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Martin Wolf: Japan, Germany and the challenge of excess savings

Martin Wolf   •
©The Financial Times Limited 2020 Apr 12, 2023 / 11:04 AM IST
All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.

Japan is not the only large market economy with a strong manufacturing sector and structural excess savings. The other is Germany. But Germany has had an answer Japan does not have: the euro.

As Japan continues to run huge excess private sector savings, policy has to find ways of either reducing or offsetting them. Japan’s economy is still trapped.

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