Japan's economy has improved little since its bubble burst 20 years ago, suggesting it is time for policymakers to introduce some capital markets-inspired dynamism.
Reports that JapanÆs economy is slowly slipping into recession is further proof that the country has failed to recover from the bubble that burst almost 20 years ago.
At a trend rate of 2%, Japan is the slowest growing economy in Asia, and the country is getting poorer. In 1992 Japan was fifth in the OECD in per capita income, but by 2002 had dropped to 19th, while government debt levels are the highest in OECD history.
The domestic component...
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