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Mix-Ansicht- DeflationsBeitrag aus Crystalball--- v Mr. Yen - 000, 02.12.2002, 10:36
DeflationsBeitrag aus Crystalball--- v Mr. Yen
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Japan's 'Mr Yen' warns on global deflation risk
BERLIN, Dec 1 (Reuters) - Japanese economist Eisuke Sakakibara, who earned himself the sobriquet"Mr Yen" as a top finance ministry official until 1999, was quoted on Sunday warning that the world economy was far from out of the woods.
In an interview with Germany's Der Spiegel magazine, Sakakibara said global stock markets still had a long way to fall and that the deflation now gripping Japan was bound to spread.
"Deflation is not only a Japanese problem. All industrial nations must prepare themselves for an era of structural deflation: China, Mexico or eastern Europe can produce goods of the same quality much more cheaply," Sakakibara said.
"The world economic situation is very serious. As deputy finance minister I helped fight the financial crises of 1997 and 1998 in Asia, Russia and Brazil. The situation now is much more threatening because the centres of the crisis are Japan, Germany and the United States," he told the magazine.
"Stock markets worldwide have far from reached their bottom. The number of bad loans at U.S. banks is rising rapidly, if not as dramatically as in Japan or Germany," he added.
Monetary policy alone was unlikely to help, he said, citing the Bank of Japan's struggle to fight falling prices. He urged Germany to urgently reform its labour market.
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