With an apology for a radical -- even "shocking" -- approach to solving Japan's economic problems, British economist Andrew Smithers dismissed the strategies put forward by proponents of a supply-side driven recovery as well as those advocating fiscal stimulus measures, during a recent symposium in Tokyo.

Instead of these approaches to reversing the decade-old recession, the founder of Smithers & Co. told the Nov. 10 symposium, organized by Keizai Koho Center, that Japan should dramatically ease monetary policy.

But before it can do that, Japan first needs to overcome its reluctance to face up to the problems that confront the nation, he said.