Richard Koo is Chief Economist at Nomura Research Institute. He is most famous for developing the concept of balance sheet recession which is now widely used around the world to explain post-1990 Japanese and post-2007 Western economies. Koo has also advised successive Japanese prime ministers on how best to deal with Japan's economic and banking problems. He is one of the first non-Japanese participants in the crafting of Japan’s five-year economic plan. Koo authored many books on the Japanese economy and economics in general.