The news from Japan

Japan factory output logs sharpest rise in 56 yrs (AFP)

Japan's factories ramped up their production at the fastest pace in 56 years in the second quarter, data showed Thursday, boosting hopes the world's number two economy has returned to positive growth. Japanese industrial output plunged last year in the midst of a brutal global economic downturn, pushing Asia's biggest economy into its worst recession since World War II, but analysts say the worst appears to be over. ( This is complete bullsh*t I know I live in Japan. Nothing is ramping up. This is just wrong, positive and misleading economic propaganda.

Economic white paper short on specifics
The Yomiuri Shimbun

The theme of the fiscal 2009 Annual Report on the Japanese Economy and Public Finance was "overcoming crisis and the outlook for sustainable recovery."
Although the country's economy has stopped deteriorating, it is still in a deep rut, and there are lingering concerns that it could worsen further still.
The white paper on the economy and public finances was drawn up in the middle of a dire economic situation. As such, it was expected to present a clear remedy for the Japanese economy that would guide it through the crisis and help it regain its growth potential.
The white paper said that although the country's economy slumped at the fastest pace on record, and that the extent of the slowdown also was the deepest ever, it finally began picking up thanks to the government's pump-priming measures and the recovery of foreign economies.
But the report pointed to three continuing risks in the economic outlook--the deteriorating employment situation, the risk of backsliding into deflation and a downturn in foreign economies.

Jul 30 Worker excess worrisome (Japan Times)

The government's fiscal 2009 white paper on the economy has drawn a gloomy picture with regard to the employment situation, although the report does credit the government's four economic stimulus measures for starting to exert a positive effect.

Jul 29 IMF begins borrowing from Japan, Canada, Norway (nasdaq.com)

The International Monetary Fund said Tuesday it has begun drawing on loans offered to it by the governments of Japan, Canada and Norway. The move marks the first time the Fund has borrowed from member countries using bilateral borrowing agreements. Jul 28 Ratio of vacancies to all houses in Japan hits record 13.1% (Mainichi) The ratio of vacant houses to all the dwellings in Japan hit an all-time high of 13.1 percent as of last Oct. 1, surpassing the previous record of 12.2 percent in 2003, the Ministry of Internal Affairs and Communications said in a preliminary report released Tuesday. This means nearly one out of every eight houses in Japan is vacant.

Jul 28 Bonuses for Japan national servants to be cut further (Mainichi)

Japan's national civil servants are expected to see their bonuses cut further for the current fiscal year to next March after a reduction in their summer bonuses, sources at the National Personnel Authority said Tuesday. The authority is making the latest move after slashing summer bonuses for civil servants by 0.2 month worth of salary based on a May proposal made as the country's economy has been mired in recession.

Jul 28 No change in minimum wage in regions with no livelihood assistance gap (Mainichi)

The Minimum Wage Council, an advisory body to the Minister of Health, Labor and Welfare, said that the minimum wage will be "maintained at its current level" in 35 prefectures where there is no gap between public livelihood assistance and the minimum wage.