The latter category counts in evaluating human progress. In March 2010, in attempt to stimulate the economy, the Japanese government pushed a record 92.3 trillion yen ($1 trillion) budget through Parliament aimed at stimulating growth in the long-stagnant economy. In August 2010, the Nikkei sunk to a nine-month low and 10-year Japanese government bonds yields fell below one percent over concerns of a sluggish economy at home and abroad and worries about the impact of the strong yen. In early 1992, this price bubble burst and Japan's economy stagnated. Business and consumer confidence reached its lowest level in 34 years.Unemployment reached 4.4 percent in December 2008 and 4.8 percent in March 2009 and 5.2 percent in May 2009. The yen began 2008 at 109 to the dollar. TOKYO Japan, the world’s second-largest economy, has officially slipped into recession, hurt by weak export growth and steep cuts … Depositing orDoes the information about stock trading spewing from different news channels, or the section of the market of your newspaper feel like gibberish to you? A January 2009 survey counted 124,800 nonregular workers who lost their jobs, with only 10 percent of them able to find new jobs. Pension funds and financial institutions were also engaged in large scale sell offs. There were worries that Japan would return to the era of stagnation and deflation. The Hatoyama government said it would reduce corporate tax rates for small and mid-size businesses, raise the minimum wage by a significant amount, reform the employment insurance system, and provide a system of guaranteed income to farming households. In the October-December quarter, private consumption in Japan fell 0.7 compared with the previous quarter, dragged lower by the expiration in September of generous government benefits for fuel-efficient cars. The Nikkei stood at 15,307 at the end of 2007 and fell to 6,448 in 2008, a fall of 42.1 percent, the biggest ever percentage fall in a single year and worse than other stock markets around the globe. After the fall of 2008, when the turmoil in global financial markets intensified, the Bank of Japan implemented a wide range of policy measures on both the monetary policy and financial system policy fronts. Exports dropped a record 16.4 percent for the year and Japan trade balanced plunged to a deficit of $7.25 billion in fiscal 2008.
Small exporters were hit particularly hard.
That compared with to a $5.88 trillion economy for China. The Nikkei and Topix indexes recorded record one day falls, declines over four percent in one day on several occasions, and dropped below important markers. The Economist reported in February 2010: Kan’s efforts to reduce taxes and attract foreign investment---marks a remarkable maturation for the DPJ, which strode into office 16 months ago clutching a sheaf of anti-business policies such as reversing the privatization of the post office...creating a three-year debt moratorium for small firms and introducing unwieldy targets for carbon-emission reduction.” The figure was seen as a sign that recession was ending and the recovery was for real. Kan He said it was time for Japan to act “before it becomes like Greece.” he promoted his “third way” which emphasized a need to fund promising fields such as nursing care, medical services and the environment and tourism, as opposed to the “first way” which emphasized infrastructure projects such as road as dams and the “second way” Koizumi structural reforms. Anything beyond that would just lead to a whole spiral in reverse, the Central Bank multiplying the interest rates to numerous times to curb spending, high inflation setting in thereby, people eventually succumbing to bankruptcy out of sheer inability to repay the loans back, so on and so forth. After the Great Recession of 2007–2009, many Western governments and commentators have referenced the Lost Decade as a distinct economic possibility for stagnating developed nations. With domestic demands already being so rigid, so hard to stimulate, a rise in production, and their subsequent search to look for growth outside their nation, the dependencies are only going to get tougher. “While weakness will remain for the time being, the Japanese economy is expected to pick up on improvements in overseas economies and effects of government policy steps,” Kaoru Yosano, Japan’s economy minister said. The societal coarsening that has blighted China with the onset of sudden riches is a serious deficiency that can only get worse. The government and the Bank of Japan hold $74.5 billion in debt issued by Fannie Mae and Freddie Mac, two of the largest housing loan providers in the United States. Though Japan’s economy contracted 1.3 percent in the fourth quarter, it expanded 3.9 percent over all in 2010 compared with a year earlier, signaling a recovery from a punishing recession in the wake of the global economic crisis. The 2008 financial crisis timeline began in March 2008, when investors sold off their shares of investment bank Bear Stearns because it had too many of the toxic assets.

The yen rose 38 to the Euro in 2008.


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