Japan's experience doesn't prove that Modern Monetary Theory works, as some have argued. But increasing deficit-financed spending, in Japan and elsewhere, may still have merit, despite inflationary risks.
For Koichi Hamada's latest contributions to The Japan Times, see below:
We need trade competition among economic agents but cooperation among governments
Many warn that the stimulus potential is depleted, particularly in Japan, with its negative short-term interest rate.
The U.S.-China trade war may lead to broader damage, as tit-for-tat tariffs reduce overall exports, undermine total global trade flows and impede world economic growth.
While some advocate introducing daylight savings time in Japan to save energy and extend outdoor time for workers, the economic benefits might not be worth the complications.
It is time for Japan to unleash the third "arrow" of Abenomics: a long-term growth strategy underpinned by structural reforms.
Policies aimed at reaping the benefits of openness may not be politically expedient today, but would reap benefits tomorrow.
Free trade, migration and foreign direct investment promise far-reaching potential gains for all parties involved.
The Fourth Industrial Revolution will amount to a major test for a Japanese education system focused on reciting facts and performing formulaic calculations — precisely the areas where humans cannot compete with intelligent machines.
Biased news, which may delivered even by traditional news organizations, can be very damaging, not least for political leaders.