Japan's prospects hinge on US revival

Professional Adviser
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By William May, head of Japanese equities at Neptune Investment Management Japan's current econo...

By William May, head of Japanese equities at Neptune Investment Management Japan's current economic prospects depend to a greater degree than usual on the US. In June 2002, the Federal Reserve published a paper entitled 'Preventing deflation: Lessons from Japan's experience in the 1990s.' In it, they concluded 'when inflation and interest rates have fallen close to zero, and the risk of deflation is high, stimulus ' both monetary and fiscal ' should go beyond the levels conventionally implied by baseline forecasts of future inflation and economic activity'. The paper suggested fir...

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