As members of Congress continue to rumble over raising the U.S. debt ceiling, they might spare a thought to the hundreds of millions if not billions of souls in other nations who are experiencing heartburn over their behavior. This editorial from Japan’s Yomiuri Shimbun expresses concern that the debt ceiling brawl is hindering the recovery from Japan’s triple catastrophe last March.
The Yomiuri Shimbun editorial says in part:
The impending deadline has resulted in a heightened sense of caution on currency markets, triggering a sell-off of dollars and sending the yen soaring to 77 to the dollar, a four-month high.
Such declines in the dollar and the associated rise of the yen are hurting Japanese firms that depend on exports and is throwing cold water on earthquake-related reconstruction the economic recovery. The situation is extremely worrying.
The United States bears responsibility for preventing this crisis. We hope that America’s president and other leaders will agree on a debt ceiling hike. Both parties should refrain from playing political games and look squarely at the harsh realities of the world economy and markets.
Reducing America’s federal deficit is an important task. But it is not realistic to negotiate such a drastic fiscal consolidation without additional tax hikes.
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