Japan’s nominal GDP fell 6 per cent to 475 trillion yen last year, while its real GDP declined 5 per cent. Meanwhile, nominal GDP in the United States decreased 1.3 per cent to US$ 14.2 trillion and real GDP fell 2.4 per cent.
If you travel across Japan and the United States, you get the impression that America is in much worse shape: Americans cannot stop screaming about their woes, while the Japanese face economic sufferings quietly. Maybe this is due to cultural differences. Regardless, Japan is in dire shape. Its nominal GDP is now lower than it was in 1992 when the nation’s property prices first began to decline.
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