Tom Keene Talks to William Rhodes About Japan and China
Tom talks with William Rhodes, CEO of William R. Rhodes Global Advisors and former Citigroup senior vice chairman, about Japan and China
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Is Abenomics going to work? [Abenomics refers to the policy of Japanese Prime Minister Shinzo Abe to weaken the yen and promote inflation.]
Abe has a good guy in there, his new central bank head, [Haruhiko] Kuroda. But fiscal and monetary stimulus aren’t enough. They’ve had 14 of those plans in the last 15 years. They need deregulation and structural reforms.
This is about changing Japanese culture, isn’t it?
Exactly. And if Abe doesn’t have that third leg of the stool, it ain’t going to work. I think they’re off to a good start, though.