Koo argues that it was massive fiscal stimulus ( borrowing and spending by the government ) that offset this decline and enabled Japan to maintain its level of GDP .
Japanese firms overall became net savers after 1998 , as opposed to borrowers .
Koo argues that it was massive fiscal stimulus ( borrowing and spending by the government ) that offset this decline and enabled Japanese to maintain Japanese 's level of GDP .
Japanese firms overall became net savers after 1998 , as opposed to borrowers .