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Turning Japanese—again

An interesting economic experiment is underway in Japan—and its results will hold lessons for the rest of us

By George Magnus  

A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Aug. 8, 2016 ©Koji Sasahara/AP/Press Association Images

After the financial crisis in 2007/08, a barrage of research reports featured the headline “Turning Japanese,” invoking The Vapors’ 1980 hit song. What the authors meant was that Western countries looked as though they would follow the Japanese experience—following the bust of that country’s massive credit and…

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