Nouriel Roubini, Roubini Global Economics LLC and New York University: When policy makers contemplate the lessons from Japan, their first impulse is to say it can t happen here. Well, it can and much easier than everyone thinks. William Pesek offers a timely blueprint for what not to do that should be required reading from Washington to Beijing.
Tony Fernandes, founder of AirAsia: Pesek really captures how the vast potential of Japan bumps up against a system that stands in the way of achieving it. As an executive determined to tap that potential, I can relate to a lot of what s in these pages.
Mohamed A. El–Erian, former CEO, Pacific Asset Management: In this well written volume, William Pesek provides us with an authoritative analysis of lessons from Japan s lost decades. Through a powerful multi–cultural perspective and expert analyses, Pesek provides a cautionary tale for many from those who believe that Abenomics is Japan s magical solution to those who argue that Japanization could not occur in other advanced countries. This is an extremely engaging book that economists, policy makers and investors will find highly insightful and thought provoking.
Stephen Roach, Yale University professor and former chairman for Morgan Stanley Asia: Japan and its lost decade is turning out to be the proto–type for the rest of the post–crisis world. Pesek makes a convincing case that we ignore these risks at great peril. Written by one of Asia s most perceptive insiders, Japanization lays bare a treacherous policy trap that could ensnare others if they don¹t study the lessons of Japan very carefully.
Marc Faber, publisher of the Gloom, Boom & Doom report: Japanization by star columnist William Pesek, is a fascinating book. Not only does Pesek command deep knowledge about Asian economic and financial trends but his work also raises serious questions about the effectiveness of government interventions with fiscal and monetary policies into the free market. I find Pesek s book to be highly readable and whereas it was not intended to be a textbook, in reality it is an excellent textbook about how not to run economic policies.
Barry Eichengreen, University of California, Berekley: In this much–needed book, William Pesek separates the policy wheat from the rhetorical chaff. Readers who want to know the real lessons of recent Japanese economic history will want to start here, but they will not be reassured.
Chapter 1: How Japan Papers Over Economic Cracks with Monetary and Fiscal Policy 1
Chapter 2: The Female Problem: How Institutionalized Sexism Kills Growth 39
Chapter 3: The 1,000,000,000,000,000 Yen Monster: When a Debt Market Becomes So Big It Dominates Everything 67
Chapter 4: The Fukushima Effect: How Rampant Cronyism Holds Japan Back 95
Chapter 5: Galapagos Nation: How Isolation Stunts Japan s Evolution 125
Chapter 6: Hello Kitty Isn t a Foreign Policy: How Amateurish Diplomacy Undermines Japan 155
Chapter 7: Will Abenomics Save the World? 185
About the Author 219
WILLIAM PESEK is a Bloomberg columnist in Tokyo. He provides opinions and commentary on economics, business, markets, and politics throughout Asia. His columns routinely appear in publications around the globe. Previously, he was a columnist for Barron s, writing about global economics, politics, and financial markets. William was the winner of the Society of American Business Editors and Writers (SABEW) s 2010 award for commentary.