“Opposition parties in Japan are blocking a deficit financing bill which would allow the government to continue to drive its debt levels above 200pc of GDP. If the opposition holds firm, the government has threatened the unthinkable – it will spend less. This is a turnaround for Japan. The nation’s government has already contorted itself in all the ways now common in the West while attempting to postpone this day. As in the West, the Japanese have stuck to the dogma of easy monetary policy to fight decline, and as in the West it has not worked. A decade of Quantitative Easing has done little to fight deflation and nothing to avert stagnation.”
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