Friday 24 November 2017

Kenny a fan of Japanese PM's winning 'Abenomics' measures

Pupils cheer Japanese prime minister Shinzo Abe's wife Akie during her visit to St Ciaran's school in Glasnevin, Dublin
Pupils cheer Japanese prime minister Shinzo Abe's wife Akie during her visit to St Ciaran's school in Glasnevin, Dublin
Mr Abe is greeted by Taoiseach Enda Kenny at Government Buildings
Colm Kelpie

Colm Kelpie

JAPANESE exports rose last month at their fastest level since 2010 in a boost for "Abenomics" – the package of measures pursued by the country's Prime Minister, Shinzo Abe.

Mr Abe was in Dublin yesterday for talks with Taoiseach Enda Kenny, and claimed Mr Kenny supported his economic policies which have gained prominence around the world.

It was the first time that a Japanese prime minister has visited Ireland since independence.

Abenomics, fast becoming a buzzword among economists and financial journalists, refers to the cocktail of fiscal and monetary measures pursued by Mr Abe.

Quantitative easing, or loose monetary policy, fiscal stimulus and structural reform to boost competitiveness are the cornerstones of the policy.

"The Taoiseach has told me that he endorses Abenomics which has greatly encouraged me," Mr Abe said at Government Buildings.

Turbulence

Japan's exports rose in May at the fastest annual rate in more than two years with the help of a weak yen and a moderate pick-up in global demand, boding well for the government's efforts to steer the economy through market turbulence.

The faster-than-expected rise is welcome news for Mr Abe after a recent sell-off in stocks, volatility in bonds and a spike in the yen raised concerns about the outlook for his economic recipe.

Calculated in yen, exports rose 10.1pc in the year to May, rising for a third straight month and at the fastest pace since December 2010, the country's finance ministry said.

Mr Abe was visiting Dublin after attending the G8 summit in Fermanagh.

He and Mr Kenny discussed bilateral economic, trade and cultural relations between Ireland and Japan, as well as broader economic issues.

The EU-Japan trade deal, which was launched during Ireland's EU presidency, was also discussed.

Both leaders attended an event in Government Buildings focusing on Ireland and Japan's trade and investment relationship of more than 50 years and met representatives of the Japanese and Irish business and research community.

Mr Abe said he deeply respected the economic process that Ireland has gone through.

Meanwhile, a Japanese global healthcare company is creating 416 jobs in the North.

Terumo BCT manufactures products used in the treatment and transfusion of blood at its plant in Larne, Co Antrim. It will expand into research and development there for the first time.

Mr Abe hailed Northern Ireland as a "treasure trove of challenge, openness and innovation" during a visit to Belfast following the G8 summit.

(Additional reporting Reuters; Press Association)

Irish Independent

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