Word: japanize
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...many years of visiting Japan, I've learned not to be surprised by the juxtaposition of modernity and tradition, by an embrace of high-technology that coexists with a reverence for an older nation of cherry blossoms, hot springs and snow on maple trees. In an enigmatic way, this duality has not torn Japanese society apart but given it a remarkable stability...
...question facing Japan now, however - and the issue that should dominate elections to the lower house of the Diet, which could come as early as May and in which the ruling Liberal Democratic Party looks vulnerable - is whether stability is enough. The nation faces enormous challenges: a rapidly aging population, the rise of China as a regional superpower and the breakdown of the economic system responsible for Japan's postwar economic success, as international trade collapses and with it Japan's markets for its goods. (See pictures of Japan and the world...
...Japan's ability to meet these challenges is of more than local interest. The nation is the world's second largest economy and the U.S.'s key ally in Asia. And given Japan's recent economic history, the way in which it copes with the current crisis could provide some insights into how the rest of the world can get through it as well...
...late 1980s, after banking laws were relaxed, Japan went on a credit binge that made the modern U.S. look prudent. The stock market took off into the stratosphere, and property prices got so out of control that it was said the land on which the Imperial Palace sat in the center of Tokyo was worth more than the whole of California. Then the bubble burst, banks found that their balance sheets were full of bad loans, and Japan entered a lost decade of stagnant economic growth. Nearly 20 years after its peak in December 1989, when the Nikkei index nearly...
...what lessons can the U.S. learn from Japan? Here are three...