To crashlist subscribers:
As the United States economy seems to be going into a downturn,
one might wonder what might be the effect of a U.S. recession on Japan,
which has never recovered from the collapse of "the bubble economy." A
large chunk of Japan's exports go to the U.S.
Standard and Poors recently lowered the credit rating for Japan's
government bonds, after Moody's did the same three years ago, and in
September 2000. The message is that the government of Japan can scarcely
afford to take on more debt in order to stimulate the economy.
Japan is currently debating possible amendments to its
constitution, famous for the renunciation of war. Right-wing nationalism
seems to be on the increase in Japan. Unlike China, Japan has the
industrial capacity to manufacture hundred of nuclear weapons, and the
missiles that send its satellites into orbit can be adapted to deliver
nuclear warheads. Perhaps I am reading too much into history as I recall
that in 1929 the stock market crashed, and in 1931 Japan began to take
over Manchuria.
Milton Takei
Eugene, OR, USA
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