Janet Yellen Addresses Concerns About U.S. National Debt
Treasury Secretary Janet Yellen addresses concerns about the U.S. national debt, emphasizing the need to stabilize the debt-to-GDP ratio. Despite a debt of $34.7 trillion, Yellen expresses confidence in President Biden’s plans for deficit reduction. With escalating debt costs and deficits, Yellen highlights the importance of managing interest burdens and ensuring financial stability amidst rising financing costs.
Recent Developments in Asia and the Pacific
Elementary and junior high schools in Ishikawa Prefecture on the Sea of Japan coast held their entrance ceremonies, marking a significant moment for the students and the community. Meanwhile, the Japanese government took action against Nissan Motor Co. by removing the company from the list of eligible entities for a tax break. The United States and China have agreed to initiate discussions on achieving ‘balanced growth’ in their domestic economies and globally. In Taiwan, the aftermath of a devastating earthquake has seen the death toll rise to 13, with six individuals still missing. Amidst these developments, Japan, the United States, Australia, and the Philippines have announced plans to conduct joint naval exercises in the South China Sea.