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.
|| Fewer than 40 pct of Tokyo residents, commuters prepared for quake |
| || Fewer than 40 pct of residents and commuters in Tokyo take specific measures to prepare for a possible huge earthquake beneath the Japanese capital, despite high awareness on disaster prevention, a Metropolitan Police Department survey showed Friday. (Jiji Press ) |
|| Kashiwa murder suspect says he wanted to fly hijacked plane into Skytree |
| || The man under arrest for fatally stabbing one man and wounding three others during a 10-minute rampage in Kashiwa, Chiba Prefecture, on Monday night, told police on Thursday that he wanted to hijack a plane at Haneda airport and fly it into Tokyo Skytree to take revenge on society. (Japan Today ) |
|| Kashiwa stabbing suspect's identity: 'celeb NEET' |
| || The 24-year-old suspect in the murder of a man on a street in Kashiwa, Chiba Prefecture, on Monday is believed to have posted a profile online in which he identified himself as a "celeb NEET," meaning a celebrity without a job, according to local online news site J-Cast News. (Japan Times ) |
|| 24-year-old man arrested over knife attacks in Kashiwa |
| || Police in Kashiwa, Chiba Prefecture, on Wednesday night arrested a 24-year-old unemployed man over four knife attacks within 10 minutes that left one man dead and three others injured on a street. (Japan Today ) |