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

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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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