The Escape from Balance Sheet Recession and the QE Trap: A Hazardous Road for the World Economy

Afterword

I began writing this book in the summer of 2013 after realizing that I would turn 60 in just a few months. My colleagues at Nomura Securities and its clients both inside and outside Japan had been asking me when my next book was coming out, and while there was a great deal I wanted to say, the enormity of the task made me reluctant to get started.

But faced with the impending milestone, I decided I could no longer keep putting it off. The global economy—and particularly the Eurozone—were moving in exactly the direction I had feared, and I felt a warning had to be issued. There were also aspects that needed to be understood regarding Abenomics and the quantitative easing policies of Japan, the United States, and the United Kingdom.

Having made that decision, however, I soon realized that my regular job of informing investors in Japan and elsewhere would leave little time for writing. Daily interaction with these investors, many of whom manage billions of dollars, always kept me focused and honest. But given the time constraints, I chose to write in Japanese instead of English, as originally planned, relying heavily on the assistance offered by Mr. Takeyoshi Matsushita, a senior advisor at publishing house Tokuma Shoten, and Mr. Koichi Chikaraishi, a member of the publisher's editorial committee, to help compile and edit the book. Mr. Chikaraishi and Mr. Yuichi Hashikami made themselves available literally 24 hours a day during the book's preparation.

Initially I had ...