Fukumoto, Tomoyuki; Muto, Ichiro - Bank of Japan - 2011
investigating how the rebalancing of Japan's economic growth mode was realized in the 1970s, we indicate that it is essential in the … rebalancing to correct the distortions in the factor cost (labor cost and capital cost) in a harmonious way. In addition, we refer … to Japan's experience to indicate that achieving domestic rebalancing does not necessarily lead to external rebalancing. …