ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Cracking of Japanese Finance Capitalism

The sheer weight of the implosion of the debt-based boom has shoved the Japanese economy into a downward deflationary spiral matched by a process of capital dis-accumulation not seen since the 1930s, LONG brandished by the uncritical as the paragon of economic miracles, the typhoon now hammering Japanese finance capitalism is characterised by deflation, stagnation, frustration and erosion of self-confidence. Given the depth and pervasiveness of these self-reinforcing assaults, the prospects of a recovery arc bleak. The yen's staggering surge since January is indicative not of the economy's strength but of the fragility of its monetary and financial underpinnings.

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