Japan’s export-oriented manufacturing industries have maintained their edge but have not attracted other high-end activities – in fashion, finance, or corporate control – to any significant degree. On the contrary, since the late 1980’s, Japan’s high personal savings rate, rather than being a source of supply-side strength, has been a source of demand-side weakness, financing investment abroad and government debt rather than spurring a domestic investment boom that would boost capital intensity and labor productivity.
日本的出口导向型制造业仍保持了优势，但并未大量吸引其他高端活动——如时尚、金融和公司控制。相反，自20世纪80年代末以来，日本的高个人储蓄率并没有成为供给面优势的来源，反而成为需求面劣势的原因，为对外投资和政府债务提供了融资而没有刺激国内投资繁荣、提振资本密集度和劳动生产率。