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 BusinessNEW YORK — Sysco is scrapping its proposed $3. Full StoryWASHINGTON — They’re called managers, and they sometimes work grueling schedules at fast food... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown
- RICHARD'S POOR ALMANACK: On this day in 1249 AD, ANDRE of LONGJUMEAU is dispatched by LOUIS IX of France to meet the KHAGAN, ruler of the Mongol Empire; in 1804, during 1st Barbary War, STEPHEN DECATUR scuttles the pirate-held USS Philadelphia in Tripoli.