After decades of attempts to stimulate a stagnant economy, Japan’s central bank is in a nasty bind, unable to move much in any direction
To understand why, it helps to return to the source of the problem. In the late 1980s Japan had a colossal asset bubble, primarily in stock and property prices. Six of the world’s ten most valuable companies called the country home. The bubble was popped deliberately with interest-rate rises in 1989, which prompted stock prices to fall immediately, and land prices to grind ever-lower throughout the 1990s.
The pain would be felt elsewhere, however. The first sufferer would be an institution that has become far more indebted as the private sector has saved: the central government. In last year’s budget, about 8% of spending was allocated to interest payments, even at an average interest rate on government bonds of 0.8%. A percentage-point rate rise across the board would mean more than doubling the share of spending, as bonds are rolled over.
The second part of the economy that would immediately feel the pain of a rate rise is the banking system. Higher rates would cause large unrealised losses on the assets of smaller financial institutions. The Japan Centre for Economic Research, a consultancy, suggests that, if long-term interest rates were to rise by a percentage point, the economic value of regional banks would drop by the equivalent of 60% of their capital.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The Forgotten History of the Japanese Balloon Bomb That Killed Americans in World War IIA balloon floating into U.S. airspace once caused fatal consequences. May 5 marks the 78th anniversary of a relatively unknown tragedy caused by balloon bombs at the tail end of World War II
Lire la suite »
A two-hour Zelda: Breath of the Wild orchestral concert is available to view online | VGCA two-hour Japanese orchestral concert dedicated to The Legend of Zelda: Breath of the Wild has been made available to watch in full online.
Lire la suite »
Impact of respiratory bacterial infections on mortality in Japanese patients with COVID-19: a retrospective cohort study - BMC Pulmonary MedicineBackground Although cases of respiratory bacterial infections associated with coronavirus disease 2019 (COVID-19) have often been reported, their impact on the clinical course remains unclear. Herein, we evaluated and analyzed the complication rates of bacterial infections, causative organisms, patient backgrounds, and clinical outcome in Japanese patients with COVID-19. Methods We performed a retrospective cohort study that included inpatients with COVID-19 from multiple centers participating in the Japan COVID-19 Taskforce (April 2020 to May 2021) and obtained demographic, epidemiological, and microbiological results and the clinical course and analyzed the cases of COVID-19 complicated by respiratory bacterial infections. Results Of the 1,863 patients with COVID-19 included in the analysis, 140 (7.5%) had respiratory bacterial infections. Community-acquired co-infection at COVID-19 diagnosis was uncommon (55/1,863, 3.0%) and was mainly caused by Staphylococcus aureus, Klebsiella pneumoniae and Streptococcus pneumoniae. Hospital-acquired bacterial secondary infections, mostly caused by Staphylococcus aureus, Pseudomonas aeruginosa, and Stenotrophomonas maltophilia, were diagnosed in 86 patients (4.6%). Severity-associated comorbidities were frequently observed in hospital-acquired secondary infection cases, including hypertension, diabetes, and chronic kidney disease. The study results suggest that the neutrophil–lymphocyte ratio (| 5.28) may be useful in diagnosing complications of respiratory bacterial infections. COVID-19 patients with community-acquired or hospital-acquired secondary infections had significantly increased mortality. Conclusions Respiratory bacterial co-infections and secondary infections are uncommon in patients with COVID-19 but may worsen outcomes. Assessment of bacterial complications is important in hospitalized patients with COVID-19, and the study findings are meaningful for the appropriate use of antimicrobial agents and management stra
Lire la suite »
Japan’s ‘myth of security’ raises cyber attack riskSenior managers in Japanese companies will often outsource cyber risk to experts and then assume that is enough
Lire la suite »
Ashfield Independents secure bigger majority after local electionsThe Ashfield Independents have secured a landslide majority LocalElection2023
Lire la suite »
Taskmaster unveils 'worst ever' taskSome contestants ended up with egg on their face.
Lire la suite »