Is Japan Expecting an Economic Miracle?
It has been nearly twenty years since Japan suffered the collapse of the asset price bubble and their economy never fully recovered from that hit, and now with the global financial crisis there is little hope for any improvement for a long time. Add to this Japan's huge government debt, which totals 170% of GDP, and the fact that the number of Japanese citizens has been shrinking since 2005 and the picture indeed looks bleak.
But you have to ask yourself, what is Japan known for these days?
tlreedI think that their lives will continue to improve as they look past economics and look at themselves and their culture.
At its peak Japan was known for industry and electronics, with giant manufacturers like Toyota, Honda and Sony. A trip to Japan meant that you would go to Tokyo: Shinjuku, Shibuya, Harajuku and Akihabara. Your role was that of a consumer, that was the attraction.
Now that Japan is nearing “collapse” there is more to see in Japan than ever. You can still go shopping, but that is no longer the focus. There is so much more to see, Japan has so much to offer in the areas of innovation, culture, and ecology. Though I love to see what innovations they have developed in electronics and robotics, it is the areas of culture and ecology that have the most value. Despite the globalization and homogenization of the worlds diverse cultures, the Japanese have held on to their culture: traditions, costumes and artifacts. Their Cultural Properties Protection Division designates artists and groups as mukei bunkazai (intangible cultural assets) and traditional works of art as ningen kokuho (living national treasures). Japan has taken great lengths to improve their ecology since the peak of 1990. I love the Japanese Countryside, the trees, the mountains, even the farmland. Please visit http://theopening.org/luxury/
So, what do I see in the future for Japan, an economic miracle? No.
I expect that their GDP will decrease steadily; however, I think that their lives will continue to improve as they look past economics and look at themselves and their culture. I think they have a lot to learn about themselves and we have a lot more to learn from them.