{"id":13808,"date":"2018-06-17T00:00:00","date_gmt":"2018-06-16T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2018\/06\/17\/if-only-we-were-all-japanese\/"},"modified":"2018-10-17T17:43:09","modified_gmt":"2018-10-17T15:43:09","slug":"if-only-we-were-all-japanese","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese","title":{"rendered":"If only we were all Japanese!"},"content":{"rendered":"<p><strong><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-7570\" src=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/Abe.jpg?resize=600%2C338&#038;ssl=1\" alt=\"\" width=\"600\" height=\"338\" \/><\/strong><\/p>\n<p><strong>Japan is known as much for its smartphones and robots as it is for the implosion of its real estate mega bubble nearly twenty years before the subprime crisis in the US in 2007, which itself preceded the collapse of the Spanish and Irish real estate markets in 2009. In fact, the Japanese financial and real estate crashes smashed all the records, and, in this context, the development of the Nikkei index is totally significant. Having registered a historic peak at nearly 39,000 in 1989, it has never again been able to reach this level, now remaining around 23,000 points. According to the Japanese economist Richard Koo, this period caused three times more losses in Japan than the wealth ruined in the US during the Great Depression.<\/strong><!--more--><\/p>\n<p><strong>And yet, admirably, Japan recovered, not only because it didn\u2019t suffer any economic contraction throughout the whole of the 1990s, but also because it is on its way to becoming an economic role model, mortally wounded before, but now well and truly resuscitated. Its growth over the years \u2013 albeit starkly anaemic \u2013 has of course owed to colossal debts combined with multiple plans for recovery and other stimulus. However, this same anaemic growth that has fashioned the Japanese landscape these last twenty years was due precisely to timid plans that were too cautious, and basically to weak responses that\u00a0prolonged this nation\u2019s suffering and transformed the first few difficult years into a drawn-out agony known as the \u201cLost Decade\u201d.<\/strong><\/p>\n<p><strong>While the Japanese share indexes still haven\u2019t returned to their previous levels, this country\u2019s economy does seem to have recovered most of its prosperity from before the implosion of its bubble. The traditional statistics, however, struggle to show it since the drop in numbers in the workforce due to real demographic problems in Japan falsifies the figures. It is in fact impossible to see the current dynamism of the Japanese economy through the banal prism of GDP because this includes the whole of the population, including the swathes of seniors who produce next to nothing. It is therefore much more interesting to analyse the country\u2019s economic activity by age bracket, or even by gender. Women\u2019s participation in the world of work between the ages of 25 and 54 has in fact jumped nearly 10 points (from 70% to 79%) since 2012, meaning that the overall 25-54 age bracket for both genders is now employed at rate higher than 85%. In other words, with an overall unemployment rate of 2.5% (which by the way never rose above 6% at the height of the crisis), full employment has been widely re-established in Japan. <\/strong><\/p>\n<p><strong>Japan <em>\u2013 <\/em>that had been lagging behind US growth by 15 points since the 1990s <em>\u2013 <\/em>has now caught up on all its backlog and has now filled the gap. The explanation for it is actually quite simple and it\u2019s called Shinzo Abe, the current Premier Minister who <em>\u2013 <\/em>taking the reins in 2012 <em>\u2013 <\/em>showed an unfaltering determination to revive his country\u2019s economy. He implemented reforms that aimed to massively promote women entering the labour market, all the while frantically churning his central bank\u2019s printing press so as to give the cogs of the economy a good oiling. In doing so, Japan and Shinzo Abe have given a masterful lesson in economics to the deficit fetishists: they have shown that confidence <em>\u2013 a<\/em> vital ingredient <em>\u2013 <\/em>can prevail, sometimes as easily as anything in the word.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Japan is known as much for its smartphones and robots as it is for the implosion of its real estate mega bubble nearly twenty years before the subprime crisis in the US in 2007, which itself preceded the collapse of the Spanish and Irish real estate markets in 2009. In fact, the Japanese financial and&hellip;<\/p>\n","protected":false},"author":4,"featured_media":13809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941263],"tags":[],"class_list":["post-13808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-japan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>If only we were all Japanese! - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If only we were all Japanese! - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"Japan is known as much for its smartphones and robots as it is for the implosion of its real estate mega bubble nearly twenty years before the subprime crisis in the US in 2007, which itself preceded the collapse of the Spanish and Irish real estate markets in 2009. 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All signals suggesting credible parallels between today's China and Japan in the 1990s. China risks becoming an aging and heavily indebted country before it becomes a wealthy\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/08\/Chine-Japon.jpg?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19796,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese-2","url_meta":{"origin":13808,"position":1},"title":"If only we were all Japanese!","author":"Michel Santi","date":"December 12, 2019","format":false,"excerpt":"\u00a0 The economists and bankers of my generation have had the habit of entertaining themselves by dividing the world into four types of economies: developed, emerging, Argentina and Japan. It is worth, however, updating this somewhat simplistic and caricatural joke by removing Japan from the list of economic aberrations. Albeit\u2026","rel":"","context":"In &quot;Japan&quot;","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":30530,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese-3","url_meta":{"origin":13808,"position":2},"title":"If only we were all Japanese!","author":"Michel Santi","date":"October 29, 2025","format":false,"excerpt":"For the first time in its history, Japan\u2019s Nikkei 225 stock index has smashed through the 50,000-point barrier. In just six months\u2014since April of this year\u2014it has soared by 65%! Some $33 billion has flowed into the Japanese stock market from abroad. After decades of stagnation, the Japanese economy is\u2026","rel":"","context":"In &quot;Japan&quot;","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Nikkei.jpg?fit=1200%2C1136&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Nikkei.jpg?fit=1200%2C1136&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Nikkei.jpg?fit=1200%2C1136&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Nikkei.jpg?fit=1200%2C1136&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Nikkei.jpg?fit=1200%2C1136&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":21601,"url":"https:\/\/michelsanti.fr\/en\/china\/china-infected-by-financial-capitalism","url_meta":{"origin":13808,"position":3},"title":"China infected by financial capitalism","author":"Michel Santi","date":"September 20, 2021","format":false,"excerpt":"\u00a0 The weight of the real estate industry has now become significant in the Chinese economy. Whereas it made up 5% of GDP in 1995, it is now one of the country\u2019s main growth drivers, coming to more than 30% of economic activity. It is more or less at the\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/09\/Evergrande.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/09\/Evergrande.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/09\/Evergrande.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/09\/Evergrande.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/09\/Evergrande.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13700,"url":"https:\/\/michelsanti.fr\/en\/real-estate\/when-real-estate-threatens-growth","url_meta":{"origin":13808,"position":4},"title":"When real estate threatens growth","author":"Michel Santi","date":"April 13, 2016","format":false,"excerpt":"It\u2019s not a coincidence if real estate prices \u2013 relatively stable up until now \u2013 suffered unhealthy volatility at the dawn of the 1990s. This phenomenon was the direct consequence of integrating the banking and financial systems together because deregulation and innovations such as securitisation intensified the flow of cross-border\u2026","rel":"","context":"In &quot;bubble&quot;","block_context":{"text":"bubble","link":"https:\/\/michelsanti.fr\/en\/category\/bubble"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/subprime-mortgages.jpg?fit=500%2C350&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":22615,"url":"https:\/\/michelsanti.fr\/en\/japan\/shinzo-abe-killed-for-being-a-keynesian","url_meta":{"origin":13808,"position":5},"title":"Shinzo Abe: killed for being a Keynesian","author":"Michel Santi","date":"July 10, 2022","format":false,"excerpt":"\u00a0 He lifted his country out of the pacifist dogma adopted following World War Two. He contributed massively to Japan\u2019s transformation into a country careful with its geopolitical and strategic interests so it could it take up the seat it deserved at the table of global security operations. He was\u2026","rel":"","context":"In &quot;Japan&quot;","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/07\/Shinzo-Abe.webp?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13808"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13809"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}