Structural Reform in Japan: Breaking the Iron Triangle
Eisuke SakakibaraISBN: 0815776764;
In this unusually candid book, Japan?s former top financial diplomat asserts the urgent need for wholesale structural reform to revitalize the long-stagnant Japanese economy. Eisuke Sakakibara, whose influence over global currency markets earned himthe nickname of "Mr. Yen," envisions a social and economic revolution that encompasses all sectors of Japanese society. Whereas previous analyses of Japanese policies of the past decade focus narrowly on such issues as nonperforming assets and deregulation, Sakakibara provides a new perspective. Japan?s economic problems are structural, rather than cyclical, according to Sakakibara. Profitable investment opportunities are hard to find in the dysfunctional corporate sector, where costs are high and income continues to decline. The country?s entrenched power elite?the Liberal Democratic Party, the bureaucracy, and vested interest groups?are threatened by reform efforts. It will be difficult to restore economic...
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