Japan: Comprehensive Package Responding to the Yen Appreciation
Description
On 21 October 2011, the Japanese Cabinet agreed to a "Comprehensive Package Responding to the Yen Appreciation". The following points are likely to affect foreign commercial interests.
- An extension of the special credit guarantee scheme established after the Great Japanese Earthquake to SMEs affected by the Yen appreciation. The duration of the scheme shall be extended until March 2012. Furthermore, the Cabinet proposes "relaxing the requirement for SMEs to qualify".
- A reduction of the interest on loans to SMEs by up to 0.5 percent, provided the loan has been granted by a public financial institution.
- A subsidy for companies producing high value parts and components that choose Japan as their "bases for R&D". A total amount of Yen 500 billion (ca. USD 6.5 billion) is envisioned for this scheme.
- Provide further support for SMEs to "open up overseas markets" including the aid to feasibility studies.
However, the Japanese parliament will have the final say as to which measures will be implemented and in what form.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: No
Date of inception: 21 Oct 2011
GTA Evaluation: Amber
Source:
Government of Japan. (2011). Comprehensive Package Responding to the Yen Appreciation. Available at http://www5.cao.go.jp/keizai1/2011/111021_yen_appreciation.pdf
Government Response:
- 320 reads
