Japan is stuck in a time warp. Little has changed, and what has is for the worse. The economy is in dire straits. Half-hearted reform erodes the real incomes of households and corporations without the stimulus of real supply-side deregulation. Household savings rates are already historically low. Export demand is waning. The economy will be down this year and next.
The Bank of Japan’s (BoJ) balance sheet is exploding. In the financial sector, the authorities have backed off from cleaning out bad assets and loans and letting the bust go bust.
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