Word: sapping
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Dates: during 1990-1999
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Suddenly Japan is caught in a powerful downdraft of pessimism. A vexing combination of tightening financial conditions, trade tension with the U.S. and political weakness at the top has sent Tokyo's financial markets into a funk. The slide is threatening to choke the country's economic growth and sap the ebullient confidence that has filled Japanese investors and businessmen in recent years. "The pendulum has once again swung in Japan," says Richard Koo, a senior economist at the Nomura Research Institute. "It's now over to the doom-and-gloom side, when objectively speaking, Japanese companies remain the strongest...