Investments

North Asia and deflation

Wednesday 12th of November 2014

Japan’s economic recovery from the Second World War was based on four primary pillars, namely enforced import substitution in a number of key areas (such as agriculture); a policy of systematic “financial repression” that lowered the returns to savers but provided corporate and government borrowers with inexpensive credit; the encouragement of exports via a “cheap currency”; and intensive centr...

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