Japan's other debt crisis

Article Abstract:

Japan is funding social investments from the fiscal loan and investment program called zaito, and savings come from the postal system which places its deposits with zaito. Both postal savings and zaito have increased in Japan and zaito has to return funds with interest, in contrast to spending funded from taxes. There is concern about the quality of some projects financed by zaito, and the increase in exposure to smaller companies.

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How low can they get?

Article Abstract:

Recent interest rate cuts by central banks in the US, Europe and Japan have left real interest rates at the lowest levels since the 1970s. However, this does not mean that monetary policy is now loose enough, particularly since the terrorist attacks on the US have had a major impact on confidence.

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Eyeing the debt mountain

Article Abstract:

Attempts to tackle Japanese public finances are examined in detail. There is concern that such attempts may not address the seriousness of the problem. The measures proposed include a bond issue from the Japanese Finance Ministry.

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