Congratulations Prime Minister Mori!
At Issue: The ascendance of the Honorable Yoshiro Mori as Prime Minister of the Government of Japan.
Our View: Our most profound sense of congratulations to Prime Minister Mori and a speedy recovery for former PM Obuchi.
Every major economic decision that happens in the Land of the Rising Sun affects major investments both in the Commonwealth of the Northern Mariana Islands and the entire global community as well.
This is because Japan is the world’s second largest economy even against all of Asia’s put together. In fact, most major investments in the local tourism industry hail from Japan.
In this connection, we are saddened to learn of former Prime Minister Obuchi’s serious health condition and we pray for his speedy recovery.
Meanwhile, we join our people in offering our most profound sense of congratulations to the Honorable Yoshiro Mori upon assuming the helm as the new prime minister of Japan.
The new prime minister pledges to continue working on economic recovery started by former PM Obuchi. It is a daunting task given the magnitude and complexity of issues, including shifts to the ‘new economy’ ushered into regional economies by the Information Technology.
Ripple effects of the Asian Crisis? Well, when the Japanese Bubble Economy burst some five years ago, our tourism industry plummeted in downward spiral into the 30 percentile level. It came dangerously low as to force closure of more than 2000 tourist-related businesses in the NMI.
We weren’t prepared for this regional phenomenon and we took it lightly as though it’s just another passing cotton ball. Planning for eventualities is never our forte.
Finally, we realize the shift in paradigms in that it’s no longer “business as usual”. We were and still are reeling for help to tame the adverse impact of the Asian Crisis on our fragile economy. We just found out that its impact far more devastating than the most destructive force of wind-driven rain in a supertyphoon. We’re railing and groping for answers, any answer, in hopes of pulling out of the current doldrums.
Be that as it may, we feel our sense of confidence rising in the dawn of hope under the new leadership from the Land of the Rising Sun. The dedicated efforts of Prime Minister Mori should revive the economic doldrums that has been and continues to be the daily dish of derailed economies in the region, including the NMI. We wish him well in his new role as prime minister.
Again, our most profound sense of congratulations to Prime Minister Mori as he begins the task of pulling the Government of Japan out of its doldrums to brighter days ahead in the first quarter of this millennium. Congratulations!
