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This is the Japanese translation of , published by MIT Press in January 2020. Originally co-authored by Professor Takatoshi Ito and first published in 1991, this textbook on the Japanese economy was widely used in American universities. After nearly 30 years, it has undergone a comprehensive revision. One of the key features of this book is that it explains the experiences of the Japanese economy not as a special case but through standard economic theory. When the first edition was published, the concept of Japanese exceptionalism was prevalent, and our approach was rather novel. Even today, there are claims that the Japanese economy is unique, incomprehensible to outsiders, and that its experiences hold no lessons for other countries. This book seeks to demonstrate that the Japanese economy can be understood consistently within the universal framework of economics and that Japan's case provides valuable insights for economic policies and problem-solving in other countries.
 
The book meticulously examines the historical trajectory of the Japanese economy, from the post-war period of rapid economic growth to the "lost two decades" of stagnation, and the subsequent policies aimed at economic revitalization. Most recently, it provides a detailed analysis of Prime Minister Shinzo Abe's "Abenomics," which aimed to overcome deflation and return to growth through its "three arrows": bold monetary easing, flexible fiscal stimulus, and structural reforms for economic growth. The background, outcomes, and unresolved challenges of these policies are objectively evaluated from the perspective of standard economic theory.
 
Furthermore, the book delves deeply into Japan's long-term structural challenges, including population aging and declining labor force. These demographic changes significantly impact Japan’s labor market, social security systems, and fiscal sustainability. The book systematically examines how these issues affect the economy as a whole, what policy responses might be effective, and which are likely not, within a solid theoretical framework. It also highlights that these challenges are not unique to Japan but are common to many advanced economies, offering broad insights and implications.
 
The book also discusses the increasingly important global aspects of the Japanese economy in recent years. It analyzes the role of trade and direct investment in Japan’s economic growth, using insights from international economics. It also focuses on the trade disputes between Japan and the United States over more than 30 years and how the series of negotiations to resolve them ultimately fostered a strong bilateral relationship.
 
Although this book was published just before the COVID-19 pandemic, it provides a solid foundation for understanding the Japanese economy in the context of new challenges, too. Readers will gain insights that place Japan’s economic experiences in the standard economics, which can be applied to emerging issues. It is our hope that this book will be a valuable resource not only for students, researchers, and policymakers but also for anyone interested in the Japanese economy.
 

(Written by HOSHI Takeo, Professor, Graduate School of Economics / 2024)

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Related Info

Original version:
The Japanese Economy, second edition by Takatoshi Ito and Takeo Hoshi  published by MIT Press, 2020

 
Reviews:
Reviewed by Jenny Corbett (Australian National University and Tokyo College, University of Tokyo)　(“The Journal of Japanese Studies” Volume 49, Number 2　August 3, 2023)

 
When the first edition of The Japanese Economy appeared in 1991 and became an instant classic, few suspected that East Asia's sole industrial giant stood on the brink of two decades of lost growth and deflationary pressure, or that it would soon be joined by emerging regional powers including China and South Korea. In this magnificent second edition, Takeo Hoshi joins Takatoshi Ito to analyze the tumultuous past thirty years in the context of Japan's long-term development.
----Maurice Obstfeld (University of California, Berkeley, and Peterson Institute for International Economics)
 
Ito and Hoshi provide a comprehensive analysis of one of the world's major economies, from the Samurai to the Trans-Pacific Partnership. The country's responses to its recent economic challenges, whether aging, deflation, banking crises, or exploding government deficits, provide valuable insights even for those without a special interest in Japan.
----Alan Auerbach (Robert D. Burch Professor of Economics and Law, University of California, Berkeley)
 
At Yale, I taught a course using the first edition of the Japanese Economy by Takatoshi Ito, when Japan was a rising star in the world. The textbook was so clearly written and well organized that I spent only a short time for preparation past glancing at headlines and figures. I look forward to the new edition that critically reviews Japan's more mature economy with added insight from another expert, Takeo Hoshi.
----Koichi Hamada (Tuntex Emeritus Professor of Economics, Yale University)
 
Event:
The Japanese Economy, Second Edition: Book Launch  (Columbia Business School | YouTube  Jan 13, 2021)


 

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