Hello and welcome to Brokonomics now in this episode I'm going to be talking about Japan

Japan is a proper policy nightmare so it's probably quite fitting that I'm recording this one not too long after Halloween

because it is a it is a bag of horrors for policy makers. So the reason why it's

it's so terrible from a policymaker's perspective anyway is because it

well it has a very high and persistent level of debt that they are really really

struggling to inflate away for well for decades actually and as we've previously covered in the former

in the former Brokonomics of a week or two ago, the whole game at the moment

with policy makers is debasement. So I use

the term debasement slightly separately from inflation because even though I

consider inflation to be debasement, inflation in the common parlance basically just means that price is going up.

It is the symptom at the end of the process of money printing and liquidity

injections and government spending and all of those kind of things.

So I prefer the term in basement. But the whole game at the moment is that debasement level of the currency in order to manage down the levels of the debt relative to everything else, kind of keep the show on the road.

Japan is achieving basically the opposite of debasement. It's achieving, well, it's deflation, it's disinflation, it's deflation it's it's disinflation it's prices going in the opposite

direction so effectively your debts are your debts are growing in real term and And well, I mean, it's not just that.

Japan also has a whole other series of horrors attached to it.

So, I mean, it has an old old population and it has a very low birth rate in fact

Japan seems a remarkably sexist society for some reason and I'm not just

making that up you know know, the Condor Maker

Durex does a survey every year on love making around the world and they persistently

find that the Japanese are the least

Trisky should we say for whatever reason I don't know why that is because I think that Japanese girls are very cute indeed but for whatever reason Japanese

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