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LARS P. SYLL 
Dr Schasfoort commits the common blunder of thinking that deflation in Japan was caused by consumers reducing their spending or increasing their saving rate. In Japan consumers did not park their savings in toxic assets. So they were unscathed when the real estate and stock market bubbles crashed. They actually reduced their saving rate. It was companies which lost a huge chunk of money in the bubble burst that cut their spending. He can read my ebook ‘Economics Redefined’ on Amazon or https://www.nber.org/papers/w12142 by Charles Yuji Horioka.
Comment by philipji— 5 Aug, 2021 #