Is Japan's 'lost decade' a window to the future?

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	Is Japan's 'lost decade' a window to the future?

JICWyllie

11-23-2008 10:33 AM

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tags:

economy, i-recession, i-risks, i-forecast

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/b74a257b-7968-4746-97ab-5dfeecd5e877/A480FC67-5CA0-46D7-B2D1-6D397B923212/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=3" href="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=3" style="font-size: 11px;">www.theglobeandmail.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=3"> the credit and asset bubble that built up in the United States was the biggest in history. At the peak of Japan's bubble, it needed three yen of credit to make one yen of national income. The United States needed eight dollars of credit for every dollar of income. In Japan, the bubble grew for only about five years in the high-flying late 1980s. In the United States, the credit binge has been going on for a couple of decades.</blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content7.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4" href="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4" style="font-size: 11px;">www.theglobeandmail.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4">Japan had some advantages that the United States lacks.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4">it was (and still is) a creditor nation, with more money flowing in than out. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4">That is important because a deficit nation such as the United States will find it harder to finance the rising debts that it will incur to dig itself out of the current mess.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4"> Americans entered their crisis with a savings rate of zero. In Japan, it was 16 to 17 per cent.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theglobeandmail.com/servlet/story/LAC.20081122.RJAPAN22/TPStory/Front/?pageRequested=4">average U.S. household has a debt equivalent to 160 per cent of its income </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A480FC67-5CA0-46D7-B2D1-6D397B923212/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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