TOKYO—In the U.S., modern monetary theory—which, in its crudest form, suggests government deficits don’t matter—is still just an unorthodox doctrine debated mostly by economists and left-wing Democrats.
But in Japan, MMT is at the center of a policy battle with imminent consequences: whether to proceed with an Oct. 1 sales-tax hike designed to trim the deficit.
Landmark Financial Seoul Korea Blog 