Japanese Government to Continue to Destroy the Yen and Economy
Already past twenty years of government meddling in the economy, with no good results excepting twenty years of serious deflation - and going on thirty. The Japanese government never learns its lesson and is about to embark on another idiotic attempt at shoring up the economy.
As the BBC reports:
The Japanese parliament is to debate a supplementary budget expected to contain a further 4.6tn yen ($55bn, £35bn) of stimulus measures.
Meanwhile, the Bank of Japan is expected to announce next week further quantitative easing - debt purchases aimed at increasing the money supply.
The moves come as new data shows the economy continues to suffer.
Core consumer prices fell 1% in August, while industrial production fell a surprise 0.3% and car sales fell 4.1%.
However, there were also some positives in a raft of new data released this week.
Unemployment fell unexpectedly to 5.1% in August, from 5.2% a month earlier.
And household spending rose faster than expected, up 1.7% versus a year earlier, compared with an expected 1.4%.
Just a week or so ago, the Japanese government foolishly dumped 2.3 trillion yen into buying dollars to stop the yen from soaring too high in another vain attempt at changing market forces (the yen has been growing steadily stronger since then too!) Now they go and announce another set of stimulus and a return of failed policies.
Isn't there anyone in the government who has any new ideas or the courage to do what's right?