Implementing Japanese Recovery
As ever in Japanese economic policy, the reality is in the implementation. The banking reform bills passed by the Japanese Diet in mid-October and the fiscal stimulus package contained in the FY1999 budget proposed by the Obuchi government address the two major barriers to a restoration of confidence in Japan: financial fragility and lack of domestic demand. Combined with the Bank of Japan's efforts already underway to stop deflation, these initiatives could bring about a sustained recovery in Japan (and provide a floor under developments in the rest of Asia)--if they are properly carried out.
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