West must not repeat Japan’s fiscal mistakes, says Nomura economist


Richard Koo, chief economist at Nomura Research Institute in Tokyo, has warned advanced economies in the West risk emulating Japan’s so-called “lost decade” of the 1990s by withdrawing fiscal stimulus prematurely.

After an unprecedented period of growth – the so-called “economic miracle” that began in the 1950s and continued for the next three decades – Japan’s juggernaut economy ground to a halt in 1989.

The causes of the crash were similar to those that prompted the recent global financial

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