Japan: not a bad record
When Western commentators discuss what to do about the public debt and deflationary risks facing the United Kingdom and other Western economies, they frequently refer to Japan as the model to avoid.
We must not repeat what is always called Japan's "lost decade", goes the mantra.
In fact, the two decades since the burst of the bubble have been quite creative in terms of policymaking and economic restructuring. During the 1990s Japan pioneered many of the techniques for combating financial
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