2004 Reports

Japan's current political economy

This symposium, cosponsored by the Center on Japanese Economy and Business and the Weatherhead East Asian Institute of Columbia University, combined the expertise of economists and political scientists to present a comprehensive overview, not only of the economic problems and range of policy prescriptions confronting Japan, but also to offer insight into the social and political realities that underlie them. Speakers for this symposium were Lee Branstetter of Columbia Business School; John Makin of Caxton Associates LLC and of American Enterprise Institute for Public Policy Research; Hugh Patrick of Columbia Business School; Len Schoppa of the University of Virginia; and Gerald Curtis of Columbia University. After several quarters of vigorous growth, the Japanese economy is experiencing a slowdown, leading many to doubt earlier, optimistic assertions that Japan was finally in the midst of a "genuine recovery." Was the earlier optimism imprudent? How effective are recent policy reforms? Is the Bank of Japan's commitment to avoid price deflation genuine? How serious is the current budget deficit, and what responses to the deficit are appropriate and politically feasible? How can the Japanese address inadequate domestic demand? What is the nature of unemployment and underemployment in Japan, particularly among the young? How effective has the leadership of Prime Minister Koizumi been? Will the LDP split? This report includes the full presentations and discussions that addressed these questions.