Global Financial Crisis. Lessons from Japan?


It is said more often than not, Japan is not clearly visible, particularly in last decade or so, in global scene be it domestic issues, and internationally and globally relevant issues.  Sometimes, messages may appear from government officials in some critical issues defending their own position when questioned by the foreign press, but such messages could be one-sided.  It is very important that more voices have to be expressed from independent parties and individuals, particularly opinions that may be against, but maybe more rational, prevailing views reported in Japan.  Such voices will provide better and balanced understanding of Japan.

In a recent Financial Times, one of the most widely read newspaper throughout the world, Professsor Sadatoshi Ito of Tokyo University, also a member of Economic and Fiscal Policy of the Government, contributed an article on recent global financial crisis triggered by the US subprime-loan and commented on arguments by some Japanese leadership that lessons could be learned by US from Japan on what Japan had taken over a decade 90’s until recently to respond to burst of bubble economy.

Professor Ito clearly makes a point commenting the more rational and fast responses by US private sector and the government, demonstrating clear resilience of the nation.

Leaders and members of every sectors of the society of Japan follows the act of Professor Ito to express their own opinions to the world as appropriate otherwise Japan remains insular, irrelevant and incomprehensible to the rapidly globalizing world affairs as you see many places in this website.