If ageing does exacerbate the costs of an balance-sheet recession, what can policymakers do over it? The BoJ, Mr Nishimura states that, has sought to counter most of the effects, such as loosing lending expertise in the banking sector and possibility aversion, through “truly unconventional” fiscal policy, such as obtaining low-grade corporate bonds and also exchange-traded funds to spur investment in riskier resources; and providing funds intended for banks to lend and purchase promising new fields, just like innovations for the aging seniors. But his overall principles is stark: repairing balance-sheets if your population is ageing is much harder than when it is young. Some people, he cautions, regard the turmoil since 2008 as being a “fleeting nightmare”. But exactly where ageing is endemic, there may be no going back to normalcy. As the title of among his papers ominously applies it: “This time may truly be different. ”