That is why the past twenty years are sometimes called “Japan’s two lost decades” (Chart 1 as cited above).5 Third is very short-term growth developments. Japan’s economic activity plunged after the tragic earthquake and tsunami on March 11 last year, but recovery proceeded at a higherthan-expected pace thanks to the efforts made by companies, individuals, and the public sector.
I would also like to acknowledge Finance Minister, Senator Mohammad Ishaq Dar, who led and coordinated the program with relentless energy and deep acumen, while providing space and support to the Central Bank to strengthen institutional credibility.