As the policy debate intensifies, investors might spare a thought for Takahashi Korekiyo, Bank of Japan governor from 1911 to 1913. He also served as finance minister and prime minister in the 1920s and 1930s.
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However, in December 1931, Takahashi returned to the job of finance minister... A Keynsian by instinct Koreyiko reversed the tough, deflationary stance of his predecessor and fought recession with massive stimulus: he abandoned the gold standard, loosened credit conditions and raised public spending, financed with new debt.In some ways, it worked
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But Takahashi encountered two problems... tensions continued to rise, partly because the large conglomerates, or zaibatsu, were the biggest winners from stimulus. Mitsui, for example, made millions of dollars from currency trading as Japan left the gold standard...

Second, and unsurprisingly, the spending bonanza undermined confidence in Japan's government debt and its currency, creating fragility.

So in 1936, Takahashi embarked on an exit strategy, cutting public spending and tightening monetary policy.

From a macroeconomic perspective, it made sense. But it cost Takahashi his life. As political tensions exploded, he was assassinated by rogue army officers who were furious at - among other things - the military spending cuts. That triggered a slide towards militarism, wild public spending and hyperinflation.