December 13, 2012

West Must Avoid Japan's Lost Decade

Anthony Hilton, London Evening Standard

AP Photo

In the Eighties the Japanese economy was the envy of the Western world. Its cars, televisions and personal stereos were unrivalled; its growth rate was such that it looked likely to overtake the United States as the world’s largest economy; it was home to three of the top five of the world’s largest companies; Western banks and brokers prostrated themselves to crave permission to open a business in Tokyo, and its bankers and brokers were feted like royalty when they came to the City.

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