utility outperformance during periods of private sector deleveraging similar to what developed markets have experienced since the financial crisis. Richard Koo, Chief Economist of the Nomura Research Institute, cites two major policy errors that extended Japan’s long balance sheet recession: increased taxes

ed the rich world to concentrate on consumption rather than investment and to enjoy the resulting "artificial" growth, like a child on a sugar high. Richard Koo, who wrote a book about the Japanese recession, "The Holy Grail of Macroeconomics", refers to a debt-financed boom as "cherry-blossom" economics. H