Adam Posen, an external member of the Monetary Policy Committee at the Bank of England, on Monday discussed the realities and relevance of Japan's Lost Decade on advanced economies, and addressed the idea that the Western world was 'turning Japanese'.

Speaking at the London School of Economics, Posen said the great recession in Japan was the result of a series of "macroeconomic and financial policy mistakes" that may have been avoided had the country used its structural advantages in fiscal