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Sunday, June 30, 2013

Did Lack Of English Save Japanese Banks?

My good friend Vinnie recently pointed me towards an on-line article regarding the possibility of poor English comprehension saving japan from suffering from the U.S. sub-prime downfall and the debt crisis afflicting Europe.

The article seen HERE discusses Aso Taro (surname first), Japan's Finance Minister actually stating that since Japanese bank managers didn't understand English (me included, as witnessed by me wrongfully commenting in my last blog that the Brits were incorrect in their pluralization of the word octopus - I was dutifully corrected by a British reader who correctly chastised me from my error - appreciated by me, actually) ... again, since the Japanese guys running the banks don't have a full comprehension of English - and what appears to be the language of global economics - they didn't get sucked into the major global economic disaster.

That's possible. It is possible that the Japanese bank guys may not have perfect English comprehension, but to assume that they are not getting professional Japanese translations of these events is ludicrous at best.

Does Aso really believe that just because you lack English comprehension that people in power - those running Japanese banks - lack the brain power to find out what is going on around them?

We're talking about international monetary economics and banking!!

To me the real story isn't that international bankers in Japan don't know English, it's the fact that if they do, as Aso claims, they are not getting all the information they require to properly do the best job possible on behalf of the people of Japan!

So... is Aso blowing hot smoke? Or is this yet another way Aso and the national socialists believe that English isn't necessary for the Japanese to learn?

See? Who needs English? Poor English skills saved Japan from falling down the same slippery slope as the US and many European nations.

At this time, Mitsubishi UFJ Financial Group and Mizuho Financial Group - two of the three largest Japanese banks did not wish to offer a comment - how could they?

Was it true that their representatives did not follow mainstream international banking practices and chose to follow a path deemed best for Japan? Evidently.

Was it because they lacked language skills and weren't smart enough to learn what the rest of the world was doing? Doubtful.

Andrew 'Ringo' Joseph

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