Book (Practical) Economy The Depth of Global Inflation / Ryutaro Kono

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ECONOMY - WHAT HAPPENS AFTER "GREAT OVERHEATING"? The COVID-19 crisis has triggered sharp inflation around the world. The first is due to large-scale fiscal policies in advanced economies. The second is due to the fact that central banks, which misperceived inflation as temporary and feared supply shocks such as supply chain disruptions, have delayed raising interest rates. Now, the ultra-weak yen induced by high U.S. interest rates has fueled inflation in Japan, which has a low supply capacity. At the same time, the risk of fiscal inflation has also crept up. What is needed to break the current situation? This is an excellent book by a well-known economist who reads the direction of the financial economy from theory, history, politics, and international perspectives. Even Japan, which has suffered from 0 inflation and economic stagnation for a long time, suddenly saw a price rise of 3-4% in the past one or two years. This is a book that explains the global high inflation situation (global inflation), its various effects on the Japanese economy and society, and the expiration date of the "yen" as an international currency in detail but in an easy-to-understand way. Assuming that global inflation and its impact on Japan's inflation from a global perspective are the vertical threads of this book, it contains an analysis of each problem from historical, political, and cultural perspectives. In the future, if inflation continues for a long time and a rapid interest rate hike is necessary, the shock to the financial economy should be bigger than that of Europe and the United States in Japan, where the 0 interest rate has been maintained for a quarter of a century. If the interest rate hike does not catch up with inflation, the ultra-weak yen may advance. It also provides useful suggestions for what risks are assumed in the future and how to avoid them.