Japan’s Lost Decade of the 1990s, which began with the burst of a big asset bubble, might have been avoided if banks and regulators had addressed concerning issues early on. Spurred on by a strong yen and low interest rates, Japanese consumers embarked on a spending spree in the mid-1980s that left banks holding a bag of bad debt by 1992.
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It’s rare for a national leader to be able to claim that an economic system is named after him, but Shinzo Abe, former prime minister of Japan, can. Abenomics, introduced eight years ago, has been an ambitious economic agenda seeking to bring the country out of its doldrums, characterized by deflation and debt. Has Abenomics met its goals? Not entirely, but it has realized some gains and staved off disaster.