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With most ambitious recovery package, Japanese govt asserts control over economy
TOKYO. Aug 31: The Japanese government has de bvered an unaautvocabfe rebuff to those who believed unbrl died market forces had finally wrested control of the national econornjy from the admlnlstra tion reports AFP
As they have done many Umea since the end of World War 11. the financial bureau crate came to the rescue of the country s beleaguered entrepreneurs. unveiling their most ambitious economic re covery package to date
And as they explained to the press Friday how they had once again saved the national economy, the top official from the Ministry of Finance may have mixed their brief flashes of pride with smiles of sweet revenge
Revenge on those who presumed economic control was slipping away from a weakened financial administration, and on those speculators, brokers
bankers and financial gurus w)m, rode high on the bac k of the 1980* casino economy "
Born of government policies to aid an industrial sector hampered by the yen s climb against the Greenback. The comeback staged by the bu reaucrata has been remarkable one year after balling out brokers. the Ministry of Finance secs the bankers on their knees and the backs of the speculators broken
In recent weeks as the Tokyo Stock Market was caving tn. leaders from industry, finance and employers organ: sations bowed and scraped in the Ministry of Finance s cor ridor* imploring its arrogant and mocking officials to act quickly
And the unanimous ap plause heard Friday evening when the government an nounced a larger than ex pected spending splurge must
have warmed the hearts of the civil servants.
The government rescue package pledges to Inject some 10 7 trillion yen (Mfe bil lion dollar) into the economy, to boost growth and shore up the financial sector reeling from the plunging stock market and diving land prices. The fiscal stimulus is on top of numerous interest rate cuts by the central bank.
And little did it matter than their minister Ryutaro Hashimoto Is gone, a victim of last year s stock market scan dal. because in Tokyo bureau crats are more important I han politicians.
Recent measures to aid fl nancial sectors show I row bu reaucratic decisions save mar ket players.
Last summer, the Ministry of Finance had allowed Japan * securities houses — the world ■ largest — to renege on
promises of major compensu tton payments to clients for market fosses
The ministry now super vises the affairs of Japan s and the world s largest banks, which are struggling with bad debts and a financial situation weakened by the property and stock market collapses
As in 1965 with stockbroker Yamaichl. officials are preventing the Inevitable collapse of certain banks by extending tax benefits encouraging lower dividends and allowing bank mechanisms lo Improve their results
‘Not tn 10 years have bureaucrats had the control that they have over the economy today * Mid Kenneth Courtis chief economist at the Deutsche Bank
It marks the return of gyose! shido or admlnlstra live guidance the symbol of a system that ts more cen trallscd and bureaucratl< Ilan
other major Industrialised powers
In Japan some sectors arc protected from competition, others aided and those in strategic fields encouraged
But not everyone welcomes this bureaucratic power.
The progressive Asahi newspaper was partially accepting of government meddling Mytng "we must accept this as an Inevitable process In the reconstructing of the econonty."
But it added that, "banking and securities Industries will be forced to wean themselves from government protection.
Asahi also called on flnan rial Institutions to disclose their financial health as soon as possible
While the conservative Yomlurl welcomed the extra spending, which it believed would be more effective that tax cuts, the free market ori-
ented Wall Street journal said the government was just undoing its own mess
Japan s financial and land markets have been badly warped by state-imposed or state supported dictates." it Mid -What is needed is a lot less state meddling
The more reliable approach would be for Japan s government to place more trust in its own people Let them decide (and not the bu reaucracy) how to shape their markets and spend their money
Akio Mikuni, president of a Japanese credit rating agency said In an article In the Wall Street journal that "the reme dies should come In the form of IlberallMtion and market access, not a better tuned Japan Inc.
"Japan must move toward creating a market driven peacetime economy " he Mid.