Goodbye to The Godzilla Myth

As Miyazawa arrives in the U.S., he leaves a country that is anything but an all-devouring juggernaut

Something funny happened on Japan's way into the '90s.

The country is stuck in a severe economic slump that after three years is at best beginning to bottom out -- maybe. Though the stock market has turned up, it is still 50% below its peak. The banking system is staggering under bad debts, and almost every week another big manufacturer announces plans to cut production and trim its work force.

The nation is going through political turmoil unprecedented in four decades. Corruption in the party that has governed since 1955 has become so noxious that some of its most popular members...

Want the full story?

Subscribe Now


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

Learn more about the benefits of being a TIME subscriber

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