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The Weight of the Yen
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The Weight of the Yen

4.5 of 5 stars 4.50  ·  rating details  ·  12 ratings  ·  2 reviews
In eight years from 1980 to 1988, America fell from financial grace, becoming the world's largest debtor. This happened because the United States spent and Japan saved. In the early 1980s, Reagan's Washington discovered that Japan would cheerfully lend their vast savings to the United States by buying U.S. government bonds.


How the Japanese money accumulated, the system tha...more
Paperback, 352 pages
Published April 17th 1997 by W. W. Norton & Company (first published March 1996)
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AC
I have nearly finished reading this -- will finish it tonight. It is a brilliant (though not an esp. quick read) discussion that ranges far beyond its title. It will explain much about the structure of Japanese society, and about global financial and monetary history from WWII till 1996 (when the book was published), including the bubble of the 1980s and the bust (on Xmas day 1989) that persists to this day. Reading the account of bust was like deja vu all over again -- the eerie similarities to...more
Matthew
Truly excellent. I have to thank AC for recommending this book. Murphy is an eloquent and humane writer and this is evident from the introduction. His analysis of Japan weaves together economics, finance, politics, and an undertanding of the institutions and political culture of both Japan and the US, and adheres to theory as well as to common sense. It helps lay the groundwork for thinking about the comparisons flying about today between Japan (in the 80s) and China, and Japan (in the 90s) and...more
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Feb 09, 2014
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