Latest news with #Abenomics
France 24
6 days ago
- Politics
- France 24
After Trump, Shinzo Abe's widow meets Putin
Akie Abe was not in Russia in an official capacity, and Tokyo -- whose relations with Moscow are frosty -- said Friday it had not communicated with the 62-year-old about the visit. Putin said it had been Shinzo Abe's "dream" to conclude "a peace treaty between our nations", according to a Kremlin statement in English published on Thursday. "The current situation differs; we will not address that aspect today," Putin said, offering Abe flowers and reportedly his presidential limousine to go to a ballet at the Bolshoi Theatre. While Putin made a trip to Shinzo Abe's little-visited home prefecture Yamaguchi in 2016, Japan-Russia relations -- while never warm -- have deteriorated sharply since the 2022 invasion of Ukraine. Akie Abe, who also met Indian Prime Minister Narendra Modi in September, said her late husband had met Putin no fewer than 27 times. "I might add that even after the onset of the challenging situation concerning Ukraine, my husband hoped to meet with you. Regrettably, circumstances prevented further meetings: his life was cut short," the Kremlin quoted Abe as saying. Born to a wealthy Japanese family, she married Shinzo Abe in 1987 and rose to prominence during his terms as prime minister from 2006-7 and 2012-20. As Japan's longest-serving premier, Abe became one of the country's most recognisable political figures, known for cultivating international alliances and his "Abenomics" economic strategy. He was shot and killed while speaking at a political campaign rally on July 8, 2022. Shinzo Abe was also close to Trump during the US president's first term, gifting him a gold-coloured golf club that the American admitted in 2023 to temporarily misplacing. © 2025 AFP
Yahoo
6 days ago
- Business
- Yahoo
After Trump, Shinzo Abe's widow meets Putin
Russian leader Vladimir Putin hosted the widow of assassinated former Japanese prime minister Shinzo Abe, the Kremlin said, five months after then US president-elect Donald Trump welcomed her at Mar-a-Lago. Akie Abe was not in Russia in an official capacity, and Tokyo -- whose relations with Moscow are frosty -- said Friday it had not communicated with the 62-year-old about the visit. Putin said it had been Shinzo Abe's "dream" to conclude "a peace treaty between our nations", according to a Kremlin statement in English published on Thursday. "The current situation differs; we will not address that aspect today," Putin said, offering Abe flowers and reportedly his presidential limousine to go to a ballet at the Bolshoi Theatre. While Putin made a trip to Shinzo Abe's little-visited home prefecture Yamaguchi in 2016, Japan-Russia relations -- while never warm -- have deteriorated sharply since the 2022 invasion of Ukraine. Akie Abe, who also met Indian Prime Minister Narendra Modi in September, said her late husband had met Putin no fewer than 27 times. "I might add that even after the onset of the challenging situation concerning Ukraine, my husband hoped to meet with you. Regrettably, circumstances prevented further meetings: his life was cut short," the Kremlin quoted Abe as saying. Born to a wealthy Japanese family, she married Shinzo Abe in 1987 and rose to prominence during his terms as prime minister from 2006-7 and 2012-20. As Japan's longest-serving premier, Abe became one of the country's most recognisable political figures, known for cultivating international alliances and his "Abenomics" economic strategy. He was shot and killed while speaking at a political campaign rally on July 8, 2022. Shinzo Abe was also close to Trump during the US president's first term, gifting him a gold-coloured golf club that the American admitted in 2023 to temporarily misplacing. hih-stu/kaf/fox
Yahoo
20-05-2025
- Business
- Yahoo
Uncle Sam's biggest creditor faces a fiscal crisis ‘worse than Greece' as its borrowing costs hit 20-year high
Japan's prime minister warned members of parliament the country cannot afford any tax cuts funded through the issue of new debt as calls grow for stimulus ahead of July elections to the upper house. The country holds $1.13 trillion in U.S. Treasury debt, even as its own debt-to-GDP ratio runs at roughly 250%. Japan, the single largest foreign financier of the U.S. federal government, faces its own mountain of debt just as its economy is beginning to shrink. Prime Minister Shigeru Ishiba, elected last year as a fiscal hawk, has been facing calls for fresh stimulus ahead of an election for the upper house of parliament in July. On Monday, he warned MPs that Japan could not afford any tax cuts paid for with more borrowing. 'Our country's fiscal situation is undoubtedly extremely poor,' he said, 'worse than Greece's.' Outstanding debt already exceeds the size of its gross domestic product by nearly 2.5 times. The lower the denominator—in this case the economy—the greater the ratio and the less sustainable a nation's debt burden becomes, experts say. Unfortunately for Japan, it just reported last week that GDP shrank in the past quarter, with investors arguing a recession is a concrete risk. On Monday, the cost of borrowing rose after yields on its 40-year bond hit highs not seen in some 20 years. Greece famously sparked the euro zone sovereign debt crisis some 15 years ago even though its debt-to-GDP ratio was less than 120%. Importantly, however, eight out of 10 euros in debt Greece had issued was owed to foreign bondholders who had no skin in the game and could move their capital elsewhere instantly. (Hedge fund legend Paul Tudor Jones once described this type of scenario as money with 'wings on it'.) By contrast, Japan has been able to issue debt by tapping into its citizens' own propensity to save. Ishiba's statements on Monday come as a group of U.S. House lawmakers allowed President Trump's 'big, beautiful bill' to leave committee and proceed to a floor vote. Expected to permanently extend President Donald Trump's 2017 signature tax cut, which is due to sunset at the end of this year, the loss of revenue to the Treasury would add trillions to the budget deficit. The bill advanced after Moody's stripped the U.S. of its perfect AAA credit rating, citing the worsening fiscal outlook. The downgrade sparked an across-the-board selloff in government debt, with the U.S. 30-year yield spiking above 5%, close to its 5.18% multi-decade high from 2007. The most voracious foreign buyer of Treasury bonds is the heavily indebted Japan itself. The latest official U.S. data show that Japan's holdings ticked higher to $1.13 trillion in March—roughly a quarter of its GDP—making it easily the largest overseas investor in the United States government. Ishiba became prime minister by pitching himself as a hawk aiming to curb the excesses of 'Abenomics,' a government policy of coordinated monetary and fiscal stimulus. Named after Shinzo Abe, Japan's longest serving prime minister, it involved the Bank of Japan expanding its balance sheet to buy government debt and keep a lid on the yield curve. His election last September briefly sent stocks in Tokyo reeling amid what economists called the 'Ishiba shock'. At the time, markets had expected an ally of Abe, assassinated three years ago, to ascend to the post and maintain his course. This story was originally featured on Sign in to access your portfolio
Yahoo
19-05-2025
- Business
- Yahoo
Uncle Sam's biggest creditor faces a fiscal crisis ‘worse than Greece' as its borrowing costs hit 20-year high
Japan's prime minister warned members of parliament the country cannot afford any tax cuts funded through the issue of new debt as calls grow for stimulus ahead of July elections to the upper house. The country holds $1.13 trillion in U.S. Treasury debt, even as its own debt-to-GDP ratio runs at roughly 250%. Japan, the single largest foreign financier of the U.S. federal government, faces its own mountain of debt just as its economy is beginning to shrink. Prime Minister Shigeru Ishiba, elected last year as a fiscal hawk, has been facing calls for fresh stimulus ahead of an election for the upper house of parliament in July. On Monday, he warned MPs that Japan could not afford any tax cuts paid for with more borrowing. 'Our country's fiscal situation is undoubtedly extremely poor,' he said, 'worse than Greece's.' Outstanding debt already exceeds the size of its gross domestic product by nearly 2.5 times. The lower the denominator—in this case the economy—the greater the ratio and the less sustainable a nation's debt burden becomes, experts say. Unfortunately for Japan, it just reported last week that GDP shrank in the past quarter, with investors arguing a recession is a concrete risk. On Monday, the cost of borrowing rose after yields on its 40-year bond hit highs not seen in some 20 years. Greece famously sparked the euro zone sovereign debt crisis some 15 years ago even though its debt-to-GDP ratio was less than 120%. Importantly, however, eight out of 10 euros in debt Greece had issued was owed to foreign bondholders who had no skin in the game and could move their capital elsewhere instantly. (Hedge fund legend Paul Tudor Jones once described this type of scenario as money with 'wings on it'.) By contrast, Japan has been able to issue debt by tapping into its citizens' own propensity to save. Ishiba's statements on Monday come as a group of U.S. House lawmakers allowed President Trump's 'big, beautiful bill' to leave committee and proceed to a floor vote. Expected to permanently extend President Donald Trump's 2017 signature tax cut, which is due to sunset at the end of this year, the loss of revenue to the Treasury would add trillions to the budget deficit. The bill advanced after Moody's stripped the U.S. of its perfect AAA credit rating, citing the worsening fiscal outlook. The downgrade sparked an across-the-board selloff in government debt, with the U.S. 30-year yield spiking above 5%, close to its 5.18% multi-decade high from 2007. The most voracious foreign buyer of Treasury bonds is the heavily indebted Japan itself. The latest official U.S. data show that Japan's holdings ticked higher to $1.13 trillion in March—roughly a quarter of its GDP—making it easily the largest overseas investor in the United States government. Ishiba became prime minister by pitching himself as a hawk aiming to curb the excesses of 'Abenomics,' a government policy of coordinated monetary and fiscal stimulus. Named after Shinzo Abe, Japan's longest serving prime minister, it involved the Bank of Japan expanding its balance sheet to buy government debt and keep a lid on the yield curve. His election last September briefly sent stocks in Tokyo reeling amid what economists called the 'Ishiba shock'. At the time, markets had expected an ally of Abe, assassinated three years ago, to ascend to the post and maintain his course. This story was originally featured on
Yahoo
19-05-2025
- Business
- Yahoo
Uncle Sam's biggest creditor faces a fiscal crisis ‘worse than Greece' as its borrowing costs hit 20-year high
Japan's prime minister warned members of parliament the country cannot afford any tax cuts funded through the issue of new debt as calls grow for stimulus ahead of July elections to the upper house. The country holds $1.13 trillion in U.S. Treasury debt, even as its own debt-to-GDP ratio runs at roughly 250%. Japan, the single largest foreign financier of the U.S. federal government, faces its own mountain of debt just as its economy is beginning to shrink. Prime Minister Shigeru Ishiba, elected last year as a fiscal hawk, has been facing calls for fresh stimulus ahead of an election for the upper house of parliament in July. On Monday, he warned MPs that Japan could not afford any tax cuts paid for with more borrowing. 'Our country's fiscal situation is undoubtedly extremely poor,' he said, 'worse than Greece's.' Outstanding debt already exceeds the size of its gross domestic product by nearly 2.5 times. The lower the denominator—in this case the economy—the greater the ratio and the less sustainable a nation's debt burden becomes, experts say. Unfortunately for Japan, it just reported last week that GDP shrank in the past quarter, with investors arguing a recession is a concrete risk. On Monday, the cost of borrowing rose after yields on its 40-year bond hit highs not seen in some 20 years. Greece famously sparked the euro zone sovereign debt crisis some 15 years ago even though its debt-to-GDP ratio was less than 120%. Importantly, however, eight out of 10 euros in debt Greece had issued was owed to foreign bondholders who had no skin in the game and could move their capital elsewhere instantly. (Hedge fund legend Paul Tudor Jones once described this type of scenario as money with 'wings on it'.) By contrast, Japan has been able to issue debt by tapping into its citizens' own propensity to save. Ishiba's statements on Monday come as a group of U.S. House lawmakers allowed President Trump's 'big, beautiful bill' to leave committee and proceed to a floor vote. Expected to permanently extend President Donald Trump's 2017 signature tax cut, which is due to sunset at the end of this year, the loss of revenue to the Treasury would add trillions to the budget deficit. The bill advanced after Moody's stripped the U.S. of its perfect AAA credit rating, citing the worsening fiscal outlook. The downgrade sparked an across-the-board selloff in government debt, with the U.S. 30-year yield spiking above 5%, close to its 5.18% multi-decade high from 2007. The most voracious foreign buyer of Treasury bonds is the heavily indebted Japan itself. The latest official U.S. data show that Japan's holdings ticked higher to $1.13 trillion in March—roughly a quarter of its GDP—making it easily the largest overseas investor in the United States government. Ishiba became prime minister by pitching himself as a hawk aiming to curb the excesses of 'Abenomics,' a government policy of coordinated monetary and fiscal stimulus. Named after Shinzo Abe, Japan's longest serving prime minister, it involved the Bank of Japan expanding its balance sheet to buy government debt and keep a lid on the yield curve. His election last September briefly sent stocks in Tokyo reeling amid what economists called the 'Ishiba shock'. At the time, markets had expected an ally of Abe, assassinated three years ago, to ascend to the post and maintain his course. This story was originally featured on Sign in to access your portfolio
