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Japan 2001: Decisive Action or Financial Panic

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  • Adam S. Posen

    (Peterson Institute for International Economics)

Abstract

Japan's economic tumult during March 2001 has prompted renewed fear of an impending crisis. Mixed macroeconomic data of the past months indicate that at least a brief recession is likely. To add to the panic, Japanese Finance Minister Kiichi Miyazawa announced on 8 March that Japanese government finances are "very close to collapsing." The Bush-Mori summit of 19 March, and the Bank of Japan (BOJ) rate cut earlier that day, raised both hopes and skepticism that Japanese officials were preparing to address their fragile banking system. Transpacific pundits have once again begun to chant, "Ah! At last true crisis will come to Japan and force change."

Suggested Citation

  • Adam S. Posen, 2001. "Japan 2001: Decisive Action or Financial Panic," Policy Briefs PB01-04, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb01-04
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    Cited by:

    1. Adam S. Posen, 2001. "Finance and Changing US-Japan Relations: Convergence Without Leverage--Until Now," Working Paper Series WP01-8, Peterson Institute for International Economics.
    2. Pierre L. Siklos, 2020. "Looking into the Rear-View Mirror: Lessons from Japan for the Eurozone and the U.S?," IMES Discussion Paper Series 20-E-02, Institute for Monetary and Economic Studies, Bank of Japan.

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