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Context of 'January 2009: Japan’s Industrial Production Falls 10 Percent in January 2009'

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1963: Japan Installs Huge PV Array on Lighthouse

Japan installs a 242-watt, photovoltaic array on a lighthouse. It is at the time the world’s largest array. [US Department of Energy, 2002 pdf file]

Timeline Tags: US Solar Industry

The Observer breaks the Koza memo (see January 31, 2003) story. Neither the US State Department nor the White House denies the authenticity of the leaked memo. White House Press Secretary Ari Fleischer tells reporters, “As a matter of long-standing policy, the administration never comments on anything involving any people involved in intelligence.” And Patrick Weadon, speaking for the NSA, says, “At this point, we’re not issuing a statement.” [Sydney Morning Herald, 3/4/2003; Washington Post, 3/4/2003; Baltimore Sun, 3/4/2003] The intended victims of the operation are deeply angered by the memo. President Ricardo Lagos demands an immediate explanation from the US and Chile’s ambassador to Britain Mariano Fernandez explains to The Observer, “We cannot understand why the United States was spying on Chile. We were very surprised. Relations have been good with America since the time of George Bush Senior.” [Observer, 3/9/2003] Martin Bright, one of the reporters who helped break the story, later tells the Australian Broadcasting Corporation that the exposed operation has “caused an enormous diplomatic rift between the Chileans and the Americans and the UK.” He says he believes that the leaked memo is partially responsible for Chile’s increasingly defiant stance at the UN. The UN quickly begins a top-level investigation of the spy operation. [Australian Broadcasting Corporation, 3/6/2003; Observer, 3/9/2003] The Observer notes that the leaked memo could make it more difficult for the US to obtain UN authorization to wage war on Iraq. [Observer, 3/2/2003] The US media networks largely ignore the story. Though NBC, CNN, and Fox News Channel all arrange for interviews with Martin Bright soon after the story is broken, all three quickly cancel. In an interview with the Australian Broadcasting Corporation, Bright explains, “It happened with NBC, Fox TV and CNN, who appeared very excited about the story to the extent of sending cars to my house to get me into the studio, and at the last minute, were told by their American desks to drop the story.” [Salon, 3/3/2003; Australian Broadcasting Corporation, 3/6/2003]

Entity Tags: Ricardo Lagos, Patrick Weadon, Ari Fleischer, Britain Mariano Fernández

Timeline Tags: Events Leading to Iraq Invasion

The Environmental Protection Agency rules that carbon dioxide, the leading cause of global warming, cannot be regulated as a pollutant. EPA General Counsel Robert Fabricant writes in his 12-page decision, “Because the [Clean Air Act] does not authorize regulation to address climate change, it follows that [carbon dioxide] and other [greenhouse gases], as such, are not air pollutants.” His ruling reverses the position taken by the Clinton administration in 1998. Eron Shosteck, a spokesman for the Alliance of Automobile Manufacturers, is pleased with the decision. “Why would you regulate a pollutant that is an inert gas that is vital to plant photosynthesis and that people exhale when they breathe? That’s not a pollutant,” he says. Melissa Carey, a climate policy specialist for Environmental Defense, disagrees. “Refusing to call greenhouse-gas emissions a pollutant is like refusing to say that smoking causes lung cancer. The Earth is round. Elvis is dead. Climate change is happening.” [Knight Ridder, 8/29/2003]

Entity Tags: Robert E. Fabricant, Bush administration (43), Eron Shosteck, Melissa Carey, Environmental Protection Agency

Timeline Tags: US Environmental Record, Global Warming

The annual summit of the G-8 nations, an informal association of the Northern Hemisphere’s eight largest industrialized nations—Canada, France, Germany, Italy, Japan, Russia, Britain, and the United States—concludes with what Vanity Fair will call “a tepid pledge to cut greenhouse gases by 50 percent by the year 2050.” President Bush lets his feelings about global warming and the US’s role in dealing with the issue show when, bidding farewell to his fellow heads of state, he says, “Goodbye from the world’s greatest polluter.” [Vanity Fair, 2/2009]

Entity Tags: George W. Bush

Timeline Tags: US Environmental Record, Global Warming

According to a report published in February 2009 by the Japanese government, Japan’s economy—the world’s second largest—suffers the biggest monthly drop since records began more than half a century ago, with January marking the fourth successive month that factory output has fallen. Officials conclude that the country is in its worst recession in decades. The figures are published days after government reports that exports plunged nearly 46 percent in comparison to a year ago, reportedly suffering from a fall in foreign product demand. A preliminary report by the Ministry of Economy, Trade, and Industry predicts that output will further fall to 8.3 percent in February, but increase in March by 2.8 percent. The report concludes that a 17.3 percent production drop in transport equipment, including cars and trucks, had the largest negative impact on the overall output decline, and that electronic parts and devices was down 21.8 percent from December, followed next by general machinery and steel, with all 16 industrial areas cutting their output. According to the Japan Automobile Manufacturers’ Association, the country’s car production plunges a record 41 percent in January and vehicle productions decrease by nearly 50 percent to 576,539 vehicles produced in January 2009 compared with 976,975 in January 2008. “Fearful of losing their jobs in the global turndown, consumers no longer want to buy Japanese electronic gadgets and cars,” says Roland Buerk of BBC Tokyo. “The Japanese are shopping less and average household spending fell 5.9 percent in January compared with the same month a year ago.” Jobs are also being slashed, with unemployment rising by more than 200,000 in January 2009. “Japan was once seen as relatively immune to the global crisis because its banks were not as exposed to bad loans as those in the US and Europe,” Buerk will say. “Their reliance on foreign markets to drive its economy out of a long slump in the 1990s has left it painfully exposed.” “The recession is having an increasing impact on the real economy,” Finance Minister Kaoru Yosano will say. [BBC, 2/27/2009; Xinhua News Agency (Beijing), 2/27/2009]

Entity Tags: Roland Buerk, Kaoru Yosano, British Broadcasting Corporation, Japan Automobile Manufacturers’ Association

Timeline Tags: Global Economic Crises

Official numbers released today show that the US economy fell by 6.2 percent during the fourth quarter of 2008. The decline was much worse than analysts initially predicted, sending US stocks spiraling lower. “Plunging exports and the biggest fall in consumer spending in 28 years dragged the annualized figure down from the preliminary estimate of 3.8 percent,” the BBC reports. As a whole, in 2008, the economy grew at its slowest pace since 2001, posting a mere 1.1 percent growth. The blue-chip Dow Jones industrial average dropped 119.15 points, or 1.66 percent, to 7,062.93. The broader Standard & Poor’s 500 Index fell 2.36 percent to 735.09, a 12-year low. US consumer spending accounts for nearly two-thirds of domestic economic activity, but fell by a rate of 4.3 percent in the final quarter—the biggest fall since the second quarter of 1980. This was a revision of the earlier figure of 3.5 percent. Rising unemployment, sliding home values, increasing numbers of repossessions, and the slumping value of investments indicate that many US consumers are hanging on to disposable cash. US exports fell at the sharpest rate since 1970 at an annual rate of 23.6 percent, down from 19.7 percent. Prior to the current economic crunch, exports supported the economy. “It shows the weak state of the world’s largest economy,” says Matt Esteve, a currency trader at Tempus Consulting. “Latest GDP figures are just awful and illustrates the weak state of the world’s largest economy.” Boris Schlossberg, director of currency research at GFT Forex, adds, “There is doom all over,” but predicts that the dollar would not weaken too much against the euro since “there’s no good news on the other side of the Atlantic, either.” [BBC, 2/27/2009]

Entity Tags: GFT Forex, Dow Jones Industrial Average, Matt Esteve, Standard & Poor’s, Tempus Consulting, Boris Schlossberg

Timeline Tags: Global Economic Crises

The jobless rate in Britain climbs to its highest level since 1995, according to the Office of National Statistics in London. The number of people out of work hits 2.47 million, while unemployment claims rise to 1.61 million for the month of July. Data recently released by the statistics office indicate that unemployment through July rose to 7.9 percent, the most since 1996, compared to the European Union’s latest figure of 9.5 percent, 9.7 percent in the US, and 5.7 percent in Japan. Bank of England Governor Mervyn King says that even after the economy stops shrinking, households will continue feeling the recession’s pain, since “unemployment is either going to continue rising or remain high.” As much as £175 billion ($288 billion) is being printed to aid economic growth and avoid deflation. “If anything, the UK economy is only just emerging from recession, and this is a lagging indicator,” says economist Philip Shaw of London’s Investec Securities. “We’re looking at unemployment peaking towards the middle of next year. Things are likely to improve at a slow rate, but it’s likely to remain uncomfortable for a long time.” Employment minister Jim Knight tells BBC News: “Unemployment still remains a real problem for families up and down the country. We’ve got to keep the support going and not be tempted to celebrate the recovery.” In speaking on the recovery, Prime Minister Gordon Brown—up for re-election in 2010—says the economic rebound “is still fragile” and stimulus programs that boost the economy should be maintained. “There are no signs of recovery here,” Trades Union Congress General Secretary Brendan Barber says. “It might look rosier in city dealing rooms but, out in the real world, unemployment is the number one issue.” [Bloomberg, 9/16/2009]

Entity Tags: Investec Securities, Bank of England, Brendan Barber, European Union, Gordon Brown, United Kingdom, Office for National Statistics, Mervyn King, Jim Knight

Timeline Tags: Global Economic Crises

While California grapples with budget problems as a result of the havoc wreaked by the global recession, a collection of banks—Bank of America, Citigroup, Wells Fargo, and JP Morgan Chase among them—say that commencing Friday, July 10, they will not accept state IOUs, adding pressure for the state to close its $26.3 billion budget gap.
IOUs Result of Credit Crisis - The banks initially made a commitment to accept IOU payments when the economically devastated state announced that it would issue more than $3 billion in IOUs beginning on or around July 1. Since the beginning of the year, state leaders have tried and failed to agree on a budget, and Governor Arnold Swarzenegger imposed monthly one to three-day monthly furloughs on at least 200,000 state employees; the furloughs are still in effect. The state began issuing IOUs—‘individual registered warrants’—to hundreds of thousands of creditors one day after the end of the 2009 fiscal year. John Chiang, California state controller, said, “Without IOUs, California will run out of cash by the end of July.” California’s annual budget is the eighth largest in the world. If the state continues issuing warrants, creditors will be forced to hold them until their maturity on October 2 or find other banks willing to honor them before maturity. The maturity of the IOUs will allow the state to pay back creditors directly at a 3.75 percent annual interest rate.
Response by California Bankers Association - California Bankers Association spokeswoman Beth Mills says that some banks might work with creditors to develop a short-term resolution, such as extending lines of credit to creditors. Mills says the banks were concerned that there aren’t processes in place to accept IOUs; she said that some of the banks were also worried about fraud issues, and notes that the July 10 deadline was not set by all banks. She adds that dozens of state credit unions would continue to accept IOUs.
Significance of California's Problems - Twelve percent of the nation’s gross domestic product comes from California and the state has the largest share of retail sales of any state. Retail consultant Burt P. Flickinger, managing director of Strategic Resource Group, explains, “California is the key catalyst for US retail sales, and if California falls further you will see the US economy suffer significantly.” Flickinger warns of more national retail chain and brand suppliers bankruptcies. At one dollar for every 80 cents, the state sends more in tax revenues to the federal government than it receives in return. Although California’s deep recession primarily only affects the state itself, it could make it harder for a national economic recovery since, because of its size—38.3 million people—it affects businesses from Texas to Michigan. Even if lawmakers solve the state’s deficit swiftly, there will likely be more government furloughs and layoffs with tens of billions of dollars more in spending cuts. This could cause a ripple effect throughout the state’s economy and fear of even more job losses. Jeff Michael, director of the Business Forecasting Center for the University of the Pacific at Stockton, predicts that one million jobs are expected to be lost in the state in two years, with unemployment estimated to peak at 12.3 percent in early 2010. In 2008, for the first time since the Great Depression, personal income of Californians declined. Income revenue fell 34 percent for the first five months of 2009. [Associated Press, 6/29/2009; Wall Street Journal, 7/7/2009]

Entity Tags: California Bankers Association, Bank of America, Arnold Schwarzenegger, Beth Mills, California, John Chiang, JP Morgan Chase, Jeff Michael, Wells Fargo Bank, N.A., Burt P. Flickinger, Citigroup, Strategic Resource Group

Timeline Tags: Global Economic Crises

Assistant Secretary of State Kurt Campbell, top US diplomat for East Asia, says the Obama administration believes that policy continuity is critical in preserving ties with Japan’s new government, which desires more equitable relations with the US. According to Campbell, both countries have agreed to close and replace Okinawa’s Kadena Air Base, the hub of airpower in the Pacific. The two countries have agreed to relocate Kadena on the overpopulated southern Japanese island of Okinawa, but Okinawa citizens would like the base completely removed from their homeland. The removal of Kadena Air Base is also supported by government members of brand new Japanese Prime Minister Yukio Hatoyama. Hatoyama’s Democratic Party has expressed a desire to review US military presence in Japan, although the prime minister has carefully emphasized that the US, Japan’s major military ally and trading partner, shall remain the keystone of Japan’s foreign policy. Just recently, Campbell returned from Tokyo where he met with the new government. “The Obama administration will be very clear about how important it is to respect each other as equals, although we support a strong and independent Japanese foreign policy. As an alliance partner and a strong friend of Japan, at this early stage, we cannot be in a position to dictate,” he said, adding that, “In private, we will, however, underscore areas where we think continuity in policy is important.” The new Japanese government also would like to end its country’s Indian Ocean naval refueling operation in support of US and coalition forces in Afghanistan, although the US says it would like Japan to continue cooperating. [Taragana, 9/21/2009; Associated Press, 9/21/2009]

Entity Tags: Kurt Campbell, Barack Obama, Japan, Yukio Hatoyama, Okinawa US Marine Air Base, US Department of State

Timeline Tags: US International Relations

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