The Bank of Japan
undertook drastic steps to lower interest rates to save domestic banks and non-financial companies after Japan's bubble burst.
More important, a declaration of Japan
's willingness to commit forces throughout Asia, in collective self-defense of Japan
, could give China extra reason to pause before becoming too aggressive, especially in the Spratly Islands, a strategically important South China Sea archipelago.
One study by Morita Keizo of the Bank of Japan
reported that in the six years between 1938 and 1944 black market prices had risen fifty times, but by early 1945 they were one hundred times higher.
Dogs and Demons: Tales front the Dark Side of Japan
, by Alex Kerr, New York: Hill & Wang, 432 pages, $27
In 1953, the government of Japan
dispatched its first postwar economic delegation to the region.
According to the Internet Association of Japan
, in 1999 there were nearly 18.
The Mammalogical Society of Japan
announced last year that about half of the 174 mammal species in and around Japan are in danger of extinction.
The Jomon, the original inhabitants of Japan
, are thought to have migrated from the Asian mainland at a time when the two regions were physically connected.
Defying anti-American sentiment fanned by the rape of an Okinawa girl by American servicemen last fall, President Clinton and Prime Minister Ryutaro Hashimoto of Japan
today reaffirmed the United States' military presence in the Far East as ``essential for preserving peace and stability'' in the region.
Its overseeing bodies, the Development Bank of Japan
(DBJ) and the Japan Bank for International Cooperation (JBIC), manage approximately US$145 million for some of Japan
's largest corporations to purchase credits on behalf of the Japan Greenhouse Gas Reduction Fund (JGRF).
Now that the Japanese economy has been in recovery, and deflation is ending--and the Bank of Japan
is slowly (one hopes) readying itself for its first round of policy tightening since August 2000--it is a good time to take stock of what deflation did and did not do.
The image that's painted of Japan
is one of a rapidly aging population facing a slow, painful and inexorable decline.