Fed's Fisher on process of creative destruction

In a speech given on 19 January Richard Fisher of the Federal Reserve Bank of Dallas said there is a dynamic tension in Japan today.

"Prime Minister Koizumi has taken on the old political dinosaurs. Young entrepreneurs gathered in the new office buildings in the Roppongi Hills area of Tokyo and elsewhere have challenged the tightly interwoven culture of the old Japanese corporate hierarchy. Foreign investment has positioned itself for a sea change in Japan's direction.

We will learn a great

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