Word: japanned
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...There is no doubt that government intervention is an absolute necessity when markets go horribly awry. After Japan's stock-and-real-estate bubble burst in the early 1990s, the economy staggered along for half a decade until the government finally stepped in to restructure the financial sector. During the Asian financial crisis of 1997-98, state action was crucial to rebuilding moribund banks and companies...
...right? This is after all, not a trivial question. With the U.S., Japan and Europe all heading simultaneously into recession, China stands alone as one of the pillars of the world economy that might at least carry itself through the turmoil, and perhaps even bring along parts of Asia on its coattails...
...deflation isn't just a U.S. anxiety. Japan, which emerged from deflation only earlier this decade, is now back in recession, has negligible inflation and could soon see prices fall again. So too in Europe, where the European Central Bank was behind the curve in seeing the risks to growth that the credit crisis posed and kept interest rates too high for too long. Though Europe is not in outright deflation yet, the pressures across the continent are all trending downward. Even in China, the world's largest developing nation, officials acknowledge that the risk of inflation - their main concern...
...flood their economies with money. China announced a big stimulus package nearly two weeks ago, and in Beijing last weekend, government policymakers acknowledged that more is probably coming. In the U.S., another economic-stimulus plan seems inevitable; the Federal Reserve, meanwhile, is probably headed toward what in 1990s Japan became known as the ZIRP: zero-interest-rate policy. The Fed funds rate is already down to 1%, and the economy is still sinking. Rates have nowhere to go but down - all the way to zero. And by the time President-elect Barack Obama takes office in January, it's likely...
...campus. Well, in that case, I was feeling very much like the ugly duckling in a flock of Technicolor birds. Even their electronic dictionaries were of pearl pinks and sky blues. Though their pocket dictionaries largely mediated our communication, the girls were able to translate the popular fashions in Japan to me: “lace,” “sporty,” American casual (pronounced “a-meri-caji”), and “dento,” or traditional. They also said cow spots are big, and continued to nod their heads...