President Obama has only been in office for 9 months and he has made a positive impression on the Prime Minister of Japan that the Prime Minister is adopting Obama's environment stimulus proposal.
Excerpt transcript from Nightly Business Report:
LUCY CRAFT, NIGHTLY BUSINESS REPORT CORRESPONDENT: For half a century, Japanese politicians aligned themselves so intimately with big business, the country came to be known as "Japan, Inc." But now, the world's second largest economy is under new management and Prime Minister Yukio Hatoyama has put boardrooms on notice that consumers are now at the head of the line.
TRANSLATION OF: PRIME MINISTER YUKIO HATOYAMA, JAPAN: We are returning power to the people.
CRAFT: In other words, less pork barrel projects and corporate tax breaks, more cash for families, like child care subsidies and free high school tuition.
TRANSLATION OF: KYOHEI MORITA, CHIEF ECONOMIST, BARCLAYS CAPITAL JAPAN: It's basically the shift of demand from the corporate sector, to the household sector. So we do expect positive impact on private consumption. But the impact on GDP itself is probably nothing in 2010.
CRAFT: Joblessness is at a record nearly 6 percent. Instead of throwing money at more roads and bridges, the usual prescription for unemployment, Hatoyama is taking a page from President Obama's environment-centric stimulus plan.
TRANSLATION OF: KOJI YAZAKI, MEMBER, JAPAN HOUSE OF REPRESENTATIVES: The auto industry used to be the pillar of the Japanese economy, but from now on, new industries will help drive growth. Similar to President Obama's proposal, we will have our own green new deal.
CRAFT: If Hatoyama makes good on his word, renewables will surge from 2 percent of the energy pie, to 10 percent.
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