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August 22, 2018 | Abenomics: Japan’s Man in the Street vs Abe and the Exporters

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
An interesting Japanese poll shows that despite an economy that’s now growing, people are not happy with Abenomics.

Here’s an interesting Japanese Poll on Abenomics and the Japanese government. The statements are translated by Google Chrome and at times those translations are a bit awkward.

Only 23% of Japanese think Abenomics is going well. Abe Rival, Shigeru Ishiba says Millions of Japanese Are Falling Behind Under Abenomics.

“Exporters made money on the cheap yen and monetary easing, and they’re all having fun playing golf at Mr. Abe’s vacation home,” said Mr. Ishiba in an interview in his office in Tokyo, which is filled with model planes and books on military and economic policy.

At a news conference in July, Mr. Abe reeled off favorable numbers including the results of a survey which showed wage growth at small and midsize companies at its highest level in 20 years. “The Japanese economy is making sure and steady progress,” he said.

Japanese Cabinet Approval Rate

Only 38% support the Abe cabinet.

The top reason sounds familiar enough: Abe looks better than the other guy. Meanwhile, only 10.7% cited trust in Abe.

Support for Foreign Workers

Unlike anywhere else in the world, Japanese voters would like more foreign workers.

War Mongering

Article 9 of Japan’s Constitution outlaws war as a means to settle international disputes involving the state. The Constitution came into effect on May 3, 1947, following World War II. In its text, the state formally renounces the sovereign right of belligerency and aims at an international peace based on justice and order. The article also states that, to accomplish these aims, armed forces with war potential will not be maintained.

Abe wants to build Japan’s military. Only 28% of voters agree.

Memories of a nuclear holocaust clearly weigh on the minds of Japanese voters. Warmongers, led by Abe, are ready to fight again.

Next Election

Only 34% of the voting population wants Abe. Yet, Abe is a shoo-in because of Japan’s Electoral System.

Japan has a parliamentary political system like that of England, members of the House of Representatives elect a prime minister from among themselves by majority vote. The prime minister is usually a leader of the majority party. The prime minister is the head of the government. To help him direct the government, the prime minister forms a cabinet made up of people who are his political allies.

Abe does not have support of the people but that matters not. Abe controls the parliament.

Mike “Mish” Shedlock

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August 22nd, 2018

Posted In: Mish Talk

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