The Decline of Japan's Economic Prowess

Believe it or not, in 2000, Japan ranked second among all nations in the world in terms of per capita GDP, while in 2021, it ranked 27th. Over the past 30 years, the average annual income of Japanese people has remained stagnant, reflecting the failure of macroeconomic policies to address the deflationary situation. Recently, many Japanese tourists have been surprised to find that prices outside of Japan are significantly higher (and vice versa). I believe that the sluggish growth rate of GDP per capita poses a serious and deep-rooted problem for Japan's long-term future. Urgent and fundamental reforms are needed to address this issue.

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