The Japanese Economy and the Aftermath of its Unusual Recession

"About a year ago at this time, while East Asia was steadily growing, there were two notable exceptions: one was China, whose problem was overheating; and the other Japan, whose problem was either underheating or overcooling. Now, while China's problems remain unsettled, the Japanese economy at long last seems to have bottomed out, although its upturn is expected to be moderate. Since spring of this year there have been a number of positive signs emerging in the Japanese economy, particularly in connection with public expenditure, housing investment, and personal consumption.