As an business major myself and having lived in Japan for 5 years, I was a little surprised to see no sign of a lost decade anywhere. I come from one of the riches regions in Europe (Salzburg) and I found the living standards in Japan to be at least on par. I lived in Tokyo, Osaka, Hiroshima and Nagano so far.
Looking at the working age population, Japan is doing surprisingly well, better than the US, or Europe.
Despite the rapid decline of the working age population and the infamous long life expectancy Japan achieved economical growth. In other words there are considerably fewer Japanese working than a decade ago, but those few manage to make everyone in the country richer.
I agree with the author, Japan's 'Lost Decades' seems to be a myth.
In my opinion the Author's explanation is a little misleading. He overlooked the most important factor: "Demographics". I am referring to the article at http://www.europeanvoice.com/article/2011/january/the-japan-...
Looking at the working age population, Japan is doing surprisingly well, better than the US, or Europe.
Despite the rapid decline of the working age population and the infamous long life expectancy Japan achieved economical growth. In other words there are considerably fewer Japanese working than a decade ago, but those few manage to make everyone in the country richer.
I agree with the author, Japan's 'Lost Decades' seems to be a myth.