@article{oai:ir.ide.go.jp:00028778,
 author = {Kunimune, Kozo},
 issue = {4},
 journal = {The Developing Economies, The Developing Economies},
 month = {Dec},
 note = {P/330.1/De8, application/pdf, ZDE199912_007, This paper focuses on a review of the present state of, and outlook for the Japanese economy. The paper is composed of three parts. The first describes the interrelation between the crisis-ridden East Asian economies and Japan. I argue that Japan did not cause the Asian currency crisis. The second part describes the current state of the Japanese economy after the bubble burst. I also discuss the medium- and long-term challenges that face the Japanese economy. The third part concentrates on the issue of the "liquidity trap" Japan is experiencing. I argue that the yen's exchange rate is more likely to appreciate than depreciate by pumping liquidity into the economy while interest rates cannot be lowered any further, and therefore a "helicopter money" policy is the only way to induce a positive inflation rate and escape from the liquidity trap.},
 pages = {514--539},
 title = {Crisis in Japan and the Way Out: A Counterargument to Pessimistic Views},
 volume = {37},
 year = {1999}
}