Japan and militarization but Covid fiscal reality (China and Russia)
Kanako Mita, Sawako Utsumi, and Lee Jay Walker
Modern Tokyo Times
Prime Minister Fumio Kishida of Japan is obsessed with militarization. Hence, for Kishida, despite decades of static wages, the highest ratio of debt of any major developed nation, pension issues, a low birth rate, females excluded from upper management at countless companies, and a host of other ills including the weak yen: his energy is over-focused on lambasting the Russian Federation and seeking to militarize concerning America’s containment policies of China and the Russian Federation.
However, the reality is that the debt burden is being neglected – despite mounting fiscal concerns. Therefore, even the Covid-19 (coronavirus) injection rollout and other angles are putting enormous strains on the fiscal health of Japan.
Kyodo News reports, “A panel of experts on Monday proposed that the Japanese government end the free rollout of COVID-19 vaccines administered as a special measure, citing concerns over a further deterioration of its fiscal health, already considered one of the worst among major economies.”
However, Kishida is apt at enjoying military photo opportunities and declaring that Japan needs to re-militarize to protect America’s free and open Asia Pacific by stealth (American military bases are dotted all over the world – so a lovely phrase to support the endless military containment policies of this nation). Hence, Kishida wants to focus on boosting all angles of Japan’s military. This includes drone warfare, the navy, new aircraft fighters, a missile program – and so forth.
Of course, Japan knows full well that Indonesia occupies West Papua – to NATO Turkey occupying North Cyprus and North Syria, while also bombing the Kurds and Yazidis in Iraq. However, military hawks within the Kishida administration know that “human rights” and “military concerns” can only be aimed at China, North Korea, and the Russian Federation. Otherwise, the electorate will not fall for Kishida’s militarization and the abandonment of Article 9.
In truth, Kishida isn’t alone because Australia, the European Union, and NATO powers, including Canada and the United Kingdom, are equally utilizing the China and Russian Federation scare. Thus, despite recent austerity in the United Kingdom – and ongoing economic problems – political elites in London are little different than in Tokyo.
Recent wage increases in Japan are a mirage because basic foodstuffs, utilities, and so forth have all increased at a higher rate.
NHK reports, “The average real wage, taking inflation into consideration, dropped in September by 1.3 percent from a year earlier. That was the sixth straight month of decrease.”
Japan is the holder of the highest ratio of debt of any developed nation in the world. At the same time, stock holdings purchased by the Bank of Japan (BOJ) and the Government Pension Investment Fund (GPIF) are extremely high compared with other major capitalist nations in the G7. Therefore, it isn’t a shock that the Bank of Japan holds approximately 50 percent of all long-term Japanese government bonds – and that Japan is now buying the Yen to stabilize the Yen to Dollar rate.
Despite this, Kishida wants to double the military budget and put further strains on the economy. After all, if the coronavirus rollout, stemming economic support to hospitals, and other related areas are being debated to ease fiscal constraints: then surely Kishida’s militarization will further weaken the fiscal health of Japan to an even higher degree.
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