The investment deficiency in Asia relative to rates of a decade ago amounts to an annual shortfall of $400 billion a year, with the decline in investment in Japan – a consequence of more than a decade of economic stagnation ­– accounting for more than half of the total. Moreover, investment rates in the newly industrialized economies of Asia have never recovered to their pre-1997-8 crisis levels, and investment rates in the rest of Asia outside China have fallen off as well.