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Political Pressure
“Although the chance for an actual revision of the law is slim, politicians’ actions of debating the issue alone would have some influence on monetary policy,” said Naomi Hasegawa, a senior fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo.[link widoczny dla zalogowanych].
BOJ policy makers last month forecast core prices, which exclude fresh food, will start to rise in the year starting April 2011. The bank last month pledged to maintain ”virtually zero” interest rates until an outlook emerges for sustained price increases. Board members say they consider inflation stable in a positive range of up to 2 percent, with their median estimate at 1 percent.
Falling prices undermine an economy by eroding corporate earnings, putting pressure on wages, and making debts harder to pay off. Deflation has afflicted Japan for more than a decade, contributing to its being surpassed by China in the second quarter as the world’s second-largest economy, after the U.S.
A separate government report today showed Japan’s land values fell at 87 of 150 prime locations throughout the country, or 58 percent of monitored sites, compared with 70 percent three months earlier.cheap newport cigarettes.
Sherry Emery,[link widoczny dla zalogowanych], senior scientist at the Institute for Health Research and Policy at the University of Illinois at Chicago, has conducted focus groups on smoking products and said smoking tends to appeal to young people because it is visible, not because it is invisible. “Smoking is still very much a social behavior,” she said. “Smokeless tobacco is not social; the idea is to conceal it.”
While smokeless products represented just 6 percent of all tobacco sales in 2009, the market is growing at a rate of about 7 percent a year. Sales of smokeless tobacco products in 2010 are expected to total about $4.8 billion,[link widoczny dla zalogowanych], according to Chicago-based Morningstar, which calculated that figure based on a year-over-year growth rate of 7 percent.
One of the reasons for the uptick is that “now you can consume products without anybody else being aware of it,” said Phil Gorham, a Morningstar analyst who follows the tobacco industry. He also said economic factors are driving people to quit or to switch to smokeless products. “We’ve had a big tax increase both on the federal and state level on cigarettes, and it’s becoming more expensive to smoke in some states,” he said.
At one retailer in Chicago, a pack of Marlboro was $10, with state, county and city excise taxes included, whereas a can of premium Swedish snus was $5.27 after taxes.[link widoczny dla zalogowanych] supplier.
Gorham also said the growing array of smokeless tobacco products also has helped grow the market. “Going back a few years, smokeless products ― all there really was the moist tobacco products that baseball players used,[link widoczny dla zalogowanych], where you had to spit out the juice,[link widoczny dla zalogowanych],” he said.