Remember the Japan of the 1970s and 1980s? The world-spanning colossus of economic might? The nation that had Wall Street wetting its collective pants with every bold move?
That was then. This is now:
Less than a quarter-century ago, Japan was the economic envy of the world. In 1989, Tokyo-listed shares represented nearly half the planet’s equity value, while the land beneath the city’s royal palace was worth more than all of California. American nightly news anchors practically misted up when they had to report that Rockefeller Center was turning Japanese.
Two lost decades and massive property- and stock-bubble explosions later, Japan is a one-word cautionary tale. Caught in economic and demographic atrophy — and stewarded by countless false-start prime ministers — the country has become a hub for zombie banks, a generation of disenchanted youth, and fading brands such as Sony, Sharp, and Panasonic.
Last year, for the first time, sales of adult diapers in Japan exceeded those for babies.