Japan's lost decade is stretching into decades. It has been almost 20 years since the bursting of a mammoth property and stock bubble plunged the country into an economic deep freeze. Japan's leaders have been wandering in the wilderness ever since, unable to find a formula for growth to replace the model that was found wanting years ago.
The global recession has again exposed the structural weaknesses that plague Japan: overdependence on exports to drive economic growth, anemic domestic demand, inefficient enterprises and barriers to competition. It's no secret that the root of all of[...]