Japan’s New Dawn

Japan has pledged that it will never again wage war, and it has never stopped working for a world that is at peace. The country's economic revival, with its promise of increased global and regional prosperity, can help to bring such a world closer.

DAVOS – For years, pundits called Japan the land of the setting sun. They said that for an economy as mature as Japan’s, growth would be impossible. They said that our public debt was unsustainable. They pointed to our supposed psyche of resignation as a symptom of relative decline.

But now such voices are rarely heard. Japan’s economy has swung from negative to positive growth and is on the verge of breaking free from chronic deflation. This spring, wages will increase – a long overdue development that will lead to greater consumption. Our fiscal position has also improved steadily, with my government on track to consolidate public finances.

And, as the economy has turned around, Japan’s people have become more vibrant and upbeat – a mood reflected in public enthusiasm over the choice of Tokyo to host the 2020 Olympic and Paralympic Games.

To continue reading, please log in or enter your email address.

To continue reading, please log in or register now. After entering your email, you'll have access to two free articles every month. For unlimited access to Project Syndicate, subscribe now.

required

By proceeding, you are agreeing to our Terms and Conditions.

Log in

http://prosyn.org/VDLQvT5;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.