Japans Misere ist made in Amerika

The long bureaucratic struggle over whom to name as the next Governor of the Bank of Japan is over. Prime Minister Koizumi has chosen a career BOJ insider, Toshihiko Fukui, a man who is unlikely to rock the boat. The BOJ's hidebound policies are usually blamed for Japan's deflation. That guilt is real, argues Deepak Lal, but there is another culprit: American economic policy toward Japan.

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