"While there is some debate on the extent and measurement of Japan's setbacks, the economic effect of the Lost Decades is well established, and Japanese policymakers continue to grapple with its consequences."
"From 1991 to 2003, the Japanese economy, as measured by GDP, grew only 1.14% annually, while the average real growth rate between 2000 and 2010 was about 1%, both well below other industrialized nations] Debt levels continued to rise due to the 2008 financial crisis and the Great Recession, the 2011 Tōhoku earthquake and tsunami, the Fukushima nuclear disaster, and the COVID-19 pandemic and COVID-19 recession. Broadly impacting the entire Japanese economy, over the period of 1995 to 2023, the country's nominal GDP fell from $5.33 trillion to $4.21 trillion, real wages fell around 11%, while the country experienced a stagnant or decreasing price level. From 1995 to 2024, Japan's share of the world’s nominal GDP decreased from 17.8% to 3.7%."
"However, while other major economies focus on suppressing inflation by raising interest rates, Japan aims to firmly establish inflation by maintaining low rates. As a side effect, the Japanese yen has become extremely weak, hitting a 37.5-year low of 161 yen/USD in July 2024."
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