Abstract

"It is not stock prices but the rate of productivity growth that is closely related to a country's economic growth. If we say that Japan has experienced its 'lost 30 years', including the 2010s, then the United States has also experienced its 'lost 30 years' in the broader picture; it's just that the United States had some slightly better periods along the way." (From Chapter 2 of this book, "The Difficulty of the Correct 'Growth Strategy'")

The author is a former director of the Bank of Japan who supported two governors, Masaaki Shirakawa and Haruhiko Kuroda. He is currently active as an economist. Was the conventional wisdom about the Japanese economy, which was the premise behind Abenomics, which aimed to escape deflation, and the Bank of Japan's unprecedented monetary easing, actually correct? This book summarizes monetary and fiscal policies over the past decade and presents a new framework.

Author’s Information

Executive Economist at Mizuho Research & Technologies. Born in 1957. Graduated from the Faculty of Economics at the University of Tokyo in 1981 before joining the Bank of Japan. Earned an MBA from the Wharton School of Business at the University of Pennsylvania in 1988. At the Bank of Japan, he served as Director-General of the Research and Statistics Department and Director-General of the Monetary Policy Department before being appointed Executive Director for Monetary Policy in May 2012, where he was responsible for the process leading up to the adoption of the 2% price stability target under Governor Masaaki Shirakawa. In March 2013, he served as Executive Director for International Affairs, assisting Governor Haruhiko Kuroda at international conferences such as the G7 and G20. He has held his current position since June 2016.