A New Deal

Illustration for TIME by Marco Cibola

Japan's lost decade is stretching into decades. It has been almost 20 years since the bursting of a mammoth property and stock bubble plunged the country into an economic deep freeze. Japan's leaders have been wandering in the wilderness ever since, unable to find a formula for growth to replace the model that was found wanting years ago.

The global recession has again exposed the structural weaknesses that plague Japan: overdependence on exports to drive economic growth, anemic domestic demand, inefficient enterprises and...

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