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Japan plans 'nationalisation' of factories to save industry

Published: January 1, 2013
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Source: UK Telegraph

Premier Shenzo Abe is to spend up to one trillion yen (£7.1bn) buying plant in the electronics, equipment, and carbon fibre industries to force the pace of investment, according to Nikkei news.

The disclosure came just a day after Mr Abe vowed to revive Japan's nuclear industry with a fresh generation of reactors, insisting that they would be "completely different" from the Fukishima Daiichi technology.

The industrial shake–up shows the ferment of fresh thinking in the third–largest economy after years of paralysis. Output shrank 0.9pc in the third quarter and industrial production has fallen 3.3pc over the past two months, made worse by a boycott of Japanese goods in China over the Diaoyu/Senkaku islands row. Exports to China fell
38pc in November.

Mr Abe's Liberal Democrats have already lambasted the central bank, threatening a new bank law unless it adopts radical measures to pull Japan out of deflation – including a growth target of 3pc for nominal GDP, implying massive monetary stimulus.

He has set an implicit exchange range target of 90 yen to the dollar, instructing the Bank of Japan to drive down the yen with mass purchases of foreign bonds along lines pioneered by the Swiss.

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