Koo: Japan Nears End of 25-Year (!) Balance-Sheet Recession By Paul Kedrosky Â· Tuesday, June 8, 2010 Â· ShareThis It only took â¦ oooh, 2.5 decades, but Richard Koo at Nomura says Japan is finally nearing the other side of its endless balance-sheet recession. The U.S. is at year two of its own credit unwind, so if you see parallels, as many (including me) do, we have a long slog ahead. http://paul.kedrosky.com/archives/2010/06/koo_japan_nears.html Lousy 25 years ? Hum, how many "US years" is this approximately ?