NationMaster - Encyclopedia: Monetary and fiscal policy of Japan

Monetary policy pertains to the regulation, availability, and cost of credit, while fiscal policy deals with government expenditures, taxes, and debt. Through management of these areas, the Ministry of Finance regulated the allocation of resources in the economy, affected the distribution of income and wealth among the citizenry, stabilized the level of economic activities, and promoted economic growth and welfare. The following text needs to be harmonized with text in the article Japan#Government and politics. ... His Imperial Majesty, Emperor Akihito. ... The following is a traditional list of Emperors of Japan. ... Akihito () (born December 23, 1933) is the current Emperor ) of Japan, the 125th person to hold that title, according to the traditional order of succession. ... The Imperial Household Agency is a government agency of Japan in charge of the state matters concerning Japans royal family. ... The Prime Minister of Japan (å†…é–£ç·ç†å¤§è‡£ Naikaku sÅri daijin) is the usual English-language term used for the head of government of Japan, although the literal translation of the Japanese name for the office is Prime Minister of the Cabinet. ... This is a historical list of individuals who have served as Prime Minister of Japan. ... {{nihongo|Shinzo Abe|å®‰å€ æ™‹ä¸‰|Abe ShinzÅ|extra=pronounced [abe É•inzoË], born (September 21, 1954 â€“ April 15, 2007) is the current Prime Minister of Japan, elected by a special session of the National Diet on September 26, 2006. ... The Cabinet (å†…é–£, Naikaku) is the executive branch of the government of Japan. ... The most influential part of the executive of the Japanese government are the ministries. ... This article is about the Japanese legislature. ... The House of Councillors (å‚è°é™¢; Sangi-in) is the upper house of the Diet of Japan. ... The House of Representatives (衆議院; Shugi-in) is the lower house of the Diet of Japan. ... In the Judicial System of Japan, the postwar constitution guarantees that all judges shall be independent in the exercise of their conscience and shall be bound only by this constitution and the Laws (Article 76). ... Categories: Election related stubs | Elections in Japan ... Japan held a nationwide election to the House of Representatives, the more powerful lower house of the National Diet, on February 18, 1990. ... Japan held a nationwide election to the House of Representatives, the more powerful lower house of the National Diet, on July 18, 1993. ... A general election took place in Japan on October 20, 1996. ... Elections to the Shugi-In (House of Representatives) of the Japanese Diet were held on 25 June 2000. ... Incumbent Prime Minister Junichiro Koizumi A general election took place in Japan on November 9, 2003. ... Elections to the House of Councillors, the upper house of the legislature of Japan, were held on July 11, 2004. ... For a breakdown of the results by block district with maps, see Results of Japan general election, 2005 Japan held a nationwide election to the House of Representatives, the more powerful lower house of the National Diet, on 11 September 2005, about two years before the end of the term... Political parties in Japan lists political parties in Japan. ... The Liberal Democratic Party (LDP), also known as JiyÅ« MinshutÅ (è‡ªç”±æ°‘ä¸»å…š, or the abbreviation Jimin-tÅ è‡ªæ°‘å…š) is a liberal conservative political party and the largest political party in Japan, as of 2005. ... The Democratic Party of Japan ) is a liberal party in Japan. ... The New Komeito (Japanese: , KÅmeitÅ), New Komei Party (the -tÅ suffix means party), or NKP is a political party in Japan formed by Daisaku Ikeda, leader of the Buddhist organisation Soka Gakkai. ... The Japanese Communist Party (JCP) (æ—¥æœ¬å…±ç”£å…š), in Japanese known as Nihon KyÅsan-tÅ is a political party of Japan based on communism. ... The Social Democratic Party (ç¤¾ä¼šæ°‘ä¸»å…š Shakai Minshu-tÅ, often abbreviated to ç¤¾æ°‘å…š Shamin-tÅ; also abbreviated as SDP in English) is a political party of Japan. ... } While Japans political mainstream can be described as a one and a half party system, with the LDP being the dominant force, there is room for political extremism to the left and the right. ... The prefectures of Japan are the countrys 47 sub-national jurisdictions: one metropolis (éƒ½ to), Tokyo; one circuit (é“ dÅ), HokkaidÅ; two urban prefectures (åºœ fu), Osaka and Kyoto; and 43 other prefectures (çœŒ ken). ... The primary responsibility for the Japanese foreign policy, as determined by the 1947 constitution, is exercised by the cabinet and subject to the overall supervision of the National Diet. ... Hi CeyCey Despite the burst of the Japanese asset price bubble in the early 1990s and the subsequent slow economic growth, Japan remains a major economic and cultural power. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Information on politics by country is available for every country, including both de jure and de facto independent states, inhabited dependent territories, as well as areas of special sovereignty. ... The Ministry of Finance (財務省; Zaimu-sho) is one of ministries of the Japanese government. ...

The Ministry of Finance played an important role in Japan's postwar economic growth. It advocated a "growth first" approach, with a high proportion of government spending going to capital accumulation, and minimum government spending overall, which kept both taxes and deficit spending down, making more money available for private investment. Most Japanese put money into savings accounts, mostly postal savings.

National Budget

In the postwar period, the government's fiscal policy centers on the formulation of the national budget, which is the responsibility of the Ministry of Finance. The ministry's Budget Bureau prepares expenditure budgets for each fiscal year based on the requests from government ministries and affiliated agencies. The ministry's Tax Bureau is responsible for adjusting the tax schedules and estimating revenues. The ministry also issues government bonds, controls government borrowing, and administers the Fiscal Investment and Loan Program, which is sometimes referred to as the "second budget."

Three types of budgets are prepared for review by the National Diet each year. The general account budget includes most of the basic expenditures for current government operations. Special account budgets, of which there are about forty, are designed for special government programs or institutions where close accounting of revenues and expenditures is essential: for public enterprises, state pension funds, and public works projects financed from special taxes. Finally, there are the budgets for the major affiliated agencies, including public service corporations, loan and finance institutions, and the special public banks. Although these budgets are usually approved before the start of each fiscal year, they are usually revised with supplemental budgets in the fall. Local jurisdiction budgets depend heavily on transfers from the central government. This article is about the Japanese legislature. ...

Government fixed investments in infrastructure and loans to public and private enterprises are about 15 % of GNP. Loans from the Fiscal Investment and Loan Program, which are outside the general budget and funded primarily from postal savings, represent more than 20 % of the general account budget, but their total effect on economic investment is not completely accounted for in the national income statistics. Government spending, representing about 15 % of GNP in 1991, was low compared with that in other developed economies. Taxes provided 84.7 % of revenues in 1993. Income taxes are graduated and progressive. The principal structural feature of the tax system is the tremendous elasticity of the individual income tax. Because inheritance and property taxes are low, there is a slowly increasing concentration of wealth in the upper tax brackets. In 1989 the government introduced a major tax reform, including a 3 % consumer tax. This tax has been raised to 5 % by now. To meet Wikipedias quality standards, this article or section may require cleanup. ... An income tax is a tax levied on the financial income of persons, corporations or other legal entities. ... The examples and perspective in this article or section may not represent a worldwide view. ... // Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the thing taxed. ...

After the breakdown of the economic bubble in the early 1990s the country's monetary policy has become a major reform issue. US economists have called for a reduction in Japan's public spending, especially on infrastructure projects, to reduce the budget deficit. To force a reduction of the loan program, partially financed through postal savings, Prime Minister Junichiro Koizumi aims to push forward the postal privatization. The postal deposits, by far the largest deposits of any bank in the world, would help strengthening the private banking sector instead. Currier & Ives print on economic bubbles, 1875. ... The Prime Minister of Japan (å†…é–£ç·ç†å¤§è‡£ Naikaku sÅri daijin) is the usual English-language term used for the head of government of Japan, although the literal translation of the Japanese name for the office is Prime Minister of the Cabinet. ... Junichiro Koizumi , born January 8, 1942) is a Japanese politician who served as Prime Minister of Japan from 2001 to 2006. ...

Budget process

The Budget Bureau of the Ministry of Finance is at the heart of the political process because it drows up the national budget each year. This responsibility makes it the ultimate focus of interest groups and of other ministries that compete for limited funds. The budgetary process generally begins soon after the start of a new fiscal year on April 1. Ministries and government agencies prepare budget requests in consultation with the Policy Research Council. In the fall of each year, Budget Bureau examiners reviews these requests in great detail, while top Ministry of Finance officials work out the general contours of the new budget and the distribution of tax revenues. During the winter, after the release of the ministry's draft budget, campaigning by individual Diet members for their constituents and different ministries for revisions and supplementary allocations becomes intense. The coalition leaders and Ministry of Finance officials consult on a final draft budget, which is generally passed by the Diet in late winter. The Ministry of Finance (財務省; Zaimu-sho) is one of ministries of the Japanese government. ... April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ... This article is about the Japanese legislature. ... I <3 EGGS WITH PEANUT BUTTER ON TOP!!! ...

In broad outline, the process reveals a basic characteristic of Japanese political dynamics: that despite the oft-stated ideals of "harmony" and "consensus," interests, including bureaucratic interests, are in strong competition for resources. Political leaders and Budget Bureau officials need great skill to reach mutually acceptable compromises. The image of "Japan Incorporated," in which harmony and unanimity are virtually automatic, belies the reality of intense rivalry. The late-twentieth-century system is successful insofar as political skills and appreciation of common interests minimize antagonisms and maintain a balance of power among groups. It is unclear, however, whether this system will continue as Japan faces such problems as growing social inequality and an aging society. Wa (和) is a Japanese term which has become a cultural concept of its own. ... This article focuses on the situation of Elderly people in Japan and the recent changes in society. ...

Contents

National Budget

Budget process

See also

Reference

Contents

National Budget GA_googleFillSlot("encyclopedia_square");

Budget process

See also

Reference

National Budget