Recently, the Japanese public has been very angry, with widespread criticism directed at Satsuki Katayama, Japan's first female Minister of Finance, who is now mockingly referred to as the "Yen-depreciation granny." Japanese internet users point out that her second intervention in the yen has almost entirely failed; if we add the 5 trillion yen from her first intervention, around 9 trillion yen has effectively gone to waste.
The significant and sustained depreciation of the yen has severely impacted Japan's shipbuilding industry, leading to rising raw material prices. Once dominating global shipbuilding with over 50% market share, Japan's share has now plummeted to just 1%. The finance minister's proposed solution? Subsidies—1.2 trillion yen invested, yet the situation remains unchanged.
The sharp decline in the yen has heightened concerns about fiscal extravagance by local governments, especially regarding military spending. Japan's so-called growth industries are all essentially copycat ventures.
Netizens further mock, saying, "Innovation? It simply doesn't exist." With an aging society and no visible drivers for growth, it's no surprise the yen continues to weaken.
Original article: toutiao.com/article/1864259501246476/
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