perspective, and compare this to Japan's unsuccessful appreciation of the yen from 1971 to 1995. During a time of economic catch …

between China and the United States from both an asset-market and a labor-market perspective, and compare this to Japan …

Japan still suffers a deflationary hangover from the great episodic yen appreciations of the 1980s into the mid-1990s …. Money wages are still declining, and short-term interest rates remain trapped near zero. After Japan’s “lost decade” from … Europe and the United States have grown, and are growing, faster than in Japan. As the yen becomes weaker in real terms …