Finance Minister Koji Omi in the US
January 10, 2007
By Ken Worsley
Speaking at the Center for Strategic and International Studies in Washington, Finance Minister Koji Omi said he believed that the Japanese economy would pick up in terms of growth over the coming summer, in time for the upper house elections. This statement was made despite the fact that the economy is growing at around a 1.8% annual clip and the government’s own projections are for 1.8%-2% growth.
So, Omi’s statements are in line with government projections, and actually do not represent much in the way of ‘growth’ at all. He also stated that this ‘growth’ would be driven by consumer spending, which has yet to pick up in Japan.
Omi refused to comment on monetary policy, saying only that he hoped the Bank of Japan would continue to support the economic recovery.
This Bloomberg article on Omi’s visit to the US appears to have been forgotten, or is about to be updated.
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For your readers: Whenever someone speaks at the Center for Strategic and International Studies in an open forum, the full audio/transcript are usually available on their website (csis.org under the Asia regional heading) by at latest the next day or so. It’s always interesting to hear Japanese leaders speak on issues other than the hot topic of the day, and even more interesting to hear the Q&A sessions at the end to get an idea of what Washington is concerned about these days. My one beef: I wish they’d organize them into a podcast format!
Hey Adam, thanks…I’ve been to that site a bunch of times but didn’t think to link to it - if you can think of any other links, please suggest (I most enjoyed last year’s speech by Mr Aso…).