Roubini Topic Archive: Japan
Last month, in a Washington Post outlook piece, I argued that if handled adroitly, the triple crisis facing Japan could be used to modernize the country’s politics. The government’s response to the disaster has been anything but adroit, and the opportunity to use the crisis to propel the nation forward is slipping away.
On Sunday the Tokyo Electric Power Company announced that they had found puddles at the damaged Fukushima nuclear facility’s No. 2 reactor containing extraordinarily high levels of radioactivity—10 million times higher than would be found in water in a normally functioning nuclear reactor. Thirty minutes later they retracted the statement.
Thankfully the markets were closed and beyond the temporary scare, no lasting damage was done. But more serious problems have plagued the recovery effort and the Japanese political system is beginning to confront the possibility that emergency management reforms introduced after the 1995 Kobe earthquake have been inadequate.
Op-ed submitted to Eurointelligence, August 24, 2009 September 1, 2009 Germany and Japan are heading into parliamentary lower-house elections. In both countries, there is a great deal of dissatisfaction with at least one major incumbent party, according to polling data. Regarding economic policy, there is concern in both countries that entrenched politicians have pandered […]