GREEK CRISIS TO HIT JAPAN INDIRECTLY
Takahiro Fukada
The Japan Times, May 13, 2010
The Greek financial crisis is unlikely to wreak havoc on the Japanese economy, although a strengthening of the yen as a result of the euro's depreciation will inevitably affect exports bound for Europe, according to some economists.
But they caution that Japan shouldn't regard the crisis as just something happening on the other side of the planet and the nation must work hard to rebuild its finances, which are actually worse than Greece's.
"The European Union is not at all a major market for Japan," said Hiromasa Kubo, a professor at Kobe University who specializes in European economics. "Even if exports (to EU nations) decline, that won't have a big negative impact on the Japanese economy as a whole. I am more fearful of China stumbling."
According to Finance Ministry statistics for last year, EU nations bought just 12.4 percent of all of Japan's exports. China meanwhile accounted for 18.8 percent of the total, and Asia as a whole for 54.1 percent.
Takahiro Fukada
The Japan Times, May 13, 2010
The Greek financial crisis is unlikely to wreak havoc on the Japanese economy, although a strengthening of the yen as a result of the euro's depreciation will inevitably affect exports bound for Europe, according to some economists.
But they caution that Japan shouldn't regard the crisis as just something happening on the other side of the planet and the nation must work hard to rebuild its finances, which are actually worse than Greece's.
"The European Union is not at all a major market for Japan," said Hiromasa Kubo, a professor at Kobe University who specializes in European economics. "Even if exports (to EU nations) decline, that won't have a big negative impact on the Japanese economy as a whole. I am more fearful of China stumbling."
According to Finance Ministry statistics for last year, EU nations bought just 12.4 percent of all of Japan's exports. China meanwhile accounted for 18.8 percent of the total, and Asia as a whole for 54.1 percent.
(...) [artículo aquí]
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