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YouTube2Text → Transcripts → 【止まらない円安】物価高を招く「円安加速内閣」!? 苦しむ一般市民と、笑う大企業 & ホクホク政府...混迷の日本に、中田敦彦が帰国し授業再開！貧しい日本に誰がした!?

【止まらない円安】物価高を招く「円安加速内閣」!? 苦しむ一般市民と、笑う大企業 & ホクホク政府...混迷の日本に、中田敦彦が帰国し授業再開！貧しい日本に誰がした!? — Transcript

by 中田敦彦のYouTube大学 - NAKATA UNIVERSITY · 8,681 words · 1,325 segments · language en · Watch on YouTube

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0:00Hi, this is Nakata. All right, let's
0:02get right into it today. Extreme Modern
0:04Society. The unstoppable yen
0:05depreciation and the bold, flat economy
0:07. Japan is in trouble. So, here we are.
0:11Even as I say Japan is in trouble. Uh,
0:13I have recently returned to Japan from
0:15Singapore. I look forward to your
0:17support. Thank you. "Why did you come
0:20back?" you might ask. "You shouldn't
0:21have come back." Well, there might be
0:26such criticism from you all, but I
0:28intend to work and work and work and
0:30work and work and work here in Japan
0:32from now on, and I would like to do
0:33what I can for the sake of Japan, so
0:35today I'd really like to convey the
0:37current state, no, the tragic state of
0:39Japan to you all, which is why I'm here
0:41, so I hope you'll listen until the end
0:42. Yes, this is it. The unstoppable yen
0:48depreciation. "Nakata, you sure love
0:49talking about the weak yen." That said,
0:51I've been giving lessons on the weak
0:53yen for years now. They've been viewed
0:56millions of times, and although I think
0:58the causes have been conveyed to
1:00everyone, the voices of your anger are
1:01quiet. Why aren't the citizens angry, I
1:06wonder. It's because the mechanism is
1:09complex and hard to understand, right?
1:12You don't even know if you should be
1:13angry, or what's actually happening.
1:15But as a fact, yes. Just recently, on
1:19July 21st, 1 dollar finally hit 163 yen
1:22. "Oh, really?" At first we were
1:25surprised at the 150 yen range, but
1:27we've somehow gotten used to it. I
1:29don't know why, but it's something you
1:31just get used to. Yeah, you even get
1:32used to Singapore eventually. Oh, like
1:34there are pools in Singapore, right?
1:36Yeah. You stop swimming in them, don't
1:38you? Right, because you get used to it.
1:39Oh, it's just there. Like the pool. You
1:41stop swimming, you see. You swam at
1:43first, but then you stopped. You've
1:45gotten used to the dollar-yen rate
1:46being in the 150s, haven't you? Yeah. "
1:49Vegetables are expensive, rice is
1:50expensive, everything is expensive."
1:52You've just gotten used to it. But now,
1:54there’s news that it’s finally hit
1:57163 yen. What is happening here? I’d
2:00like to re-examine what exactly this "
2:02yen depreciation" means. So why is
2:04Nakata making such a fuss? It’s
2:07because when people say "yen value goes
2:09up or down," it’s hard to remember.
2:11So, I made a phrase to help you
2:12remember, using the words "yen" and "
2:14cheap." It means the value of the yen
2:16becomes cheap. That’s easy to
2:18remember, right? The value of the yen
2:20is getting cheaper. If the things you
2:22want become cheaper, you’d be happy,
2:24right? But you wouldn’t like it if
2:26the things you already own become
2:27cheaper, right? Like, "The house you
2:29bought has gone down in value." You
2:30wouldn't like that, would you? "The car
2:32you bought has gone down in value." You
2:34wouldn't like that, right? You’re
2:35happy when things you want to buy get
2:37cheaper. But it's frustrating when
2:38things you’ve already bought get
2:40cheaper. That happens, doesn’t it?
2:42Like, right after you buy a bag, you
2:43see the same one being sold at a 30%
2:45discount. That makes you angry, doesn't
2:47it? That’s the kind of thing that’s
2:49happening. You generally hold yen,
2:51right? When you open your wallet. Yeah.
2:53You don’t really have dollars or
2:55euros in there, do you? Because we
2:56don't usually use them; we use yen.
2:59Since the yen you have is losing value,
3:01that means we’re in a pinch. The
3:02house you own becomes cheaper. The land
3:04you own becomes cheaper. The bag you
3:06own becomes cheaper. That’s really
3:07painful, isn't it? That situation is
3:09happening right now. But still, there
3:12are influencers who say things like, "A
3:14weak yen is actually better, guys.""A
3:16weak yen is a plus for the Japanese
3:18economy." I don’t know about that.
3:20When you see people saying things like
3:21"Everyone else is an idiot," you start
3:23to wonder, "Wait, is that true?" But
3:24look, it’s not about whether it’s
3:26good or bad; the real way to think
3:28about it is who gains and who loses.
3:31This is the key point. A weak yen is
3:33actually profitable for certain people.
3:36And who would that be? Large companies
3:38that export products. It’s profitable
3:40for them. Because, you see, they sell a
3:43lot of things to foreigners. And then
3:46they get paid in the local currency.
3:48When you receive payment in dollars and
3:50then exchange those dollars for yen,
3:52yes. Instead of getting only 110 yen
3:55for one dollar, you get 163 yen, so for
3:58large export companies that earn
4:00dollars locally, they just can't stop
4:02smiling. They're thrilled. Also, for
4:07investors, people who are already
4:09retired and living off their
4:10investments, they mostly hold their
4:12assets in foreign stocks. They're
4:16living off their yields, you know?
4:20People who are basically FIRE, for them
4:22, since they hold foreign stocks and
4:24not Japanese yen, it's profitable. It's
4:29incredible, isn't it? So, who are the
4:31people left out? It's everyone who
4:33isn't in that group, yes. Everyone who
4:35isn't, raise your hands, that's
4:37everyone else. Yeah. When I say large
4:40export companies, I don't mean the
4:42employees. I mean the owners, you know.
4:45Yeah. There might be many people who
4:47work at Toyota. But if you say you "own
4:48" Toyota, people will ask, "Are you Mr.
4:51A?" Yeah. They'll ask if Mr. A is here
4:53today or if Mr. B is watching. Yeah. If
4:55you ask if anyone has bought Uniqlo,
4:57everyone has. But you don't "own"
4:58Uniqlo, do you? You just own a Uniqlo
5:00cut-and-sew shirt. You don't own the
5:02Uniqlo company. If you said you owned
5:03it, people would ask if you're Mr.
5:05Tadashi. Those people, like Mr. Tadashi
5:07or Mr. A, can't stop smiling. But for
5:10the vast majority of people who wear
5:12Uniqlo or drive a Toyota, the yen is
5:13getting weaker, so they're in a very
5:15tough situation. That's why when people
5:18talk about whether a weak yen or a
5:19strong yen is good, you have to ask:
5:21for whom? Please don't forget to ask "
5:23for whom" when we talk about whether a
5:25weak or strong yen is good. And the
5:28point is that these two groups are
5:30vastly different. When people say it's
5:34a plus for the Japanese economy,
5:35they're looking at this group here.
5:38When they say there are people who
5:39benefit, they're looking at this group.
5:41But the important discussion is that
5:43the majority of people belong to this
5:44group here, isn't it? The reason is
5:46that I didn't create YouTube University
5:48for people like Tadashi-san or Akio-san
5:50. If my subscribers were only Tadashi
5:52and Akio, my opinion would change. But
5:55it's clear as day that the vast
5:56majority of my 5 million-plus
5:58subscribers are on this side, so I'm
5:59going to speak to them—that’s the
6:01point. I’m just doing my own job,
6:04after all. Even Takaichi-san herself
6:07has said that she doesn't really
6:09understand which of these two is better
6:10. On January 31, 2026. When
6:15Takaichi-san gave a speech in Kawasaki,
6:17she said exactly that—that she
6:18doesn't know whether a strong yen or a
6:20weak yen is better. The Prime Minister
6:22herself is saying it, you see. Neither
6:24of us knows which one it is, right? On
6:26top of that. She's saying it’s a huge
6:28opportunity for export industries,
6:30right? So, for Takaichi-san, the point
6:32is that she wants to strengthen the
6:34Japanese economy, which is why she
6:35holds that opinion. Furthermore,
6:37you’ve heard people say that the
6:38Foreign Exchange Fund is "steaming hot"
6:40(making a profit), haven't you? That
6:41the Foreign Exchange Fund is "steaming
6:43hot." The only kind of "steaming"(
6:44hokuhoku) we know is a baked potato. "
6:46The Foreign Exchange Fund is steaming."
6:47My mom has never said anything like
6:49that before. That’s the first time
6:50I’ve ever heard that the Foreign
6:51Exchange Fund is steaming. I really
6:52don't want to be asked what this "
6:53Foreign Exchange Fund" is right now.
6:54Because I don't know. Because I don't
6:56want to look stupid. Exactly. The
6:58Foreign Exchange Fund is the foreign
7:00currency held by the government. In
7:02other words, the government is the one
7:04doing this. If you take the position of
7:07an investor, the government is making a
7:09killing. So, while the government as an
7:14economic operator might be "steaming"
7:16from an investor's perspective, none of
7:18us actually hold the Foreign Exchange
7:19Fund. If someone says "I have it," then
7:22the response is "Oh, you must be the
7:24government," but that’s not the case
7:25for any of us. In that case, this is a
7:27situation we really need to think about
7:29once. We’re starting to feel a sense
7:31of crisis, aren't we? "Oh, is that so?"
7:33"This is something I need to listen to.
7:35" The weak yen—if it stays like this,
7:36we're in trouble. So, what does a weak
7:38yen actually mean? It means, well, we
7:40can't buy iPhones. That dream of buying
7:42the latest iPhone every year has
7:44basically become a fairy tale. My old,
7:46old iPhone is cracked to pieces. But
7:48I'm still petting and obsessing over it
7:50just to keep using it. Yeah. And the
7:52reason is, the new ones aren't just
7:53white goods anymore. That's right. They
7:55cost hundreds of thousands of yen—I
7:57mean, what is this? Should I put it on
7:59display? Yeah. It’s like the iPhone
8:00has become some kind of gold bar.
8:02That’s exactly what’s happening. So
8:03, what’s the cause of this? If you
8:05ask me to explain, that’s where
8:06things get complicated. The cause is
8:08exactly what you'd think. The "Basic
8:12Policies" cabinet decision made just
8:14recently on July 21st is said to be the
8:16main culprit. Wait, hold on. I didn't
8:21understand a single word of that.
8:22That’s how it is, though. All I know
8:24is that it was in Japanese. The fact
8:26that the "Basic Policies" were decided
8:28by the cabinet. Honestly, I completely
8:31glossed over that. I was too busy
8:33chasing celebrity gossip. Like, hearing
8:36rumors about Onigoe Tomahawk fighting
8:38—you know, that kind of stuff. While
8:40we're busy asking if Ariyoshi is angry,
8:42these policies get passed and now we
8:44can't afford iPhones. That’s the kind
8:46of thing happening right now. I can't
8:48forgive the internet news for that. Why
8:49don't they have their priorities
8:51straight? Why does Yahoo News treat
8:53celebrity drama as more important than
8:55this? Isn't this more critical? Exactly
8:58. Yes. There are other opinions saying
9:01this cabinet decision isn't the main
9:02cause, though. Some explain that it's
9:07due to instability in the Middle East,
9:08leading to a "flight to the dollar"
9:10which drives the yen down. And what
9:14that means is, "the dollar in times of
9:16crisis"—crises like war, you know. So
9:19, for instance, if there’s a conflict
9:21in the Middle East and war breaks out,
9:23people around the world think, "It's
9:25dangerous, I don't know which country
9:27is safe, so let's buy the strongest
9:28currency in the world." They flock to
9:30the dollar, which is the most trusted.
9:32People in the Middle East or Europe
9:34think, "This is dangerous, I should buy
9:36dollars." That buying pressure drives
9:38up the dollar, which in turn makes the
9:40yen weaker. Some might argue it’s
9:43just relative, but I can explain why
9:45that’s not the case. What I mean is,
9:47you shouldn't just look at the
9:48dollar-yen pair. I think many of you
9:50are checking the dollar-yen rate,
9:51though. I'm telling you not to just
9:53look at the dollar-yen. You can look up
9:55the euro-yen, yuan-yen, or Singapore
9:57dollar-yen rates, right? If the
10:01euro-yen or yuan-yen are showing a
10:02stronger yen, then it’s the
10:03dollar’s fault. Yeah. It’s like,
10:08it's not that I'm falling, but everyone
10:10else is rising. You can only tell that
10:12if you look at your surroundings. Yeah.
10:14When that happens, you only think "is
10:15this an earthquake?" when everyone else
10:17is shaking too, right? Yeah. But then
10:19there are those times you think it's an
10:21earthquake, but it was just you being
10:22dizzy from alcohol. Yeah. That’s the
10:24situation we're in. For Japan, the yen
10:26is weakening all on its own. This is
10:29called the yen's independent decline,
10:31and since this state of the yen
10:33weakening alone has been continuing
10:35lately, it means the situation is
10:36domestic. And the thing that had the
10:40biggest impact domestically on July
10:4121st was the Cabinet decision on the "
10:43Basic Policies." The Cabinet decision
10:45on the Basic Policies—well, I barely
10:47understand what a Cabinet decision is.
10:49It means the Cabinet discusses and
10:50decides on something, right? And when
10:52they decide, what did the Cabinet
10:53decide? They decided on the "Basic
10:55Policies." You wouldn't want to be told
10:57, "You've got those Basic Policies,"
10:58would you? If someone told you, "You're
10:59taking the Basic Policies," you'd want
11:01to knock them out, right? I mean, I'm
11:02trying to lose weight here. It’s that
11:04kind of conversation, right? The "Basic
11:06Policies" are incredibly important.
11:08It’s a term you absolutely must
11:09remember. I want you to remember this
11:11when you become an adult. The "Basic
11:14Policies" have been issued every summer
11:16since 2001, starting under the Koizumi
11:18administration, as a major economic
11:20roadmap. This is the single most
11:24important document. Important for what?
11:26For budget compilation. In other words,
11:28deciding how to use the taxes collected
11:29from everyone in Japan—budgeting is
11:31the most crucial part, right? Yeah.
11:33Even in a household, when you're
11:35deciding what to spend money on—like
11:36whether to buy a car or maybe renovate
11:38or expand the house—Yeah. If your dad
11:40suddenly said, "I'm going to buy ten
11:42Rolexes!" you’d want to knock some
11:44sense into him. That’s why, for any
11:45group, a budget—how to use money—is
11:47the most important thing. Since the
11:50Basic Policies serve as the key
11:52document determining how that money is
11:54used, this major economic plan is
11:55apparently announced every year in June
11:57or July. Have you all been watching it?
12:01No, you haven't. Yeah. When people
12:03watch summer festivals like the Sumida
12:05River Fireworks, no one is out there
12:06asking, "Is the Basic Policies
12:07announcement out yet?" I mean,
12:09there’s no TV program where Hideki
12:10Takahashi and Masa are watching the
12:12Basic Policies together, is there?
12:13Because that’s the Sumida River
12:15Fireworks festival. Exactly. That's why
12:19we need to look at these Basic Policies
12:20. They talk about a "Basic Policies
12:29Shock," which actually happened on June
12:3130 th—a whole month before the July
12:3321st date—when the draft was leaked
12:35to the press. People were saying, "Oh,
12:42they're announcing the Basic Policies
12:44in July.""The Takaichi administration
12:45is finally going to announce its major
12:47strategy." Since it’s the first major
12:48policy plan for the Takaichi
12:50administration. "I wonder what it's
12:51going to be like; I'm looking forward
12:52to it." People in political circles and
12:54investors were all saying that. And in
12:57the midst of that, the prototype draft
12:59emerged. Since it was announced that a
13:02rough draft was coming out, the draft
13:04was reported in the news. And then, it
13:06hit everyone like a shock. Well, this
13:08was just too incredible. What was so
13:10incredible? There were three major
13:12government programs. What are they?
13:15First one. The five characters for "
13:18fiscal consolidation" were missing. Is
13:22it a surprise that they were missing?
13:23Why is this surprising? Because they've
13:25been doing this every year since 2001,
13:27right? This is a phrase that was always
13:30included every year since 2001. You've
13:33heard that Japan's deficit bonds are
13:35ballooning, right? Yeah. Deficit bonds
13:39are, you know, when we say "we're short
13:41on the budget, so let us borrow a
13:43little." Bonds are national debt, so
13:46the government issues them to raise
13:47funds. For a company, it's a corporate
13:50bond, and for an individual, it's just
13:52debt. That debt is expanding massively,
13:56and through things like Abenomics, the
13:58plan was to create a huge bubble to
14:00stimulate the economy and trigger
14:01trickle-down effects. We believed in
14:05that Abenomics dream, where even if we
14:07were in debt, it would stimulate
14:08everyone. We had those 12 years where
14:10we waited for the trickle-down,
14:12wondering why our throats were still
14:13bone-dry, tilting our heads in
14:15confusion. This struggle for fiscal
14:18consolidation has been going on for
14:20over 20 years. Every former Prime
14:24Minister and every Prime Minister
14:26before that all said they would do
14:27their best to consolidate the budget.
14:29What does that mean? It's like a father
14:32who is the most heavily indebted person
14:34in town declaring every New Year's Day:
14:36"I'll save money and pay back my debts
14:38this year." And we say, "Dad, you're
14:40saying that again?" Of course, he never
14:43finishes paying it back, and he
14:45actually keeps increasing his debt. But
14:48because he showed that enthusiasm every
14:50year, we thought, "Well, Dad says he's
14:52going to try hard this year, so..." But
14:54this year, despite the debt growing,
14:56that father was silent about it. "Wait,
14:59Dad, what happened?""Oh, this year's
15:01policy is over." It's over. No
15:04consolidation this year. That makes
15:07your heart skip a beat, doesn't it? As
15:09a family, you have to ask, "What's
15:11wrong, Dad?" That's what's making our
15:12hearts skip a beat. Instead, the old
15:15man has started suggesting that we all
15:17work hard on the debt-to-GDP ratio.
15:20What is that? I lost consciousness
15:23after four hours, so I was already
15:25asleep around this point, but this
15:27debt-to-GDP ratio is actually quite
15:29simple. Debt balance is comparing the
15:34total debt against the GDP. You learned
15:39about GDP, which is the economic
15:40activity generated, right? GDP, yeah.
15:43We studied things like Gross National
15:45Product and Gross Domestic Product,
15:46right? Yeah. With this GDP and the
15:51ratio of debt, the proposal is,
15:52wouldn't you be happy if that ratio
15:54went down? They’re changing the
15:57standards. You know the previous
16:00standard was a single-year primary
16:01balance surplus, right? I don't know it
16:04. What is that? Yeah. Being told about
16:08a single-year primary balance surplus
16:10is really unpleasant, isn't it? Yeah.
16:12The primary balance is, well, that
16:14financial balance. And that means we
16:17should think about it on a single-year
16:18basis. Instead of looking at a combined
16:21two or three years, the idea is to aim
16:23for a surplus by asking, "Did Japan
16:25make a profit this year or not?" Let's
16:28make this year a surplus. That's just a
16:30normal goal, right? Since a single-year
16:39surplus is quite strict, they started
16:41talking about the debt-to-GDP ratio;
16:43what they mean by this is, rather than
16:45repaying debt through austerity, why
16:47not lower the debt ratio by increasing
16:49GDP instead? They keep talking about
16:57debt, debt. Everyone, as a father, I've
17:00incurred debt, right? So, I've been
17:03turning off the lights and rationing
17:04water to save up and pay it back. I
17:07hate it. I'm sick of this kind of life.
17:10Instead, I want to live brightly, so I
17:12want to use electricity and turn on the
17:14faucets. And on top of that, I'm saying
17:17I'll work a lot more. Oh, I see. It's
17:20like that. So that's what's called
17:22active fiscal policy. To do that,
17:26everyone, please lend me lots of money.
17:29I'll take that and head to the
17:30racetrack. No, really, that's what it
17:34comes down to, doesn't it? The reason
17:36is, they're talking about this 370
17:38trillion yen public-private investment.
17:45They'll take 370 trillion yen from the
17:47government in taxes and from large
17:49private corporations, and by using that
17:51massive pool of capital, they hope to
17:53grow the economy so much that the debt
17:55won't seem as big anymore. I want to
18:01ask about that. Isn't it dangerous if
18:04it doesn't work out? That’s what I'm
18:05saying. It's like your dad borrowing
18:09money from the neighbors and taking all
18:11our pocket money and savings to the
18:13racetrack—it’s fine to go, but is
18:15there any guarantee he'll win? He
18:20doesn't want to save money to pay off
18:22the debt, so he collects money from
18:23everyone and says he's off to the races
18:25. That's essentially it. No, no, Nakata
18:29, don't compare Takaichi-san's
18:31investment to a horse race. It's a
18:33public-private investment. The Japanese
18:34people are going to get serious and
18:36invest, they say. Well, what has
18:37happened so far, really? That's the
18:39question. Yeah. We've had these before,
18:41right? Like the Cool Japan strategy and
18:43various organizations—we've created
18:45so many. If they were actually making a
18:46huge profit, we wouldn't be in this
18:48situation right now. Yeah. Things the
18:50government invests in don't always turn
18:51out to be winners. I'm not saying it's
18:54as unpredictable as a horse race. But
18:57regardless, there are uncertain factors
18:59involved. They're suggesting we change
19:04the standard and start thinking in a
19:05more positive direction. Huh, that's
19:08quite a profound way of putting it. I
19:11see. Instead of just cutting back,
19:15they're asking, "Can't you evaluate us
19:16based on diluting the debt through GDP
19:18growth?" That’s the first point;
19:22there are two or three more. The second
19:25point was language that felt like
19:26pressure on the Bank of Japan. They
19:30explicitly stated again that
19:32appropriate monetary policy management
19:34is necessary for a strong economy. What
19:38does this mean? For those who don't
19:39know, they’d just think, "Oh, I see,"
19:41and move on. But this is the key point.
19:44Monetary policy is not the government's
19:46job. Whose job is it? It's the Bank of
19:50Japan's job. Yes. The Bank of Japan
19:52handles monetary policy. The government
19:54handles fiscal policy. Yes. Monetary
19:56policy is about raising or lowering
19:58interest rates. Like bank interest
20:00rates. Ah, the interest rates for money
20:02everyone borrows are low right now,
20:03aren't they? They've been low ever
20:05since the days of Abenomics. They
20:07called it negative interest rates. It's
20:08called zero interest rates. The reason
20:10for that is that it's easier to borrow
20:12money to get the economy moving, but
20:14there are also negative side effects.
20:16If you have Japanese yen and you can't
20:18get any interest by lending it in Japan
20:20, you might think, "Maybe I should lend
20:22it in dollars instead." That's why
20:24people buy dollars. Low interest rates
20:27mean that, compared to other currencies
20:29, the yen becomes very weak. If you
20:33convert yen to dollars and hold them,
20:34it's more profitable to earn interest
20:36in dollars. This is called a carry
20:38trade. It’s a trade where you just
20:40carry the money over. So, low interest
20:41rates are good for stimulating the
20:43domestic economy, but when it comes to
20:45international competition, you can
20:46choose dollars. Or you can choose euros
20:48, which makes the yen weak. That's why
20:50Abenomics originally had a time limit.
20:52But it was "extraordinary" monetary
20:53easing, so the plan was to stimulate it
20:55with a big bang, and then tighten it up
20:57later. But since that didn't work out
20:59as planned, it just dragged on and on,
21:01and now they're stuck in this state
21:02where they can't back out. Well, zero
21:05interest rates have continued, but
21:06they’ve been raising them little by
21:08little recently. Governor Ueda at the
21:10BOJ is trying his best to raise them,
21:12right? And because he's raising them,
21:14he's getting glares from Mr. Takaichi
21:16and others. Why? Because they want the
21:18economy to boom. They want the economy
21:20to take off, but raising interest rates
21:22is the exact opposite of that. In other
21:24words, the reason the government and
21:26the BOJ are independent is because they
21:28are prone to conflict. The government
21:33is more popular with the public if they
21:35spend money freely, cut taxes left and
21:37right, and pursue aggressive fiscal
21:38policies. We didn't choose the Bank of
21:42Japan, did we? If there's anyone who
21:43says, "I voted for Mr. Ueda," well,
21:45that's a delusion. Where did you vote?
21:47Exactly, I didn't vote for Mr. Ueda.
21:49The people we choose are the
21:50politicians, the representatives of the
21:52nation, the members of parliament.
21:53Politicians always want to say things
21:55that are popular and pleasing to the
21:57public, but the Bank of Japan has a
21:59real job to do. That job is protecting
22:01the value of the yen. If you don't
22:02protect the value of the yen, people
22:03will say the dollar is better. Or that
22:05the euro is better. If people decide
22:06they don't want to hold yen anymore,
22:08its value will crash, and everyone will
22:09be in big trouble. That is why
22:10protecting the yen's value is their job
22:12. They are known as the guardians of
22:14the currency. This means the job of a
22:16currency guardian often conflicts with
22:17the job of running a government while
22:19seeking public popularity. That’s why
22:22they are independent, right? Or rather,
22:24what happens when that independence is
22:26lost? During World War II, the
22:27government wanted to print more and
22:29more money for the war, so they forced
22:31the Bank of Japan to do as they were
22:32told and print massive amounts of yen.
22:34As a result, the value of the yen
22:36crashed after the war. This is what you
22:38call hyperinflation. Regular, "good"
22:41inflation is a state where prices rise
22:43gradually, which is actually a healthy
22:45condition. Hyperinflation is when that
22:48process goes into overdrive—bread
22:51that cost 100 yen this morning becomes
22:531,000 yen by noon, and 10,000 yen by
22:55night. That’s why you see pictures in
22:57textbooks of people carrying bundles of
22:59cash just to buy vegetables; that’s
23:01hyperinflation, and the Bank of Japan
23:02is the final guardian to prevent that.
23:04The central bank and the government are
23:06supposed to be independent of each
23:07other. But in reality, they are in a
23:10weak position. The government holds
23:13more power and has the authority to
23:14make various appointments, so you can't
23:16help but feel they are walking on
23:18eggshells. Yeah. You never see Mr. Ueda
23:20acting aggressive and talking down to
23:21someone like Ms. Takaichi. He seems to
23:23be very careful with his words, doesn't
23:24he? That’s because, inevitably, there
23:26is a problem with their relative
23:27positions. When they tell the Bank of
23:30Japan that "appropriate monetary policy
23:32management is necessary," it's like a
23:34dad saying, "Hey, I'm about to go hit
23:36it big at the horse races.""It would be
23:41a problem if Mom kept all our money
23:43locked away in savings right now."
23:46It’s an approach of saying, "Give me
23:48my allowance appropriately." Deciding
23:52for them what is "appropriate" and
23:54saying it from the other side acts as a
23:56very strong form of pressure. That’s
24:00how the market read it. In short, this
24:03is the phrasing they are using. They
24:08are using this phrasing, but people are
24:10thinking this is a dangerous way to run
24:11things. Yes. It's not about what they
24:17intended to say, but how the recipients
24:19are reacting to it. People read it as,
24:25"Isn't Japan getting rid of its debt
24:27repayment funds, pressuring the Bank of
24:29Japan not to raise rates, and then
24:30trying to boost the economy by pumping
24:32out fiscal spending?" That's why I
24:37thought, "Oh, the yen's slide won't
24:39stop." Oh, so it's heading toward a
24:41weaker yen. Then, it makes more sense
24:43to sell yen to make a profit. Yes. The
24:45final straw is the expansion of
24:46spending with no funding source. That
24:48370 trillion yen in public-private
24:50investment I mentioned earlier is pure
24:52extravagance. It's like taking
24:54everyone's money and just going all in.
24:56It's the idea that, "Hey, if we bet on
24:57this horse and that horse, we'll
24:59probably win." I mean, exactly. There
25:01were news reports about that recently,
25:03right? About how much money they're
25:04giving to a certain game company. Is
25:05that game company really trustworthy?
25:07There was a debate about that, wasn't
25:09there? Yeah. It makes you worry that
25:10they're just handing out money to
25:12people who are close to the government.
25:14Because of things like that, this "
25:16extravagance" needs to be scrutinized
25:18extremely strictly, but this kind of
25:20rhetoric just makes people even more
25:22anxious. They aren't doing any
25:24cost-cutting for fiscal consolidation,
25:25are they? Aren't they putting pressure
25:27on the Bank of Japan? On top of that,
25:29the overspending isn't just about
25:30public-private investment. They're
25:32talking about consumption tax cuts.
25:33Cutting consumption tax on food, which
25:36is currently at 8%. Let's make that 1%.
25:39And even that remaining 1%, they say
25:41they'll make it effectively zero with
25:43handouts. It sounds good to the ears,
25:45doesn't it? It sounds pleasant.
25:47Politicians always tell us what we want
25:49to hear, but where is the distortion?
25:52Where is the fallout coming from? We'd
25:54be happy if they cut consumption taxes.
25:56We'd be happy if they hit the jackpot
25:58with public-private investments. We'd
26:00be happy if they worked well with the
26:02Bank of Japan. We'd be happy if they
26:03made a huge profit instead of being
26:05stingy and trying to balance the budget
26:06. That’s exactly it. Yeah. It’s
26:08happy news. But there’s no guarantee
26:10for it. And the question is, who is
26:13taking the hit? I mean, when you
26:16realize, "Hey, wait, is the money Dad
26:18is taking to the horse races actually
26:20our tuition?" you get a sudden jolt.
26:23Aren't we the ones suffering? Who is it
26:25? Who’s actually suffering? Is it big
26:28corporations? Investors? Or is it
26:31ordinary citizens? If it turns out
26:34we’re raising stock prices and lining
26:36investors 'pockets at the expense of
26:38ordinary citizens suffering, that’s
26:40just sad for us. That’s the narrative
26:44that investors—those people overseas
26:46—have seen through, and it’s why
26:48they’re issuing these warnings. But
26:51we’re just sad. What does that even
26:53mean? I don’t get it, so I can’t
26:56get angry. That’s why Nakata has
26:59returned from Singapore. I am
27:01explaining it. I’m saying that maybe
27:04you all should be getting a bit more
27:05angry. This is no time to be angry
27:08about "Why did Nakata come back?"
27:09Better to just leave a small fry like
27:11me alone. There are much bigger things
27:13happening in Japan. Don’t you think?
27:15Now, let’s talk about the trick that
27:17was seen through by the market. Why
27:18wasn’t it seen through until now? The
27:20approval ratings were incredibly high,
27:21weren't they? Yeah. The support was
27:23high, right? That’s because they were
27:25very careful with their choice of words
27:27to hedge their bets. And the reason is,
27:29there was a baptism of fire. Back in
27:322022, about four years ago, the Truss
27:34Shock happened in the UK. Four years
27:37before this "Honebuto" shock, the Truss
27:39Shock occurred, where a very popular
27:41female prime minister was elected in
27:43the UK, winning a massive majority. In
27:46parliament. And that woman said: "
27:47Everyone, everyone, I want to save you,
27:49so I’m going to implement massive tax
27:51cuts!" And everyone was like, "Wow, how
27:54happy!" And it’s the same, isn't it?
27:56"I’ll implement massive tax cuts.""
27:57I’ll do big, bold spending." And then
27:59, "Where’s the funding coming from?"
28:01That’s what happens. With what money?
28:03You want to throw a party, Dad, that's
28:05fine, but when you ask where the money
28:07comes from, the idea is that if you
28:09throw a party, everyone will get
28:10energized, work harder, and earn plenty
28:13of money. Do you see? Isn't it the same
28:15thing? If you throw a party, everyone
28:17gets energized. If you make an
28:18investment, it’s bound to pay off. So
28:20the idea is, why not just use that
28:21money so everyone can be prosperous?
28:23They already tried this. That’s the "
28:25Truss Shock." And what happened to Ms.
28:27Truss? Well, actually. Yes. She lost
28:29the trust of the market. The market,
28:31meaning the financial market. What the
28:33market is, is that countries have
28:35people buy their currencies—like the
28:36yen—and their government bonds. All
28:39over the world. The whole world is your
28:41customer. To buy yen, or not to buy.
28:43Whether to buy Japanese government
28:45bonds is open to people all around the
28:46globe. Those customers worldwide looked
28:48at the UK's stance and thought, "Oh,
28:50this person isn't thinking this through
28:52." Meaning, there’s no funding source
28:54. She’s just winging it. "Oh, if I
28:56keep dealing with this person, I'm
28:57going to lose money.""It's dangerous to
29:00hold British pounds.""British
29:02government bonds will become worthless.
29:03" Because of this, bonds were sold off
29:06and the currency was sold off. This
29:08double-dip of the currency and bonds
29:10hit hard, and she had to resign after
29:1245 days. They said, "This won't do, the
29:14British economy is being abandoned by
29:16the world; Ms. Truss, step down, step
29:18down." Knowing this, what did Sanae
29:20Takaichi say? She used the term "
29:22responsible aggressive fiscal policy."
29:24Remember that phrase? What does "
29:26responsible aggressive fiscal policy"
29:28actually mean? It's the aggressive
29:30fiscal policy she really wants to
29:32pursue. An aggressive fiscal policy is
29:34exactly that—splurging, throwing a
29:35party, and saying, "Get energized and
29:37go make some money." From the very
29:39beginning, people were suspicious that
29:41if she just said "aggressive fiscal
29:43policy," it would end up like that.
29:45Since Takaichi-san had been saying "
29:47let's do an aggressive fiscal policy"
29:48since the party leadership race, people
29:50were wondering if it would be okay, so
29:52she added that prefix. "Responsible
29:54aggressive fiscal policy"—a good
29:56phrase, isn't it? Yeah. It’s like "
29:58responsible horse racing." Responsible
30:00betting activities, you could say.
30:02Isn't that wonderful? I think it sounds
30:04kind of nice. Showing up in a suit and
30:06all. Yes. "I just really love that
30:08horse," you know. Ah, I really enjoy
30:10watching horses run, so I engage in
30:11horse racing activities with a sense of
30:13moderation. There's no reason to
30:15criticize that, right? It’s a legal
30:18form of gambling, you won’t get
30:19arrested for it, so if you have
30:21moderation, please enjoy it. There are
30:23horse racing programs, and there’s
30:25horse racing itself, too. Isn't that a
30:27good thing? It's just that they're
30:28afraid of losing their status or
30:29credibility, that's all. However, the "
30:31responsibility" part started to be
30:33questioned precisely on January 31st in
30:35Kawasaki, as I mentioned at the start.
30:37Right here. "I don't know if a strong
30:39yen or a weak yen is better." Wait a
30:41minute. Whether a weak yen or a strong
30:43yen is better depends on the entity and
30:45the timing. During Abenomics, there was
30:47indeed a very strong yen and deflation.
30:50That's why aggressive fiscal policy was
30:52called for back then. But what about
30:54now? It's become extremely weak yen,
30:56hasn't it? If so, you should correct
30:59that. We're scared if it's not you,
31:01Takaichi-san. Because we can't afford
31:03to buy iPhones. It's not about that,
31:04yet despite saying you don't know, you
31:06added that it's a huge opportunity for
31:07export industries. You started saying
31:09it's a report from an external advisory
31:11committee. Wait a second, you’re
31:13strongly favoring that side's opinion,
31:15but what about us? With that said, this
31:18was the main focus. The original draft.
31:21Finally, summer is here. We've had a
31:23lot happen. There was the Imperial
31:25House Law. Re-party, re-party, and
31:27various other things happened. "Is it
31:29now? Please, Yoshimura-san," that sort
31:31of thing happened, didn't it? Yeah.
31:33Amidst all that, the original draft is
31:35coming out. Why is this attracting
31:37attention? Because it's the most
31:38important document that influences
31:40budget compilation and is the major
31:42annual policy. This is the country's
31:44master plan. Alright, does Takaichi-san
31:46have responsibility? What does
31:47responsibility mean? This was the
31:49result of looking into that. Let's see.
31:52The market reacted to this. In other
31:54words, the people who were watching
31:56this while keeping an eye on the
31:58situation reacted, thinking, "Oh, so
32:00this is the original draft." That was
32:02July 1st, the very next day. The yen
32:05weakened to 162.84 per dollar, and five
32:08days later, the long-term government
32:11bond yield hit 2.830%. It went up.
32:14Long-term government bond yields have
32:16risen for the first time in decades.
32:18Yes. You don't really get what that
32:19means, right? It’s okay. I won’t
32:21leave you behind. What it means for
32:22long-term government bond yields to
32:24rise is that the country wants to
32:25borrow money. You buy government bonds
32:27to provide them with cash, you lend it
32:29to them, and they pay it back with
32:30interest—that’s what a government
32:32bond is. Unlike stocks, it’s a format
32:34where you get your money back with
32:36interest. When someone comes and asks
32:39to borrow money, saying they'll pay it
32:40back with interest—yes. If it's
32:42someone you really trust, you’d want
32:44to say you don’t need interest, right
32:45? They’re a close friend, after all.
32:47You’d think, "You’ll pay me back
32:48right away." Yeah. It’s fine, it’s
32:49fine. I mean, it's a long-time
32:51friendship, just keep it, keep it. Oh,
32:52they paid me back the very next day.
32:54You’d think, "You’re a solid person
32:55after all," right? However, if a flakey
32:57person comes and says, "Can you lend me
32:59money?" you'd think, "Oh, this guy is
33:00trouble." But what do you do when you
33:02can’t say no? You’d definitely want
33:04interest, right? Like, "Well, the
33:06interest will be high." This is it.
33:08Trust and interest rates are inversely
33:10related. That’s why you can only
33:12borrow from a bank if you’re working
33:13for a company that earns a substantial
33:15amount of money. "Oh, I see," you think
33:18. "How much is your mortgage, what’s
33:19your salary, what kind of company is it
33:21?" That’s how the bank decides to
33:23lend. Yeah. But sometimes the bank
33:25won't lend to you. And friends won't
33:26lend to you either. The people who end
33:28up going to places with exorbitant
33:29interest rates are those types of
33:30people. They end up in the world of
33:32loan sharks like*Ushijima the Loan
33:33Shark*. Yeah. In those shady,
33:34ridiculous places, they say things like
33:36, "It's the city, you know, it's the
33:37city." Charging 50%every ten days
33:39happens because there is no trust.
33:41Because there's no trust and you can't
33:42borrow otherwise, the interest rate
33:44goes up. In other words, since a
33:45country with high trust has bonds
33:47everyone wants to hold even if the
33:49profit is thin, the interest can be low
33:51. So, if government bond yields rise,
33:54it means the world is demanding higher
33:56interest from Japan when it borrows
33:58money. Got it? That’s what it means.
34:01Yes. Interest is rising. The yen is
34:03falling. The value of what you own is
34:05dropping. And the interest rate on the
34:07money you borrow is going up. In other
34:09words, Japan's credit is declining.
34:12This has finally emerged as a result of
34:14this draft. That is exactly why. They
34:18know how serious this issue is, which
34:20is why they announced they would revise
34:22the "bold" draft the day after, July
34:247th. Do you understand? They are
34:28revising the "bold" draft. Are you
34:30following? It's like saying they're
34:32going to bend the unshakeable main
34:33pillar of the house. The term "bold"(
34:36honebuto) comes from Kiichi Miyazawa,
34:38who was Finance Minister in 2001. He
34:41said, "Forget the trivial arguments;
34:43let's have a bold discussion so the
34:45public can easily understand where
34:47Japan is headed." That's why it's
34:49called "bold." That is exactly why it
34:51is meant to be an unchanging master
34:53plan. And yet, they've started talking
34:55about revising that "bold" plan. That
34:56means something serious is happening.
34:58Basically, they fear this trap more
35:00than anything, which is why they're
35:01adding to it. What did they add? They
35:03added some wording. It means "while
35:06realizing a stable rise in prices."
35:10Rest assured, it's about stable price
35:12growth—in other words, they are
35:13saying they won't let it become
35:15hyperinflation. A stable rise in prices
35:17is the best possible economic situation
35:19, you see. They don't want to cause
35:21hyperinflation, right? It’s like
35:23saying, "We won't go bankrupt.""I’m
35:25going gambling.""But I won't go
35:27bankrupt," that's what they're saying.
35:28They're saying, "We will keep it stable
35:30." But, did you believe them after
35:32hearing that? You didn't, did you? "
35:33Dad's going to the horse races.""It'll
35:35be fine.""Dad, your policy is worrying,
35:37are you sure? The big gamble, is it
35:39okay?""It's fine.""I won't go bankrupt.
35:41""I won't cause trouble for everyone,
35:42okay?" Hmm. Wait, just a moment ago...
35:44The market reacted. Government
35:46long-term interest rates. Yes. The next
35:48day, it hit 2.870%; it went up again
35:51from 0.830%. Even though they revised
35:53it, it went up. Looking at Dad's
35:55revision, the market said, "Yeah, I see
35:56.""I'm going to raise it," it said.
35:58It's a harsh market, isn't it? If I try
36:00a little harder and bow my head, they
36:01just raise the interest rates on me;
36:03it’s tough, isn't it? On top of that,
36:05it's getting dangerous. The next day,
36:07it hit 2.9%, going up even further.
36:09It's going up day by day, isn't it?
36:12Ushijima is just too scary, so they're
36:14revising it again on July 10th. They're
36:17modifying the "Basic Policies," and
36:18it's basically becoming a mess of
36:20revisions. That's what it is. They're
36:23saying that this final adjustment isn't
36:24about putting pressure on the Bank of
36:26Japan. They say they'll leave the
36:30specific methods of monetary policy to
36:32the Bank of Japan. They're saying it
36:34properly all over again. But this is a
36:36strange story. This is just a normal
36:38thing decided by law. The fact that
36:40they're saying it again means they know
36:41they're being suspected of this. They
36:43know, so that's why they're saying it.
36:45They're explicitly saying that they'll
36:47leave the methods up to the Bank of
36:48Japan. And what's more. In addition,
36:51there's Minister Katayama. Finance
36:53Minister Katayama, that is. Yes. He
36:57hinted that it's possible to support
36:58government bonds using the GPIF. I
37:02don't really get what this means. I'm
37:03not going to leave you behind. You
37:05might not know GPI. It sounds like IWGP
37:07—Ikebukuro West Gate Park—which is
37:09nostalgic for my generation. Kubozuka
37:11is the best, but it's not GPI. GPIF is
37:14the pension fund. In other words, it's
37:17collecting pensions from everyone.
37:19Everyone pays their pension, right?
37:20You're paying it, right? What happens
37:22to those pensions? It's not just about
37:24saving them up and having Mr. Aso stare
37:26at them blankly. It's not like Mr. Aso
37:27is just sitting there smoking while
37:29watching over the pension fund. They
37:31invest what's collected to return the
37:32profits to everyone and benefit the
37:34nation. That's why it's the national
37:38pension fund. Yes. This GPIF is said to
37:41be the world's largest institutional
37:43investor, collecting and investing
37:44funds. What does it mean to support
37:47government bonds with this GPIF? Yes.
37:50GPIF should be used to maximize
37:52everyone's benefits, right? But this is
37:56saying they'll buy bonds so that
37:57interest rates don't rise too much. Yes
38:00. Do you get what that means? They're
38:03using money collected from everyone to
38:05keep unpopular products from falling in
38:07price. Understand? They should use the
38:09money collected from everyone to make a
38:11profit. So I want them to say they're
38:13going to buy popular assets instead.
38:14Yeah. Snatching up everyone's popular
38:16goods, right? "I'll go buy some popular
38:18sweets.""Please go buy me some Mochurin
38:20," you say. But it turns out, the guy
38:21had a friend who ran a Japanese
38:23confectionary shop. Yeah. And that shop
38:25was about to go under. So it's like, "
38:26Mochurin is fine and all, but I bought
38:28you some ohagi instead." Don't buy
38:30ohagi! We gave you the money because we
38:32thought we were getting Mochurin. You'd
38:35wonder if any country would actually
38:37buy ohagi just to suit their own agenda
38:39, right? Well, it's actually happened.
38:42There's a historical precedent? Yes,
38:45the UK right after World War II. The UK
38:49at that time had spent so much on the
38:50war, they were drowning in debt. Their
38:54debt-to-GDP ratio was exactly 200%.
38:57Since their debt was twice what they
38:59earned, the Great British Empire lost
39:02its status as the anchor currency, and
39:04the post-WWII era became America's time
39:06, right? The reason for that was
39:08because the UK spent way too much money
39:10on the war. They're starting to suggest
39:13they might do what the UK did when it
39:15was in that kind of pinch. You get it?
39:19They're saying they'll use the money
39:20collected from everyone to buy ohagi so
39:22it doesn't lose its value—they're
39:24actually going that far. This is a huge
39:26deal, isn't it? Because of this
39:28statement, the dollar pulled back from
39:31162 yen to the 161 yen range. People
39:35thought Katayama-san might be serious,
39:37wondering if there was something to it,
39:39so it pulled back to 161 yen. It made a
39:42slight recovery. But at this stage,
39:45it's just a draft. Even if it's the "
39:47Basic Policy," it's just a draft. It
39:49hasn't been officially decided by the
39:51Cabinet yet, so please wait. Please
39:53wait until the Cabinet decision is made
39:54. Please wait for the official
39:55announcement. When is the official
39:57announcement? Four days after this. We
39:59are planning for the 14th. However, it
40:01went poorly. It's been delayed by a
40:03week. Why? Because they're scared,
40:05they're terrified. If they announce it,
40:08no, that won't work. Then, the yen's
40:11depreciation and the rise in long-term
40:13bond yields didn't stop. That would be
40:15a trap, wouldn't it? So they must have
40:17been arguing back and forth. Are we
40:18going with this? Do we go? Or not? What
40:20do we do? I'm the "Basic Policy." It's
40:22going to be nothing but bones.
40:23They’re making such a huge fuss about
40:24it. So it was delayed until the cabinet
40:26decision on the 21st. Yes. Now you
40:29finally understand the gravity of the
40:31cabinet decision on the Basic Policies.
40:33An annual master plan. It was a major
40:36conflict. A final trick after two
40:38revisions. They even mentioned what the
40:41UK did after the war and made some
40:43terrifying, drastic revisions before
40:45the final decision. Everyone was paying
40:48attention. They watched. Then, of
40:50course, they added this. The specific
40:52methods are left to the Bank of Japan.
40:54Stable price increases, right. They say
40:56they will strictly uphold that. However
40:58, they also say this, yes. Basically,
41:02the mention of fiscal consolidation was
41:04gone, and it explicitly stated they are
41:06determined to expand spending without a
41:08funding source. What was the result of
41:12that? Yes, let's go back to the first
41:14news. Exactly, the dollar hit the 163-
41:18yen range; we've entered an
41:20unprecedented red zone. In other words,
41:24it hasn't recovered. The master plan
41:29finalized by the cabinet was met with a
41:31"no" from the market today. Wow, that's
41:37thrilling. What’s going to happen now
41:40? Of course, there are many variables,
41:42so you can't say for sure what will
41:44happen with exchange rates. But there
41:50is the fact that the yen's depreciation
41:52hasn't stopped, the fact that there was
41:54so much conflict, and the fact that
41:55what they produced is causing these
41:57results. What is happening here? In
42:04short, the Japanese people now have to
42:06compile a budget while being told "no"
42:08by the market, which is called the "
42:10final opposition party." A "no" from
42:12the market. What does this "final
42:14opposition party" mean? In the UK,
42:17Truss was very popular. She had all the
42:20seats. So the opposition was weak and
42:21she could just brush them off. She was
42:23popular with the public, too. Why?
42:25Because she was handing out money. If
42:26you give people money, they’ll stay
42:28quiet. If the opposition doesn't have
42:30enough seats, they stay quiet. So there
42:32was nothing to fear. That's why Truss
42:34made a bold announcement, but the "
42:35final opposition party" cornered her.
42:38That was the market. The market is
42:40extremely severe; it's not about
42:42emotional attachment or sentiment. It's
42:45because they buy and sell based on
42:47whether an entity has a future and
42:48whether they can make a profit from it.
42:51It operates on principles different
42:53from ours. The opposition parties in
42:55Japan today are far too weak, aren't
42:57they? What even happened there? They
42:59kept joining up and splitting apart,
43:00didn't they? Is that name even
43:02appropriate anymore? Yeah. There was an
43:04opposition party that seemed to drift
43:05away while we were wondering if they
43:06were okay. There's a term called "Yu-to
43:08," referring to a party that acts like
43:09an opposition but leans toward the
43:11ruling party. It's a clever dynamic
43:12between the opposition and the ruling
43:14party, isn't it? That "Yu-to" term
43:16became a bit of a buzzword for a while.
43:18I mean, they held the casting vote,
43:20standing between the LDP which didn't
43:21have a majority, acting like a bat that
43:23changes sides, wondering, "Should I go
43:25here, or should I go there?""If you
43:27want me to join you, you have to accept
43:28one of my conditions." It’s that kind
43:30of strategy. The casting vote strategy
43:32was in its prime because the LDP lacked
43:34a majority. But that doesn't work
43:37anymore. Why? Because the LDP won an
43:39overwhelming majority. In other words,
43:42they get absorbed— "We'll accept just
43:44one condition, so come join us," they
43:46say, like picking and choosing between
43:47different people. "Should I pick Tamaki
43:50or Yoshimura?" they wonder. Yeah. And
43:52while they're debating that, the "Yu-to
43:53" gets swallowed up. And in the end,
43:55it’s the citizens who are left
43:56completely bewildered. Yeah. I mean,
43:58everyone actually believes the Prime
43:59Minister when he says he doesn't know
44:01if a weak yen or a strong yen is better
44:02, right? They really think he doesn't
44:04know. They believed it because they
44:05didn't understand, didn't they? Since
44:07they believe it, that's what happens.
44:08They're just blowing smoke. I mean,
44:10isn't that obvious? If you can't even
44:11afford an iPhone, why would a weak yen
44:13be good? You can't even buy a basic
44:14iPhone. Did you go on an overseas trip?
44:16Yeah. I pushed myself to go to Hawaii,
44:18but...Hearing the reports from people
44:19coming back with bloody noses, saying,
44:21"Breakfast cost 4,000 yen," just like
44:22the Survey Corps. We were crying,
44:24weren't we? You gathered the courage to
44:25go to Hawaii, and yet. Charged for a
44:27single pancake. It’s a rip-off. You
44:29got caught in a tourist trap, right?
44:30Just tell me that. No, it was just a
44:32regular pancake. Everyone else was
44:33paying it. The other people were just
44:35the Japanese folks. I came back shocked
44:37. If you hear this and feel happy about
44:39it, then please keep quiet, that's what
44:41it comes down to. But this is tough. I
44:46want to travel to Hawaii or Korea like
44:48back in the day. For those of you
44:51saying you want to buy an iPhone too,
44:52there are things you need to consider.
44:55I’ve returned to talk about those
44:56very things. I want to teach lessons in
44:58Japan. I want to keep sharing this kind
45:00of information from now on. Of course,
45:02there are many different ways of
45:03thinking. There’s the argument that
45:05there's another perspective, and that
45:06if the Japanese economy recovers, it
45:08might truly become vibrant again. Talk
45:10about what happens if things go well,
45:11too. That might also be a possibility.
45:15But for me, it's precisely because
45:16things are moving in that direction
45:18that I feel I must teach you about this
45:20other side. Please let me give you more
45:23informational lessons. I’d really
45:25like to teach. I'm not a politician.
45:28And comedians don't even think I'm a
45:30comedian anymore. Nobody knows what I
45:32am. That’s exactly why there are
45:33things I can say. I have no position
45:35and nothing to gain. I don’t belong
45:37to any political party. Since I’m a
45:39lonely, independent YouTuber not
45:40affiliated with any agency, there are
45:42things I can say—so if you find this
45:44interesting or learned something,
45:45please subscribe to my channel.
45:48That’s how I feel. Furthermore, if
45:50there’s anyone who wants to come see
45:51my lessons live......I would really
45:55love for you to sign up for membership.
45:58You want to hear Nakata’s lessons
45:59live. With membership, you can listen
46:01to Nakata’s thoughts via daily
46:02weekday live streams. On top of that,
46:04you can come watch the lessons in
46:06person. And then, we can become friends
46:07and hold meetups. Let’s go camping,
46:09too. It’ll be fun. Please come. I,
46:13Atsuhiko Nakata, will keep working,
46:16working, working, working, and working.
46:18Until the day Japanese people can
46:20afford iPhones again. See you next time
46:22.

About this transcript

This page contains the full transcript of 【止まらない円安】物価高を招く「円安加速内閣」!? 苦しむ一般市民と、笑う大企業 & ホクホク政府...混迷の日本に、中田敦彦が帰国し授業再開！貧しい日本に誰がした!? by 中田敦彦のYouTube大学 - NAKATA UNIVERSITY, generated from the public captions YouTube serves with the video. The transcript has 8,681 words across 1,325 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

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