1995 Reports

The Japanese Economy and the Aftermath of its Unusual Recession

Ogata, Shijuro

"About a year ago at this time, while East Asia was steadily growing, there were two
notable exceptions: one was China, whose problem was overheating; and the other Japan, whose
problem was either underheating or overcooling. Now, while China's problems remain
unsettled, the Japanese economy at long last seems to have bottomed out, although its upturn is
expected to be moderate. Since spring of this year there have been a number of positive signs
emerging in the Japanese economy, particularly in connection with public expenditure, housing
investment, and personal consumption."