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There are economic answers to the malaise, but they are not politically palatable. Japan needs to restructure its economy to eliminate the inefficiencies, and drastically reduce its debt. Inefficiencies and debt are the anchors that prevent the Japanese economy from growing. Eliminating the inefficiencies is not politically palatable because it would involve changing work rules, allowing some small businesses and farms to close, opening the domestic economy to more competition from outside, reducing the inflated asset value trapped in real estate and stocks, etc. Reducing debt is politically unpalatable because it would require higher interest rates and a lower standard of living for a generation or so while the debt is repaid. But without the medicine, a cure is unlikely.

John Pepple

Thanks. That makes a lot of sense.

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