Taro Aso gives Japanese £100 each to spend way out of recession

Times of London ^ | 01/24/09 | Leo Lewis

[TigerLikesRooster]

Taro Aso gives Japanese £100 each to spend way out of recession

For £200, a couple could have a sparkling day at the Yunessan spa

(Junko Kimura/Getty Images)

Leo Lewis, Asia Business Correspondent

With Japanese exports plunging and companies retrenching, the fate of the world’s second-biggest economy may now lie in an electronic cigarette, a ripe musk melon or a bag of dumplings shaped like the Prime Minister’s face.

Government efforts to stimulate the economy and insulate it from the ravages of recession have failed. The pace and scale of decline, say economists, has proved too big for the country’s creaking, deadlocked political system to cope with and deep recession is now a certainty.

But Taro Aso, the increasingly reviled Prime Minister, believes that he has hit upon a scheme that will solve the crisis in an orgy of consumer spending.

The move, which he has described as “the best economic measure of all”, involves a handout of at least 12,000 yen (£100) to every citizen over the age of 18. The prospect of the windfall has unleashed a national wave of speculation about how the money might best be spent, and the eccentric world of Japanese retail is pushing hard to attract the cash.

Among the more extreme recommendations on how to spend the money is to applaud Mr Aso’s plan by buying a gift box of Aso-themed goods: Y12,000 would buy a magnificent spread including a coffee mug, dumplings, shopping bag, tummy-warmer and dog-sized T-shirt bearing his image.

[TigerLikesRooster]

12,000 yen is not enough. Try 1,200,000 yen if they want to make a dent. If you cannot afford it, don't even bother to try.

[TigerLikesRooster]

Ping!

[sushiman]

Aso is an as-hole . But then most of the politicos over here are . He and his LDP cronies are planning to raise the “ consumption “ tax up to 10% by 2011 . That is 10% added to every single purchase of whatever inc. food , medicine , medical bills , clothing and shelter ...etc ! Bastards !

[TigerLikesRooster]

So what are they going to do with additional tax revenue? Gold-plated business cards for politicians?

[sushiman]

You got it !

[WildcatClan]

The first country to ignore charges of cutting taxes for the wealthy will be the big winner in this worldwide recession. You make your country investment/business friendly that is where the world is going to sink their money.

You make sure there is nothing that resembles an inheritance tax, cut capital gains, corporate taxes and really slice taxes on manufacturers in your country who are salaried at least 50% in your country.

[silverleaf]

well, there’s a bump that ought to last, oh, maybe 2 weeks