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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (1339)10/2/1998 4:37:00 PM
From: Justa Werkenstiff  Read Replies (3) of 15132
 
Other than earnings, the situation in Japan seems to be stabilizing which is good news. Lower house passed banking reform. But it took a near financial collapse to get these guys to get their feet out of the mud and you have to have a show-me-the-money attitude with them. Great talk here but we have heard it all before:

Obuchi to call for emergency stimulus - Nikkei

NEW YORK, Oct 2 (Reuters) - Japanese Prime Minister Keizo Obuchi on Friday decided to direct cabinet ministers to draw up emergency stimulus measures before the end of October to lift the economy out of recession, Nikkei English news said.

Nikkei, quoting from the Nihon Keizai Shimbun's Saturday morning edition, said Obuchi will make the directive to ministers as early as October 6.

The economic stimulus initiative will feature the expansion of a proposed 10 trillion yen second supplementary budget for fiscal year 1998 and a planned permanent tax cut worth about 7 trillion yen, Nikkei said, adding that the government will press for early implementation of the measures.

The prime minister's biggest concern is a delayed policy response by Japan could spark global economic panic, according to the newspaper's sources.

Obuchi also aims to include measures that would ease the tightening of credit to businesses, extend unemployment benefits and other jobs-related policies.

Nikkei said Obuchi is considering housing-related measures that include making interest on home-mortgages tax exempt.
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