Understanding Japan’s Disasters
In order to comprehend the economic and financial effects of Japan’s calamity, many have been quick to cite the aftermath of the terrible 1995 Kobe earthquake. But that analogy is too limited to understand what lies ahead, and relying on it could undermine appropriate policy responses, both in Japan and abroad.
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NEWPORT BEACH – As we all struggle to comprehend the economic and financial impact of Japan’s calamity, it is tempting to seek historical analogies for guidance. Indeed, many have been quick to cite the aftermath of the terrible 1995 Kobe earthquake. But, while that example provides some insights, it is too limited to understand what lies ahead for Japan, and excessive reliance on it could undermine appropriate policy responses, both in Japan and abroad.