Mention Asia, and most people think of the region’s fascinating, rising giants, China or India – or both. Or people think about North Korea’s nuclear program, some terrorist incident, or the humanitarian consequences of the latest earthquake or tsunami. But often overlooked – or at least underestimated – is Japan.
This is odd, given that Japan is still the world’s second largest economy, with a GDP of $5 trillion – more than China and India combined. Despite Japan’s relatively modest rate of economic growth, its GDP per capita is roughly $38,000, more than ten times that of either China or India.