Making The Sun Rise Again On Japan
"Japan's real crisis" (Cover Story, May 18) explains that the problems are caused by hidden debt and that the prescription from the U.S. of lowering taxes could make the debt problem worse. On the balance sheet, however, Japan compares favorably with the U.S. Although Japan has high debt, it also has the largest rate of personal savings in the world. The U.S., with relatively small debt, has virtually no private savings.
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