Caixin OnlineOpinionMagazine Columnist谢国忠 Andy Xie Our Next Economic Plague: Japan Disease
03.15.2010 18:20

Our Next Economic Plague: Japan Disease

Growing old is hard, but watching formerly vibrant economies choke on debt and wither away is downright ugly
By Andy Xie

Japan's nominal GDP fell 6 percent to 475 trillion yen last year, while its real GDP declined 5 percent. Meanwhile, nominal GDP in the United States decreased 1.3 percent to US$ 14.2 trillion and real GDP fell 2.4 percent.

If you travel across Japan and the United States, you get the impression that America is in much worse shape: Americans cannot stop screaming about their woes, while the Japanese face economic sufferings quietly. Maybe this is due to cultural differences. Regardless, Japan is in dire shape. Its nominal GDP is now lower than it was in 1992 when the nation's property prices first began to decline.

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