TOKYO, April 29, 2024—On this second day of the ‘Golden Week’ holiday stretch, a morning radio show long known for unabashed comments caught my attention for restraining criticisms of the Bank of Japan, the central bank, and almost nonchalant views about rampant inflation bufett9ing Japanese taxpayers that resoundingly voted down all three candidates of prime minister Kishida’s Liberal Democratic Party in a lower house bi-election..
The regular commentator of the show, hosted by Takero Morimoto, explained the BOJ’s monetary policy, devoid of representing the outcries from both consumers and businesses or criticisms of the bank’s governor about the tumbling yen’s value against the U.S. dollar and other currencies. At the end of the clip, host Morimoto, sounding irritated, expressed frustration and nipped at the bank’s policy of maintaining its lax policy.
What caught my attention about the commentator’s views was that he sounded like wanting to defend the BOJ and governor, prompting me to find out that he is an editorial board member of Jiji Press, one of two Japanese wire services that focuses on financial market and economic coverage, including the central bank, and that his views were aired by the TBS broadcasting company, which is a closely affiliated with the Mainichi daily newspaper. Both Jiji and Mainichi pride themselves as the champions of Japan’s monetary policy coverage.
The commentator offered analysis of the April 28 by-election of three lower house LDP and LDP-in-kind lawmakers that were forced out or resigned from parliament for campaign financing and other irregularities. Kishida’s LDP was defeated in the three races miserably, and the commentator attributed the results to the scandals only – while voters interviewed before casting ballots voiced loudly about rising consumer goods prices and soaring gasoline prices, especially those living in rural areas where cars are one of vital social infrastructure.
Businesses also have been urging the government and the central bank to shore up the yen’s value, only to be given deaf ears.
If Mr. Morimoto’s show has lost teeth, there’s hardly any media outlets that Japanese consumers can tune in to as they long ago abandoned Japanese television as news sources.
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