CHRONOLOGY

2016 Abenomics Mark II to counter MoF austerity and to assist achieving Kishi Objective Two 'Our own constitution'
2014 Consumption Tax raised to 8 pct under MoF's 'Arrow Four' fiscal austerity scheme a sharp brake on Abenomics
2001 Ex MoF Yanagisawa fails to postpone IMF FSAP and manage FSA warehousing of MoF's NPL roll forward
1995 MoF realises private + public sector NPLs continue to snowball FILP + Local Government Reform launched
1992 Auditors' reservations on banking NPLs reportedly indicated 'inappropriate' by MoF given roll forward scheme
1990 Credit Bubble 1986 - 1990 punctured by forceful Bundesbank style Mieno MoF activates NPL roll forward
1984 Ex MoF bureaucrat Sumita appointed BoJ Governor notably replaced by the BoJ puropa Mieno in late 1989
1927 Showa Financial Crisis banking regulation moves from BoJ to MoF and MoF's 'convoy system' launched

 

GLOSSARY

MoF fiscal austerity fiscal consolidation via Flow not Stock a rising Total Tax Burden squeezes both the economy and tax revenue
MoF name change the Hashimoto Reform rationalised the ministries MoF was given the modern name zaimusho Ministry of Financial Affairs cf MoJ
MoF okurasho MoF's original name Great Storehouse Ministry the fiscal function dates back to the Nara Period and the 8th century or earlier
MoF prestige the Ministry of Ministries at the Kasumigaseki apex the prosaic name was accepted given a scandal and popular criticism cf mofutan
MoF TFB 1942 - 1961 first locus of public pension fund management pension insurance to fund the War effort and then FILP post War reconstruction
MoF zaimusho MoF's new name the Ministry of Financial Affairs the Japanese name change was accepted but no change made in the English
Abenomics Arrow IV the key hidden MoF fiscal austerity schemes Total Tax Burden to the German level by 2021 and the Swedish level by 2026
Convoy System MoF regulation of the banks from 1927 with the slowest banks breaking even the fastest banks did extremely well
FILP Reform MoF organised reform programme an attempted rationalisation, refinancing, refocusing of much of the public sector
FILP Reform current status MoF preservation of bureaucrat turf predominates not Stock privatisation more a Flow Total Tax Burden push cf Abenomics Arrow IV
gososendan MoF convoy system for the banks from 1927 for weak banks break even for strong banks a bonanza cf hozei shonin ginko
mofutan MoF tanto person responsible for MoF liaison appointed MoF liaison staff invited inevitable abuse and a scandal arose cf roran
shukeikyoku Budget Bureau MoF long term Total Tax Burden planning, short term budgeting etc means power
shuzeikyoku Tax Bureau MoF overall tax management with the NTA relegated to administration and collection
tax policy MoF tax policy programme 1985 - 2020 1. ring fence Japan, 2. introduce Tax PIN, 3. raise tax burden cf My Number
Trust Fund Bureau the prior MoF TFB okurasho shikin unyobu the original source of FILP funding now the FILP Fund cf TFB, zaito kikin
zaito kaikaku MoF organised programme of FILP Reform an attempted rationalisation, refinancing, refocusing of much of the public sector
EFPC Economic and Fiscal Policy Committee keizaizaisei shimonkaigi a Cabinet Office committee largely under MoF control
Financial Planner AFP/CFP international qualification FP domestic AFP/CFP granted by private JAFP and FP by MoF related Kinzai cf kakaekomi
Financial Services Agency FSA kinyucho was set up to warehouse NPLs now being squeezed between BoJ and MoF
FRC Financial Revitalisation Commission now FSA was an early interim provision of NPL smokescreen cover for MoF
gaitameshin Duties and Forex Consultative Council MoF advisory committee responsible for deep long term policy cf Acu
keizaisangyosho keisansho Ministry of Economy Trade and Industry METI MITI and EPA loss of power via Hashimoto Reform etc a warning to MoF
kinyucho Financial Services Agency was set up to warehouse NPLs and is now squeezed between BoJ and MoF
Kinzai Institute of Financial Affairs MoF sponsored think tank producing financial perception survey data etc
METI keisansho Ministry of Economy Trade and Industry MITI/METI switch meant a major loss of power offering a strong warning to MoF
NPL roll forward not booking credit losses as they accrue MoF maintained pre tax profits so smoothing tax revenue cf hozei shonin ginko
NTA National Tax Agency kokuzeicho tax collection and the information under MoF political control cf kokuzeicho
overbanked excessive number of banks MoF post War protection of banking industry consequence cf gososendan
Pauschal Swiss tax scheme offering efficiencies flexibility deeply challenging and impossible for MoF Tax Bureau/NTA
Pension Reform 2006 Kasumigaseki Keidanren and Rengo revisit the fudge behind the scenes a strong push for a Sweden III solution but a clear MoF 'No!'
Pension Reform 2010 DPJ's Akira Nagatsuma became MoHLW Minister 2009 Sweden III promoted with the ministry divided and he was sacked on a MoF 'No!'
roran cherry orchid nopan shabushabu restaurant for MoF staff + mofutan now closed cf mofutan
Small Government Act 2006 detailed provisions for the Takenaka Debt Action Plan Abe Cabinet I MoF Minister interpreted the provisions to mean no action
smoking regulation (ii) LDP concerned about tobacco farmers and tax revenues restricted in unenclosed spaces and a battle between MoF and MoHLW
Takenaka Debt Action Plan a sophisticated mix of Flow + Stock policy measures Flow target accepted but Stock target refused by MoF under Abe Cabinet I
WPI premiums Worker Pension Insurance was legislated in late 1941 supressing consumption they were managed in JGBs by MoF from 1942 cf TFB (ii)
zeni arahen We're clean broke in Osaka dialect MoF Minister Shiokawa graphically describing the Japanese fiscal situation

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