GLOBAL - Barclays Global Investors is warning that the US-led global recovery could cause long term damage to the well-being of the Japanese economy.
According to Noel Mills, BGI asset allocation strategist, the global economic recovery is easing the pressure on the beleaguered Japanese economy, as demonstrated by the strong recovery seen in Japanese equities. However, Mills warns that this may lead to politicians to avoid tackling what he calls “the deep-seated, debt-related problems that still beset the economy”.
Mills says that the latest economic stimulus package has already been written off as nothing more than “a series of palliatives”, designed to relieve the symptoms rather than attempt to cure the country’s “economic malaise”.
With the Japanese economy rising on the back of the global economy, he fears that all reforms will amount to is “another clever piece of window-dressing by the authorities for their fiscal year-end”.
By Geoffrey Ho
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