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If you look at the graph I posted in the comment above, you can see that Japan's surplus has been stable throughout the period, so their behavior was predictable in that respect and did not create new imbalances (I need to think about whether the permanent, if stable, surpluses are enough on their own to cause problems).

I'd respond, in a first attempt, that there was something substantially new in Western policies in the past 10 years, and that did not come from Japan (although they may have been part of the problem with their ultra-low interest rates in that period).

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Oct 9th, 2008 at 07:20:02 AM EST
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