Hashimoto has proven to be a detriment to moving Japan out of it's economic malaise, so I don't see why things are so much worse than 24 hours ago? I guess it's all perception..
yes it is all perception...but of what. Rubin has made it very clear that Japan needs to *quickly* move to take action on a number of issues...massive amounts of ¥ ¥ ¥ in bad loans that Japanese banks are holding, tax cuts, yada yada yada.
Hashimoto and Co. kept saying "yes okay, we will", "yes we will soon, we take it serious", "we really mean it now, we're going to do something", etcetera. But nothing ever really got done except for some plans for a "bridge bank", which was just a baby-step.
Now that political malaise is replaced with political uncertainty, power struggles, etcetera, now how long will it take to get action? For now, solving the Japanese banking crisis is going onto the back burner, except for political grandstanding as the power shuffle gets underway. Rubin wanted *action* by *today*, July 12th.
Did he get it.....maybe he did, but not exactly what he was looking for, not yet. |
