FOR almost two decades, Japan has been held up as a cautionary tale, an object lesson on how not to run an advanced economy. After all, the island nation is the rising superpower that stumbled. One day, it seemed, it was on the road to high-tech domination of the world economy; the next, it was suffering from seemingly endless stagnation and deflation. And, Western economists were scathing in their criticisms of Japanese policy.
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