Word: japanize
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...Early, Act Often After the bubble burst, Japan's powerful bureaucrats, who had earned a reputation for brilliance in the 1980s, dithered for years. In the face of slumping demand and price deflation, they cut interest rates too slowly, delayed a fiscal stimulus and failed to restructure so-called zombie banks, whose bad loans made them dead in all but name...
...criticize the details of the U.S. response to the collapse of credit markets, but in comparison to Tokyo, Washington has acted at warp speed. As Japan watcher Richard Katz points out in the latest Foreign Affairs, it took the Bank of Japan nine years to bring the interest rate that banks pay on overnight money to 0%; the U.S. Fed managed that in 16 months following the beginning of the credit crisis in the summer of 2007. Japan - in desperate denial about the plight of proud companies - long delayed using public money to recapitalize banks. The U.S. starting doing...
...hard way that it takes years to leach toxic assets out of a financial system and restore confidence so that consumers shop rather than stash their money in safe-deposit boxes. While domestic demand remains sluggish, government spending has to take up the slack and keep at it. In Japan, a recovery was aborted in the late 1990s when, at the first sight of green shoots, the government raised taxes. President Barack Obama is committed to reducing this year's federal budget deficit of $1.3 trillion by half in four years. That's a laudable goal - as long as private...
...Japan, there's a clear recognition of the economic link between feeling safe and feeling confident. In a March 7 interview with TIME in Tokyo, Ichiro Ozawa, the leader of the opposition Democratic Party of Japan and the front runner to be Japan's next Prime Minister (if he can avoid the fallout from a scandal over political fundraising), said "giving a sense of security to the population" was key to economic recovery. Ozawa argues that only if families feel that their basic needs have been taken care of - needs like health care and provision for retirement - will they...
...This Together After a decade in the tank, Japan's economy started to recover around 2003, buoyed by spectacular growth in China and the U.S. This year's slump is correlated with the collapse of external demand; in January, Japan's exports were down an astonishing 46% compared with the previous year...