Oct 6th 2005
From The Economist print edition
Japan's chances of prosperity and influence look surprisingly bright
IT HAS taken an extraordinarily long time, but Japan really is now recovering from its debt- and deflation-ridden stagnation of the past 15 years. Proper jobs are being created, wages are rising and economists are raising their forecasts of economic growth—all despite worries about high oil prices and an American slowdown. The prime minister, Junichiro Koizumi, grabbed the world's attention last month by calling and winning a snap general election, as a referendum on economic reform. Foreign investors are rushing to Tokyo so as not to miss the fun. There is a spring in the step of Japanese politicians and diplomats, relieved that they no longer have to apologise for Japan's weakness, pleased that they might now be better placed to deal with those bumptious Chinese. They have to pinch themselves to be sure it isn't all a dream...
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