US has learnt lessons from the Japanese experience
LETTER - Sir, Martin Wolf eloquently sets out the risks to the world economy from the recent slide in equity markets ("Down time", 17 July). Others have suggested the US economy could go the same way as Japan's after the decline in the Tokyo stock market in 1990. Indeed, the Federal Reserve has set out these concerns in a paper: "Preventing Deflation: Lessons from Japan's Experience in the 1990s".
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