Japan appears to have dodged a recession thanks to resilient business spending b...
TOKYO - Japan appears to have dodged a recession thanks to resilient business spending but tanking factory and export sectors and a lack of policy options leave it particularly vulnerable if a projected recovery in the global economy fails to materialize.
The Bank of Japan, too, may be forced to ramp up monetary support, though many analysts say the central bank is left with few effective tools to prop up growth. “There is no sense that someone is going to latch onto this and push for a huge increase in fiscal spending,” a government official with direct knowledge on economic policy-making said, when asked by Reuters about MMT.
But the government held off from declaring Japan in a recession. Central bank policymakers also saw relief in the BOJ’s “tankan” survey last week that showed companies were maintaining their robust capital expenditure plans. Abe has said he will go ahead with a twice-delayed increase in the sales tax rate to 10 percent from 8 percent in October unless a shock to the scale of the collapse of Lehman Brothers in 2008 hits the global economy.
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