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Thursday, March 20, 2014, 12:30 - 14:00

Out of the Balance Sheet Recession and into QE ‘Trap'
Richard Koo
Chief Economist of Nomura Research Institute
Language: The speech and Q&A will be in English.

 An economic slowdown is nearly certain after next month's sales-tax increase to 8 percent. With consumer confidence plummeting, exports sluggish and companies offering wage rises below the nation's inflation target, the question is how does Prime Minister Shinzo Abe and Bank of Japan Governor Haruhiko Kuroda steer the economy through this rough patch.

 Many economists call for more monetary easing to cushion the hit from the higher levy. Richard Koo thinks otherwise, urging the central bank to "disengage" from its unprecedented stimulus, or risk surging borrowing costs that could fuel a collapse in confidence in the nation's fiscal sustainability. He says that Japan is at risk of falling into a "QE trap" of being unable to wind down its easing because of concerns over a yield spike.

 He is known for coining the term "balance-sheet recession" to describe the aftermath of the bursting of Japan's asset bubble in the early 1990s. In his new Japanese-language book, the chief economist at Nomura Research Institute in Tokyo describes how this problem is spreading through the global economy.Koo is a former Federal Reserve economist who wrote "The Holy Grail of Macroeconomics --Lessons from Japan's Great Recession". He has advised successive prime ministers on how best to deal with Japan's economic and banking problems.

 Please reserve in advance, 3211-3161 or on the website(still & TV cameras inclusive). The charge for members/members' guest is 1,700/2,600 yen; non-members including guest-members eligible to attend may pay in cash. (Menu: sautéed chicken with hot vegetables) Reservations canceled less than one hour in advance for working press members, and 24 hours for all others, will be charged in full. Reservations and cancellations are not complete without confirmation. For meal service, please enter the room by 12:55.

 *Working Pressは1時間、Associate, non-memberは24時間以内のキャンセルはフルチャージとなりますのでご注意ください。なおキャンセルは電話でのみ承ります。

Professional Activities Committee

 

 Mar 20 14 PL Richard Koo016

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