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Apologist for Japans recent (Nov.17/2008) start of its present Recession can finger point and play the blame game on the US economic policys just like they did during the 'Lost Decade' Japans Recession 1992-2001 property and banking bubbles burst in the late 1980s, leading to Japan's so-called Lost Decade. Benjamin Powell Mises Insitute| Posted on 11/19/2002 Between 1992 and 1995, Japan tried six spending pkgs. totaling 65.5 trillion yen and cut income tax rates during 1994. In January 1998, Japan temporarily cut taxes again by 2 trillion yen. Then, in April of that year, the government unveiled a fiscal stimulus package worth more than 16.7 trillion yen, almost half of which was for public works. Again, in November 1998, another fiscal stimulus package worth 23.9 trillion yen was announced. A year later (November 1999), yet another fiscal stimulus package of 18 trillion yen was tried. Finally, in October 2000, Japan announced yet another fiscal stimulus package of 11 trillion yen. Overall during the 1990s, Japan tried 10 fiscal stimulus packages totaling more than 100 trillion yen, and each failed to cure the recession. What the spending programs have done, however, is put Japan's government in poor fiscal shape. The "on-budget" government spending has caused public debt to exceed 100 percent of GDP (highest in the G7), and even more debt is apparent when the "off-budget" sector is included.
Note above info is dated from 2002' CNN Money.Com. Article Nov.17/2008 Japan's recession announcement was not unexpected. Part of the problem is the strong yen, which skyrocketed in recent weeks as turmoil in the world's financial markets and concerns about a global recession drove investors away from high-yielding currencies such as the euro and the pound. As a result, lower-yielding currencies like the dollar and the yen surged in value, because they are considered by many investors to be a safe haven .