What Japan's Years of Paralysis Teach America

Toru Hanai / Reuters

The outlook is gray
A salaryman in Tokyo

I was recently in the town of Sendai, north of Tokyo. It snowed, which was a lovely treat, something I never see at home in Hong Kong. Japan is a respite from the rest of Asia in many other ways. While much of the region is still hurtling along the path of development — a blinding whirl of frenetic construction and perpetual change — Japan is a vision of stability, a nation that has everything others in Asia want, and has already had it all for decades. Money. Technology. Global brands. A seat at the table with the powerful...

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