The lessons I learned from my week with Japan's power-brokers
guardian.co.uk -- Feb 11
Most of us, including many bankers, now agree that the last 25 years have been a dreadful mistake. Western consumers and businesses have too much private debt, with Japan serving as an awesome warning of how that can drag an economy down for decades.
There is a lot of hand-wringing over why regulation was so light-touch and why bankers were allowed to get away with so much. But those were the mistakes of a bygone world; the big question we face now is what to do next.
Last week, the governor-designate of the Bank of England, Mark Carney, and a man who was once a rival for the job, Adair Turner, both argued with one eye on Japan, where I have just spent an intriguing week, that it is time to open a debate about inflation. At the very least, declared Carney, we need to be very flexible about how inflation targets are met, keeping a weather eye on what is happening to growth and employment.
|| Crown Princess Masako turns 50, in recovery process |
| || In a written statement issued for her 50th birthday Monday, Crown Princess Masako pledged to continue efforts to overcome a stress-induced illness that she has been dealing with for 10 years. (Kyodo ) |
|| OLs also profiting from illicit photo sessions |
| || Tokyo Metropolitan Police in November announced the bust of a studio for allowing photography of school girls in seductive poses. According to Shukan Jitsuwa (Dec. 19), the trade in illicit private photography is varied, with office ladies among those in the biz. (Tokyo Reporter) |
|| Mother, three youths arrested over robbery in Kanagawa |
| || Kanagawa prefectural police said Friday they have arrested four individuals in Ebina, in connection with a robbery case in which a pregnant woman on her way home was struck in the face and robbed of approximately 100,000 yen in cash. (Japan Today ) |
|| Kobe light festival starts |
| || An annual light festival commemorating a major earthquake 18 years ago has opened in the western Japanese port city of Kobe. (NHK ) |