Wednesday, July 02, 2008

You Don't Understand Japan

Reuters reports: Japan is not closed to foreign investors, including funds that press for increased shareholder rights, the head of financial regulation in the world's second-largest economy said on Tuesday...

... Sato declined to comment specifically on TCI and Steel Partners, he did say that Japan is not closed to foreign investors, including those who rally for change...

..."The FSA treats financial firms and investors equally, regardless if they are domestic or foreign," he said....

(The pendant will note that the accuracy of Sato's statement depends on the meaning of "closed." Or perhaps what the meaning of is is.)

It's like the 1980s again. Japan never had a closed market, it's just a difference in culture and misunderstanding on the part of (dumb) foreigners.
This could be good news for Fukuda and the LDP as since Japan is not closed to foreign investment, then there is no need to risk "confusion" by cutting corporate taxes to attract said foreign investment (while increasing the consumption tax).

Black is white, left is right, up is down.

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