Word: japanization
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Dates: during 1990-1999
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...classic response to such a 1930s-type trap is a fiscal jump start: use deficit spending to get the economy moving, and hope that this gets investors investing and consumers consuming. But after years of ever widening deficits--Japan will run far and away the largest peacetime budget deficit in history this year--the economic engine still shows no sign of catching. True, official statistics say the economy grew an astonishing 1.9% in the first quarter, a number that has mystified observers who look at other indicators and see no evidence of a boom. But there is no sign...
Bizarrely, the Japan syndrome seems to have spread to Asia's other giant. China never caught the Asian flu, because foreign-exchange regulations--though they fostered inefficiency and corruption--prevented hot money from leaving and deterred it from coming in the first place. Instead, the problem is, believe it or not, excessive thrift. Incredibly for a developing country, China is experiencing pronounced deflation. In the end, China, like Japan, may be forced to roll the printing presses--a move that would not be possible without a devaluation of the renminbi, which would make the lives of the country's neighbors...
...them at all? They've been down a long time, and if the economies of emerging nations take flight those nations' companies--potentially among the fastest growing on the planet--will soar in value. Even though the long malaise in Japan illustrates that an economy can take decades to snap back, odds are that emerging nations will recover in the next few years. To reap the spoils, you'll need to be there before the recovery is obvious. Take note: the fast money has already been made. This year's rally is the result of money flowing in from investors...
...agree with your view that the heroes and icons of the century teach us how to live through their triumphs and follies. Those who are called heroes should be the people who teach us and move us even more when they lose than when they win. KOICHIRO YOSHINO Saitama, Japan...
HIROHITO, EMPEROR OF JAPAN Manifesting wisdom and honor, the Emperor's era of Showa (Enlightened Peace) spanned the greater part of a 20th century during which the struggle between war and peace raged. A decade ago, I witnessed firsthand the final moments of the Showa era with the Emperor's death, and I was highly honored to have been charged with the profound responsibility as government spokesman of announcing the name of the new era of imperial rule, Heisei, which means "Achieving Peace." Thus the legacy of Emperor Showa lives on in his son, Emperor Akihito. We must all make...