Yukio Noguchi, a former Finance Ministry official, talks about the Japanese economy.At 11:40 p.m. on.. #JapanFinance

Yukio Noguchi, a former Finance Ministry official, talks about the Japanese economy.

At 11:40 p.m. on weekdays from the 17th to the 20th, EBS1 will air a four-part lecture by Yukio Noguchi, a leading Japanese economist, in “The Great Class, Great Maines.”

In February 2024, Japanese shares reached a new high during the 1989 “bubble economy.” Expectations, which are interpreted as signs of another leap by the Japanese economy, and caution that it is a hasty judgment are still at odds. Japan, an economic power that made the United States nervous in the past, has not grown since the 1990s during the so-called “Lost 30 Years.” In the unusual situation, many studies have been conducted worldwide, considering it as a textbook case of a long-term recession. Is there anything we can learn from Japan’s experience?

Yukio Noguchi sharply diagnosed the cause of the long-term recession in the Japanese economy from an insider’s perspective. Known as a scholar who criticizes policies with conviction without paying attention to the government, he began as a Treasury official in 1964 and served as a professor at world-leading universities such as Tokyo University, Waseda University, and Stanford University.

As an expert who has watched the glory and decline of the Japanese economy most closely, he cited the structural crisis in manufacturing, not just bubble collapse, as the root cause of the “30 Years Lost.” After China’s reform and opening-up policy in 1978, as China emerged based on cheap labor, the competitiveness of the Japanese manufacturing industry began to deteriorate. It also stressed that Japan has not adequately responded to the new paradigm of the IT revolution led by fabless companies such as Apple and Nvidia. The Japanese government has implemented a low yen policy to revive the economy, but it will also present an interesting analysis that it has backfired.

[Soyeon Kim Star Today Reporter]