Talk at The Keidanren Kaikan Conference Center, Tokyo., 31st January 2005
15 months ago I gave a talk at this Center in which I discussed whether the disappointing performance of Japan’s economy over the past 15 years was the result of bad luck or bad policy. I suggested that, while Japan’s problems had been peculiarly difficult ones, there had been a marked failure to address them. The main reason for this has been a determination to ignore rather than discuss the key problems.
Little or nothing in the intervening 15 months seems to have changed. As I have a great affection for Japan, arising from many years living or visiting here, I find this sad.
The latest data on the economy shows that it is stagnating. Rather than discuss why, or suggest steps to put things right, there is an apparent determination to insist that recovery is, as always, just around the corner.