&gt;<i>Japan has not grown significantly in the past 20 years and it won&#x27;t grow again.</i><p>You mean, Japan won&#x27;t grow again <i>this year</i>?  Or ever?<p>Interestingly, back in the 1980s, we Americans thought Japan was going to take over in every market:  automotive manufacturing, high tech and consumer electronics, software, even space travel eventually.  They were buying up iconic American properties like Rockefeller Center, and Japanese culture was all the rage.<p>Then something strange happened in the &#x27;90s:  the Internet.  Suddenly the Americans (and some Europeans) roared back into first place and left Japan just idling by the side of the road.  It was a remarkable turnaround.<p>By the same token, I would expect Japan eventually to bounce back from its current doldrums. China is a huge challenge to Japanese manufacturers, but they are still incredibly clever and innovative.  Their aging population may do a number on that innovation, though; a new baby boom is probably their best hope.