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 US and Japan Post Bubbles. (i) A Similar Failure to Refinance the Banks. (ii) The Opposite Structural Problem. Report No. 331 Andrew Smithers 23 rd April 2009 Smithers & Co. Ltd. 20 St. Dunstan's Hill, London EC3R 8HL Telephone: 020 7283 3344 Facsimile: 020 7283 3345 Web Site: www.smithers.co.uk E-mail: [email protected] 

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