An awesome, powerful, lyrical appeal (with superb English subtitles) by the Japanese band FRYING DUTCHMAN (a play on the Japanese habit of interchanging Ls and Rs) to the people of Japan to open their eyes and minds: It slams the nuclear industry, the mainstream media, government bureaucrats, and politicians of all stripes. For my…
Japan
Whitewash versus Reality: “Disaster Made in Japan”
by Wolf Richter • • Comments Off on Whitewash versus Reality: “Disaster Made in Japan”
Today Japan brought its first nuclear reactor back on line, after having been nuclear-power free for two months. The government had stress-tested the reactor and had declared it safe—despite strong evidence to the contrary. Ironically, on the day that the reactor started generating electricity again, the Nuclear Accident Independent Investigation Commission released its report on the Fukushima disaster—and it’s a doozy.
“Nuclear-free Japan:” Figment of the Imagination
by Wolf Richter • • 4 Comments
Nuclear power is galvanizing Japan, stirring up public discussions and outright dissent with demonstrations and all, a rare occurrence in Japan. It has divided the country in two: those who want nuclear power generation to resume so that a stranglehold can be lifted from the economy, and those who want a “nuclear-free” Japan. But there is no quick way out, even if everyone wanted it.
The Japanese Are Dumping Their Gold
by Wolf Richter • • Comments Off on The Japanese Are Dumping Their Gold
In Japan, people who are old enough to have lived it as adults still reminisce about the bubble that blew up in 1989 when the Nikkei almost hit 40,000 (now 9,045) and when the sky-high prices of real estate could only go up further. The slide from top to reality has been brutal, and a lot of people lost their shirts. But there has been one investment that has worked out phenomenally well for the otherwise hapless Japanese investor: Gold.
Japan’s Sanctimonious Finance Minister
by Wolf Richter • • Comments Off on Japan’s Sanctimonious Finance Minister
There are certainly some topics that Japan can lecture France on, for example standing in line. In Japan, a line is a display of communal discipline. In France, a line is something to be worked actively. Japan can also lecture France on designing and making cars and electronics. But the topic that Japan—fiscally the most undisciplined country in the developed world—can’t include in its sermon to France is fiscal discipline. And yet….
The Real Reason For Deflation in Japan
by Wolf Richter • • 4 Comments
Japan was a shockingly expensive country twenty years ago. Back then, the US government pushed Japan to open up its markets, and it is still pushing, in some sectors with little success. But over the years, Japan has become less restrictive to imports. The result: more competition and lower prices—but surprising barriers remain, and some prices are still astoundingly high.
An IMF Absurdity
by Wolf Richter • • Comments Off on An IMF Absurdity
On April 20, finance chiefs and central bankers of the G-20 hold a shindig in Washington DC. At issue is money. Bailout money for the Eurozone. The IMF wants to dig deeper into its pocket, but the amounts are skyrocketing, and … “We certainly need more resources,” explained IMF Managing Director Christine Lagarde. Bankrupt countries try to bail out bankrupt countries. And taxpayers everywhere get to foot the bill.
A New Beginning in Japan: Glimmers of False Hope?
by Wolf Richter • • Comments Off on A New Beginning in Japan: Glimmers of False Hope?
April 1 marks a new beginning in Japan and coincides roughly with the arrival of cherry blossoms. The first ethereal pink was sighted last week in Kochi. Now blossoms have appeared in Tokyo. Full bloom is expected by Friday. Last year, after the horrific earthquake and tsunami that took over 18,000 lives, cherry-blossom events had been canceled. But this year, it’s different. And there is even an uptick in the numbers.
A Revolt, the Quiet Japanese Way
by Wolf Richter • • Comments Off on A Revolt, the Quiet Japanese Way
New revelations seeped out about the control Japan’s nuclear industry had over regulators. In 2006, the Nuclear Safety Commission studied the enlargement of disaster-mitigation zones. But the Economics Ministry put an end to it, worried that it ”could cause social unrest and increase popular anxiety.” Five years later, after the preventable meltdowns at the Fukushima power plant, the people paid the price.
March 11 Earthquake and Tsunami: A Personal Perspective
by Wolf Richter • • Comments Off on March 11 Earthquake and Tsunami: A Personal Perspective
The earthquake and tsunami that hit Japan on March 11 a year ago and the nuclear catastrophe that followed are personal to me: my wife is from Tokyo, and my in-laws live there. To our immense relief, no one we know was hurt. But others weren’t that lucky: 15,854 died and 3,155 are still missing. This missive, written by my wife four days after the quake, depicts the chaos in Tokyo, the emotions, and the unique Japanese ways of coping with it.