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Monetary policy really needs to tighten in Japan
Oped, Koichi Hamada, Published on 12/11/2024
» Last month, returning to Japan for the first time since the Covid-19 pandemic, I was struck by how significantly prices had increased. In February 2020, a simple lunch in downtown Tokyo cost about JP¥1,000, then the equivalent of about $10 (324 baht); today, it costs more like JP¥2,000. To some extent, this mirrors the experience in the US, where, even as inflation moderates, prices remain well above their pre-pandemic levels. The difference is that Japan has also experienced a sharp currency depreciation, which benefits foreign visitors: that JP¥2,000 bill translated to just $13.
The lasting legacy of Abenomics
Oped, Koichi Hamada, Published on 31/05/2024
» After the 1985 Plaza Accord pushed the yen's exchange rate sharply upwards, Japan's economy suffered a severe slowdown that proved mightily difficult to reverse. In fact, the only prime minister to oversee a period of consistent growth and high employment in the past three decades was Shinzo Abe, during his second term, which began in 2012.