Seijigiri #42: The Pension Fiasco, Continued Hunt for a BOJ Governor, Sentaku and North Korea

Filed under: Seijigiri Releases, Trans-Pacific Radio
Posted by Seijigiri at 11:37 pm on Tuesday, March 18, 2008

The 42nd release of Seijigiri is out just about on time. In this edition of the show, co-hosts Garrett DeOrio and Ken Worsley begin by looking at the continuing mess with Japan’s pension system. Last week, Health, Labor and Welfare Minister Yoichi Masuzoe announced that although 20.25 million of the over 50 million unidentified pension records could not be identified, “As promised, the government has completed its efforts to match all the accounts to their owners by the end of March.” In reality, only 11.72 million accounts have been identified, and just over 4 million have been put into the system.

From there, the discussion turns to look at how party politics are playing out in the process of finding a new Governor for the Bank of Japan. The ruling Liberal Democratic Party’s candidate, current Deputy Governor Toshiro Muto, has been rejected by the opposition controlled Upper House. Although this story is still active and being played out, it seems as though the DPJ’s near-shameless politicalization of the issue is actually good for Japan in some ways.

After that, Seijigiri takes a look at newly formed citizen group Sentaku, a movement which, in the words of Jun Okamura, “[D]ecries the political passivity on the part of the public and the reliance on the central bureaucracy and seeks to launch a thoroughgoing reform in the way we live and work by way of a new bottom-up, people’s rights movement.” Who’s involved and what are they up to?

Finally, a quick glance is made towards North Korea, as the Japanese government has decided to extend the economic sanctions against the country that were set to expire in April. Although Japan’s issues with North Korea have has low priority in the news cycle over the past few months, our hosts postulate on just what might happen to push North Korea back on the front page.

As always, thank you for listening!

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7 Comments »

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Comment by Opal Vanness

March 20, 2008 @ 3:00 am

Do missing records indicate that pensions for millions could be in jeopardy?

Comment by Garrett DeOrio

March 20, 2008 @ 10:09 am

In many cases, yes.

Comment by Ken Worsley

March 20, 2008 @ 4:34 pm

Especially if you’re already dead.

Comment by theanphibian

March 25, 2008 @ 11:14 am

Hey, what’s the kanji for Sentaku in this sense? I’m having a very hard time looking up information regarding it (obviously due to it’s similarity to other words :/).

Comment by Ken Worsley

March 25, 2008 @ 12:11 pm

Theanphibian, the full name is 地域・生活者起点で日本を洗濯(選択)する国民連合

It’s normally abbreviated at せんたく

You can find more here: http://www.secj.jp/

Here’s a pdf of their goals and such: http://www.secj.jp/pdf/080120-1.pdf

Comment by Cal Hobbs

April 1, 2008 @ 11:59 pm

What is the authority structure for the BOJ absent the governor?

The Yen is now at 96 to the USD. It is time for you to buy American.

Comment by Ken Worsley

April 2, 2008 @ 12:50 am

The Yen is now at 96 to the USD. It is time for you to buy American.

Getting close. With UBS reporting $19 billion in subprime-related writedowns for the first quarter, there’s bound to be some really bad news coming from both Europe and the US in the upcoming weeks, and that should push the dollar down more. Mizuho Corporate is projecting it down to about 85 by early summer and then to pick up from there.

The dollar can’t pick up against the yen until the Nikkei starts picking up (or is it the other way around?) Doesn’t really matter, the two are still hand in hand.

When there is no BOJ governor (actually the law says when the gov cannot fulfill his duties), a Deputy Governor serves as acting Governor. Right now Shirakawa is doing that. He used to be an executive director of the BOJ, so he should have an idea of “what to do.”

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