Japan’s Slow-Motion Crisis
Investors who have bet against Japan in the past have been badly burned, grossly underestimating the Japanese people’s remarkable flexibility and resilience. But, while Japan’s ability to trudge on in the face of huge adversity is admirable, the risks of crisis ahead are surely greater than bond markets seem to recognize.
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TOKYO – If you listen to American, European, or even Chinese leaders, Japan is the economic future no one wants. In selling massive stimulus packages and bank bailouts, Western leaders told their people, “We must do this or we will end up like Japan, mired in recession and deflation for a decade or more.”