Japanese Phoenix: The Long Road to Economic Revival
Japan will recover and its economic achievements will once again earn the world's admiration, with sustained annual growth of three percent, perhaps more, well within reach. This is the confident forecast that begins Japanese Phoenix: The Long Road to Economic Revival by the author of Japan: The System That Soured, which several years ago accurately predicted Japan's current travails at a time when others were prematurely pronouncing full recovery. Katz warns however that there is bad news to go with the good. So deep-seated are Japan's dysfunctions that, even if it did everything right today, it would take at least five years for truly vibrant growth to take hold. But Japan will not do everything right. Opposition to reform is deep-seated and a myriad of vested interests and millions of jobs are at stake. Still he notes, there is little doubt that reform will succeed. Japanese Phoenix tells the story of the struggle between the forces of reform and the forces of resistance. It dissects Prime Minister Koizumi's role in the process, and explains why Japan is in so much trouble and what needs to be done. It explore the debates among economists and gives a careful progress report on all the moves made so far in the name of reform - from greater direct foreign investment, to the financial "Big Bang", to ending one-party rule by the Liberal Democratic Party. Katz concludes that this is just the second round of a 15-round fight. Japan is a great nation currently trapped in obsolete institutions. As it has before, Japan will find a way to surmount its problems and regain its forward progress.
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20 percent anorexia assets average bad debt Bank of Japan Big Bang billion bonds borrowers bubble budget deficit Cabinet Office capacity capital Captive Imports companies competition consumer corporate countries crisis decade deflation demand deregulation Diet dividends domestic drop economist economy employees excess exports failed Fair Trade Commission Figure GDP growth global higher hikes household imports income increased industries inflation interest rates investment investors Japanese Japanese firms JFTC Katz Koizumi labor loans lower manufacturing METI Ministry monetary monetary base Nihon Keizai Shimbun Nikkei Weekly Nippon NPLs OECD officials output pension funds percent of GDP political pressure problem profits quantitative easing ratio reform retailers rise savings sectors share shareholder Source spending stock prices textiles tion Tokyo trade surplus trillion yen United wages workers