Written by NHK World
In lieu of Japan's recession, Japan, Inc. now must choose between two international bailout deals. The deals on the table offer Japan billions of dollars to move out of their current economic turmoil. The choice is between the Economic Union of Asian Nations or a competing deal from the United States. Of course neither of these deals come without strings.
The Economic Union of Asian Nations is offering a $400 billion USD bail out, but includes free migration and trade amongst the pan-asian countries. It also demands that Japan must spell out the details and agree to join the Economic Union of Asian Nations.
The United states deal offers more money with a $500 billion USD bail out, but requires that Japan quells the protests in Okinawa and gives the United States continued access to Okinawa as a military base. It also demands that Japan cuts ties with China as well as giving the United states a detailed plan of their intended use of the money.
As expected there is a large divide in the opinion of who’s deal to take. Essentially based on the deals before them, they are choosing to cut ties with their fellow asian states or the United States and potentially other region of the world (i.e. African nations).
Minoru Mori (Building Tycoon), the Minister of finance, the Chief cabinet Secretary, the Governor of the Bank of Japan, the Minister of foreign affairs, the CEO of Mitsubishi, the CEO of Toyota and the CEO of Toshiba are all in favor of taking the Economic Union of Asian Nation’s deal. Statements such as Japan being sick of the United States “pushing [them] around” (Minoru Mori), “This is Japan… we have clawed our way up from the ashes” to become “economic leaders” we need to “rise like the phoenix we are” (Chief cabinet secretary) and the pan-asian deal has “less strings” and “fosters more unity in asian countries” (Minister of foreign affairs).
Many of these members echoed sentiments that cutting ties with China is unwise and that the reign of the United States dictating them needs to end.
In opposition, the Chairman of Keidanren, the head of Japan’s Socialist party, the Chair of the Liberal Democratic Party Executive Council, the Chairman of the Chamber of commerce and industry, the Chair of the Social Democratic Federation and the Mitsu Tanaka (Leader of Uuman Libu) were in favor of the United States deal.
Many members expressed concerns about China claiming they have a “oppressive regime that kills their own workers”(Head of Japan’s Socialist Party), the US shares more “ideological beliefs” and Japan should “avoid communism” (Chair of Liberal Democratic Party Executive Council) and that Japan “can’t invest in one” part of the world and “exclude the rest of the world” (Chairman of the Chamber of Commerce and Industry).
In addition the Chair of the social Democratic Federation is concerned about the “reputation of Japan” and believes it’s “[necessary] to cut ties” with china, this was baked by the Mitsu Tanaka who also believes it’s necessary to cut ties in order to not “sacrifice (Japan’s) pride”.
The group has been advised to split into two blocks based on the deal they favor and come up with a proposal with in the committee session.