At the moment, very substantial reforms in the field of security are being undertaken in Japan. “The New National Defence Program Guidelines for 2005 and After”, as well as the “Midterm Defence Program Fiscal Year 2005-2009” both talk about a thorough restructuring of the Self Defence...

This paper reviews the reasons why Japan has failed to resolve the economic and financial distress that started in 1990 with the collapse of asset prices despite many efforts to stimulate the economy and redesign the financial system. Why has recovery not yet occurred, and is Japan in a second...