Japanese turmoil mirrors our own
Taoiseach Brian Cowen’s five-day trade mission to Japan last week took on an importance that could not have been predicted when it was first planned. The economic difficulties between the two nations seems to be just one of scale - and time.
The Japanese are familiar with the situation the Irish government now finds itself in - staring down the barrel of a deep and prolonged recession triggered by a massive property bubble.
Before the world financial crisis struck, Japan had only just begun finally to shake off two decades of stagnation that followed the bursting of its own property bubble in the early 1990s.
The ten years following the bubble - known as the ‘lost decade’...
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