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  "households of persons in their thirties, forties and fifties in Japan on average
  saved 23.9 percent of their annual income between 1980 and


  Chapter 2
  The Savings Rate is Falling

  The evidence thus suggests that Japan's current account surplus will
  continue to shrink. Ten years ago, the Ad Hoc Commission
  on Economic Structure Reform (NOTE 2) noted in its final report that
  the "fundamental cause" of Japan's large current account
  surplus lies in the "export-oriented structure of Japan's economy."
  The report went on to state in emphatic terms that reducing
  the current account surplus requires changes in the nation's economic
  structure. Ironically, the current account surplus is now
  shrinking rapidly not because of changes that Japan has made in the
  structure of its economy, but because of changes that have
  occurred in the structure of the global economy since the end of the
  Cold War.
  Even so, Japan's need for economic reform, which got its first real
  impetus from the Ad Hoc Commission's report, has not
  diminished in the least. On the contrary, because the market economy
  has begun to take root in many new places in the world -
  presaging a more competitive world economy - Japan needs to pursue
  economic reform all the more.
  Market-opening efforts and other economic reforms, it is said, will
  reduce the trade surplus. While a more open economy may
  produce an increase in imports of particular products at the
  microeconomic level, it may not necessarily have the desired impact
  on the nation's current account balance at the macroeconomic level.
  Market-opening efforts can actually be counterproductive,
  since higher volumes of imports can depress sales and earnings in the
  affected domestic industries, and thereby cause domestic
  demand and overall imports to slow.
  However, Japan's efforts over the past decade to open its markets
  wider to imports and to eliminate unnecessary economic
  regulations have worked to increase both exports and imports. For this
  reason, they have been right on target in terms of
  promoting the nation's interests in trade.
  The trend toward a smaller current account surplus is directly related
  to another phenomenon: a declining household savings
  The proportion of income saved by households headed by persons in
  their sixties and older in Japan is much lower than the
  amount saved by households of younger persons. According to Management
  and Coordination Agency statistics, households
  of persons in their thirties, forties and fifties in Japan on average
  saved 23.9 percent of their annual income between 1980 and
  1994, compared with just 17.2 percent for households headed by persons
  aged 60 and above.
  Given the speed with which the proportion of senior citizens is rising
  in Japan's population, the savings rate should decline
  quickly, especially after the year 2005 or so, when the current
  generation of postwar babyboomers begins to retire. The 2010
  Committee on World Economy, an advisory council of the Economic
  Planning Agency that was formed in 1991 and on which
  the author was a member, projected that the household savings rate
  would drop from 15.6 percent in 1985-86 to around 9.0
  percent by 2010. As of 1994, the savings rate had already dropped to
  12.8 percent, more than 10 percentage points below
  where it was just two decades earlier.
  Assuming the savings rate declines rapidly, if Japan's public sector
  continues spending more than it takes in as revenue - issuing
  bonds to cover budget deficits - the end result will be either a
  crowding-out of private investment as government borrowing
  pushes up interest rates, or a swift plunge into current account
  deficits, marking an end to Japan's role as a generator of surplus
  domestic savings. In the latter case, the current account balance
  could well swing into deficit as early as 2003.

  To next

  (NOTE 2) The Ad Hoc Commission on Economic Structure Reform, also
  known simply as the Maekawa Commission after its
  head, Mr. Haruo Maekawa, then-Chairman of the Bank of Japan, was
  formed by the Japanese government in 1985 to study
  and issue recommendations on structural reform. At the time, Japan was
  coming under enormous international pressure,
  especially from the United States, because of its large and growing
  trade surpluses, and many critics argued that cumbersome
  government red tape and other nontariff barriers were significant
  causes of the trade surpluses. The Commission's report, issued
  in 1986, tackled this issue and provided the impetus for what would
  eventually become a continuing process of deregulation.

  Copyright 1996 Nomura Research Institute, Ltd.



jewn McCain

ASSASSIN of JFK, Patton, many other Whites

killed 264 MILLION Christians in WWII

killed 64 million Christians in Russia

holocaust denier extraordinaire--denying the Armenian holocaust

millions dead in the Middle East

tens of millions of dead Christians

LOST $1.2 TRILLION in Pentagon
spearheaded torture & sodomy of all non-jews
millions dead in Iraq

42 dead, mass murderer Goldman LOVED by jews

serial killer of 13 Christians

the REAL terrorists--not a single one is an Arab

serial killers are all jews

framed Christians for anti-semitism, got caught
left 350 firemen behind to die in WTC

legally insane debarred lawyer CENSORED free speech

mother of all fnazis, certified mentally ill

10,000 Whites DEAD from one jew LIE

moser HATED by jews: he followed the law Jesus--from a "news" person!!

1000 fold the child of perdition


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