I should note that there is a universal phenomenon that trade frictions take place following the appreciation of currencies (Chart 10). II. The prospects for the U.S. economy: implications from Japan’s experience  There is a reason why I have spent a relatively long time on explaining some facts about Japan’s economy.
This is because, judging from frequently asked questions from my American friends, I believe that such historical facts might be of some help in considering the prospects for the U.S. economy. One such frequently asked question is related to the policy conduct for the time being – that is, will the United States suffer the Japanese experience of “a lost decade”?