Japan Has Not Held On In Per Capita Terms

Japan did have the mother of all financial crises in the 1990s, and contrary to the narrative that it 'held on,' its per capita GDP fell from about 80% (and over 100% in dollar terms) of the US in 1990 to about 60% today, falling behind France, the UK and Germany; it now faces trouble as inflation returns, forcing rate hikes and interest payments on debt stuffed into pensions, banks and postal savings.