TOKYO (NQN)–Deputy Prime Minister Naoto Kan said Tuesday morning he would like to see Japan achieve 3% nominal economic growth in two years.
3% GDP? How? It won’t come with help from the Bank of Japan, as Mr. Kan hopes. I mean, does this look like a country that is capable of 3% GDP growth?
I don’t think the Japanese had more than 2% growth in any year over the past 20 years. And now they’re going to suddenly have 3+% growth? They need to rein in spending first in order to rebalance how much of their economy relies on debt-fueled growth vs. organic growth. And even that needs to be re-tooled so it’s not so export dependent.
But in the meantime, whatever Minister Kan is taking to capture that hallucinogenic, halcyon-ish feeling, I’ll have the same and please make it a double…