Asia: Booming Recession

For the past year Japanese businessmen have woefully claimed that they are in the throes of recession. But to anyone else, Japan's condition sounds more like a boom. Gleaming new buildings are rising in every major Japanese city and more new cars join the Tokyo traffic jam every day. Consumer income in Japan is up 10% from last year, consumer spending up 9%, and even industrial output, which in any other country must point down or there is no recession, is up 6%.

To the Japanese, this has been a crisis year nonetheless, because the gross national product, which a year...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!