Sony CEO praises ‘Abenomics’ planBy YURI KAGEYAMA
THE ASSOCIATED PRESS | October 12,2013AP PHOTO
Sony Corp. Chief Executive and President Kazuo Hirai, right, speaks Friday during a meeting with reporters at his office in Tokyo.TOKYO — The chief of Sony Corp., one of the best known Japanese companies, praised the country’s prime minister Friday for his efforts to jump-start the economy and put the nation back on the global stage.
“From my perspective, he is saying all the right things,” Kazuo Hirai, Sony Corp. chief executive and president, said of Prime Minister Shinzo Abe, who took office late last year.
Abe was restoring global confidence in Japan, he said, while stressing that delivering on promises with action was critical.
But Hirai was hopeful Abe would deliver, and he praised Abe as being more “visible” than his predecessors, including Abe during his previous stint as prime minister from 2006 for less than a year.
Abe is banking on policies dubbed Abenomics that center on structural reforms, easy monetary policy, relaxed labor regulations and free trade to return to growth. Still, he has not outlined a concrete plan that would overcome the challenges presented by Japan’s aging population and shrinking workforce.
The prime minister has been aggressive in trumpeting his views.
He gave a presentation in English to woo the 2020 Olympics to Tokyo, a bid that proved successful.
He asked investors to “buy my Abenomics” in a speech at the New York Stock Exchange that was unusually flamboyant for a Japanese leader.
The benchmark for the Tokyo stock market has recovered since Abe took office. And Japanese companies have already reaped in one major benefit from Abenomics — a weak yen, which helps exporters, by boosting their overseas revenue when converted into yen.
The dollar has been trading close to 100 yen recently, compared to about 80 yen before Abe came to power.
Abe is also promising a corporate tax cut.
“He’s more visible,” Hirai said at Sony’s Tokyo headquarters. “He projects a more confident Japan generally.”
Sony has struggled in the face of intense competition from Apple Inc. of the U.S. and South Korean rival Samsung Electronics Co.
Its TV business has been losing money for nine years. Sony eked out a profit for the fiscal year ended March 2013, following four years of losses.
But the maker of PlayStation 4 video-game machines, Bravia flat-panel TVs and Spider-Man movies is trying to regain its reputation for innovation through new smartphones, digital cameras, a “4K” TV which delivers better image quality than today’s TVs, as well as audio products with sound quality eight times better than a CD.MORE IN National / World BusinessWASHINGTON — The Obama administration is promising to change the way travelers can ask to be... Full StoryNEW YORK — A summer swoon for the stock market appears to be over for now. Full Story
- Most Popular
- Most Emailed
- TOMORROW'S HEADLINES TODAY: Jim Jeffords' legacy, Brandon takes a few questions about proposed budget, beleaguered city playground likely to move, woman awakes to find strange man with knives standing at her bedside.
- TOMORROW'S HEADLINES TODAY: Former U.S. Senator James Jeffords dies Monday in Washington D.C., a local man is beaten and robbed while walking on West Street, Clarendon sets a tax rate and Brandon convenes an informational public meeting about its budget.
- RICHARD'S POOR ALMANACK: On this day in 1915, the New York World publishes scoop: Thom. Edison diverts chemical from war production to help German pharmaceutical company make aspirin; on this day in 1935, Will Rogers, Wiley Post die in Alaska plane crash.
- TOMORROW'S HEADLINES TODAY: State panel briefed on smuggling drugs into prisons; new French-German documentary about Vermont's heroin addiction; solar project at Vets Home falls apart; update dispute between Open Door Mission and treatment center.
- TODAY'S WEATHER MINUTE: Climatologists might not know as much about El Nino as they thought they knew. New studies show 10,000 years ago, El Nino was active, and polar ice sheets were rapidly melting — just like today.
- TOMORROW'S HEADLINES TODAY: State colleges get a budget cut break, vandals spray paint Wallingford basketball court, state's attorney will replace lost deputies, cop lawsuit proceeds, Mendon mini-golf proposal makes headway.