look at history, there is no doubt that this was caused by the annexation of Japan and Korea. On the other hand, the Manchurian region was rich in resources such as coal, oil, iron, and aluminum, and was used to produce agricultural fertilizers and machine tools. If Russia were to cut off the land route to transport this to Japan, Japan would end up there.
Speaking of what Japan failed at, it was actually in the post-war period. The restoration of diplomatic relations in 1965 was based on the conclus
Japan received a warm welcome at the Bandung Conference. Gratitude from each country for colonial liberation.
Shunichi Kase, Counselor for Foreign Affairs, attended the first Asian-African Conference in 1955, which was attended by 29 countries, and described the reactions of each country at the time as follows:
People from both Africa and Asia welcomed the event with comments such as ``Thank you for coming'' and ``Thanks to Japan.'' The Greater East Asia Joint Declaration, which established Japan's brave fight for the peoples of Asia and its significance, shines in history. If Japan had not issued the Greater East Asia Declaration and made the liberation of the Asian peoples the purpose of the war, or if Japan had not sacrificed and fought for Asia, we would still be under British control. It remained a colony, a Dutch colony, a French colony. Today's Asia exists because Japan made great sacrifices and fought bravely for the Asian people. That's what it meant.
People from both Africa and Asia welcomed the event with comments such as "Thank you for coming" and "Thanks to Japan." If Japan had not fought with such sacrifices, we would still be a colony of England, France, and the Netherlands. The Greater East Asia Joint Declaration, which established Japan's brave fight for the peoples of Asia and its significance, shines in history.
The Asian-African Conference was held as a place for the Asian and African countries that gained independence one after another after the war to unite in mutual recognition of national self-determination.
Ten principles for peace adopted at the first conferenceFundamental human rights and the United Nations Respecting the purpose and principles of the Charter
Respect the sovereignty and territorial integrity of all countries
Recognize the equality of all human beings and the equality of all nations, large and small.
Do not interfere in the internal affairs of other countries
Respect the right to individual or collective self-defense under the United Nations Charter
Do not use collective defense for the special interests of great powers. Also, do not put pressure on other countries.
Do not jeopardize the territorial integrity or political independence of other countries through invasion, threat of invasion, or use of force.
International disputes are resolved by peaceful means
Promote mutual benefits and cooperation
Respecting justice and international obligations
Korea always says they represent Asia, but they don't represent .
National debt is not the people's debt - The country is not a company - Breakdown of government bond holdings that still do not penetrate public opinion.
The image at the beginning shows the breakdown of Japanese government bond holdings. I sometimes see people say that national debt is the nation's debt or that it is the same as corporate debt, but national debt is the government's debt, not the people's debt. Even if a country is compared to a company, companies do not borrow money from their employees. Debt comes from outside the company, and in this case, it involves purchasing Japanese government bonds from overseas. If most of the debt is overseas, it is natural that the company will default if it cannot be repaid. Purchases of Japanese government bonds from overseas account for 7.3%.
If you really want to say that it is the same as a company, would you say that purchases in Japan are borrowed and borrowed within the company or within the group company? Yoichi Takahashi considers the Bank of Japan to be the same as a subsidiary of the government, and explains that it is the same in terms of consolidation, regardless of whether interest is charged. The Bank of Japan holds 53.2% of Japanese government bonds. He is well known for introducing BS to show that the country holds government assets equivalent to the government's debts (excluding the holdings of the Bank of Japan). The total amount of government assets ranks first in the world, exceeding both the United States and China. Below is the balance sheet (BS) of Japan.
Furthermore, Japanese government bonds are mainly traded in yen, which means that there is no change in value based on foreign currencies. In the case of foreign currency transactions, if the value of your home currency plummets, the face value of your debt will rise accordingly. Suppose your country's currency drops to half its value. Alternatively, if the foreign currency used when trading government bonds doubles, the debt will also double, but since the transaction is in Japanese yen, there will be no effect at all. In an extreme case, former Prime Minister Aso said that repayment would be possible by increasing the number of yen bids. In this case, there will be inflation and the value of the yen will fall, but the theory is that the debt can be repaid because it is the face value of the yen. This was actually said by Taro Aso, a former Prime Minister and former Minister of Finance.
Secondly, the Japanese government is also the world's No. 1 creditor country. In other words, they have foreign bonds and foreign assets. The fact that we are currently talking about national debt as a problem is actually making a fuss about only the debt part, and in fact, Japan has the most foreign assets in the world. This assumes that the government bonds are denominated in yen as mentioned earlier, and if more yen is printed, the value of the yen will fall and the yen will become weaker. If you do this, overseas assets purchased in dollars or euros will increase in value when converted to yen, so the difference will be a large income. Even with the current depreciation of the yen, a large profit margin was generated due to the increase in the valuation of overseas assets.
Representative Sanae Takaichi has advocated the ``Japanese Economic Resilience Plan,'' which calls for a temporary freeze on primary balance (PB) regulations and calls for industrial investment through the issuance of government bonds. She says that even if inflation were caused by printing more yen, it would not have a big impact if the inflation rate was less than 2%. Currently, the yen is depreciating due to the difference in interest rates due to the Fed's interest rate hikes, but the original goal is to induce a depreciation of the yen through the issuance of government bonds and increase the number of bonds, strengthen international competitiveness, and increase wages and tax revenues through rising prices. If the manufacturing industry returns to Japan due to the weak yen, GDP and tax revenue will increase, and government debt can be reduced. For now, this is just the effect of a weaker yen due to interest rate differences, but we are already seeing significant results.
In other words, those who claim that government debt is bad have the completely opposite idea. What ruined Japan after the bursting of the bubble was rather the primary balance discipline, the inability to focus on single-year income and expenditures and to make long-term investments. Japan tightened its finances in the most critical economic situation. If it is the same as a company, when the company is in crisis, the company's safe is closed like a shell, and for the past 30 years, the company has been operating in a state of poverty and not being able to make long-term investments. This is the so-called curse of PB by the Ministry of Finance.
Quad's strategy is geopolitically rational; simply dispersing the Chinese military will give it an advantage.
China causing border problems in all directions
Military expenditure is just the total amount
Regional dispersion reduces military strength by half
Chinese encirclement should be strengthened
China has long borders and its strategy should be to engage in peaceful diplomacy with neighboring countries, but for some reason the opposite is true for that country. In that respect, the United States is smart and has formed a North American alliance with Canada and Mexico, and among the countries with which they share borders, I think Russia is the only hostile element.
China is so selfish that it is happy to make enemies in all directions, but Quad is outwitting them. Comparing military expenditures by country is helpful, but it is on a different level from practical ability.
In large countries, military power is dispersed. Will Yunnan's soldiers and tanks be able to participate in the fighting in Fujian? Even if it is counted as military expenditure, it is not a real military force.
If Japan, the United States, and Taiwan cooperate in the event of a Taiwanese emergency, many Chinese forces will head there, but what will happen if the Indian army invades the Kashmir region during that time?Australia, Vietnam, and the Philippines will suppress the Spratly Islands. be able to.
South Korea's geographical advantage in the Quad lies in its operations in the Northeast, but Moon Jae-in seems unable to understand this at all. In the event of a Taiwanese emergency, it would be a good idea for countries with border issues with China to close their borders one after another.
