ID :
13894
Sat, 07/26/2008 - 19:10
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https://oananews.org//node/13894
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Income outflows from Japan to Middle East to rise by 17 tril. yen+
TOKYO, July 26 Kyodo - Income outflows from Japan to oil producing countries in the Middle East are expected to increase by some 17 trillion yen in the current fiscal year through next March from a year earlier in the face of rises in crude oil and otherresources prices, an estimate by a Japanese research institute indicated Saturday.
The figure is equivalent to about 20 percent of the nation's general account budget.
This means Japanese people's incomes flow outside the country in the form of gas for automobiles and fuel for fishing boats.
''If crude oil prices remain at the current level, the amount of increase in outflows will top 17 trillion yen and have an enormous impact on the Japanese economy,'' Hideki Matsumura, senior researcher at the Japan Research Institute, said.
The institute sets the average import price of crude oil for fiscal 2008 at $121 per barrel. Of the expected increase of 17 trillion yen, the institute predicts the corporate sector will bear 14 trillion yen and the household sector 3 trillion yen.
According to a Cabinet Office calculation, Japan's income outflows rose by $196.5 billion, or about 21 trillion yen, in the seven years from 2000.
Singapore, South Korea and other East Asian countries, which import natural resources and export manufactured products, also have large capital outflows.
As of 2006, 13 countries in the Middle East, including Saudi Arabia, saw an income inflow of $157.1 billion due to rising material prices. Other resource-rich countries such as Canada and Australia are also benefiting from the rise in resource prices.
The figure is equivalent to about 20 percent of the nation's general account budget.
This means Japanese people's incomes flow outside the country in the form of gas for automobiles and fuel for fishing boats.
''If crude oil prices remain at the current level, the amount of increase in outflows will top 17 trillion yen and have an enormous impact on the Japanese economy,'' Hideki Matsumura, senior researcher at the Japan Research Institute, said.
The institute sets the average import price of crude oil for fiscal 2008 at $121 per barrel. Of the expected increase of 17 trillion yen, the institute predicts the corporate sector will bear 14 trillion yen and the household sector 3 trillion yen.
According to a Cabinet Office calculation, Japan's income outflows rose by $196.5 billion, or about 21 trillion yen, in the seven years from 2000.
Singapore, South Korea and other East Asian countries, which import natural resources and export manufactured products, also have large capital outflows.
As of 2006, 13 countries in the Middle East, including Saudi Arabia, saw an income inflow of $157.1 billion due to rising material prices. Other resource-rich countries such as Canada and Australia are also benefiting from the rise in resource prices.
