Even after its property bubble burst 24 years ago, the authorities continued to believe that the country’s growth model needed no adjustment. The result was two lost decades of deflation and introspection before Japan finally embraced the reforms needed to kick-start a new, more open – and hence more vibrant – economic model.
日本为这一心理付出过沉重代价。24年前，即使其房地产泡沫已经破裂，当局仍认为日本增长模式不需要调整。结果是失去的二十年、通缩和反省，此后，日本才终于采取了开启新的、更开放的、因而也更有活力的经济模式所必须的改革。