Tokyo's Missed Opportunities
In agreeing to pump $87 billion into the flagging Japanese economy, Prime Minister Kiichi Miyazawa and his Liberal Democratic Party have taken a vital step to shore up the bedraggled Tokyo stock market and prop up the nation's ailing banks. But their focus on traditional pork-barrel infrastructure projects and measures to support stocks, land prices, and corporate investment leaves Japanese consumers out in the cold. That may be a grave mistake.
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