Japan 2.0: A new paradigm? | Part I

December 2023

In this first note in our two-part series, we review Japan’s macroeconomic boom and bust legacy, and we discuss how the return of wage growth, inflation, and investment could be changing Japan’s outlook.

This paper traces the evolution of Japan’s economic miracle from the 1950s through the bubble of the late 1980s, which formed the basis of decades of weak economic growth and stubbornly low inflation.