Japan’s Rise and Fall... And Rise Again?
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Japan's economy has been stagnant for 2 decades, and while some economists look at this as an outlier, it might be something that just happens to all advanced economies, and Japan just got there first. After suffering the "lost generation", can Japan come back and recover growth, or is their fate one we will all eventually reach?
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@EconomicsExplained 3 місяці тому
Go to ground.news/explained to see through media bias and know where your news is coming from, and get 30% off an annual subscription through our link.
@vedants.vispute77 3 місяці тому
I want you to make a video on why India's GDP per capita does not reflect its Stock Market size, Startups/Unicorns, Tertiary Education, Patents, etc..
@1Corinthians15_1-4 3 місяці тому
Your title is very deceiving, just like you are. Your accent is beyond irritating. Whoever subs to this one, needs some serious waking up. I saw this video on the recommended vids and watched it but to see that this weirdo is only going on and on about nothing basically. You got a heads up.
@DanielVasoff 3 місяці тому
@EconomicsExplained, you need to work on your flow. While listening, it feels like the narrative is on x2 speed. Clearer and slower pronounciation of words will improve experience for non-native speakers like me. This is just a friendly observation. Thanks for the content!
@solorollo9756 3 місяці тому
You missed a way to increase GDP! Inflation!
@zodiacfml 3 місяці тому
i saw recent video interviewing citizens on current state of Japan. They are actually doing good preventing massive inflation on goods and real estate. However, Japan is the oldest in South East Asia or even the rest of the world in terms of falling birth rates due to overwork. Foreign workers also likely to introduce innovation that Japan is severely lacking.
@IndependenceCityMotoring 3 місяці тому
My take as a CPA (background in economics): everyone is hyper-obsessed with Japan's plateaued growth, without realizing that they enjoy a very high standard of living, very high per-capita GDP, and much lower inflation than other countries. And really, growth for growth's sake is not really that important once you've achieved the upper echelon of economic performance.
@j.y.8054 3 місяці тому
Unfortunately, living standards are no longer high due to inflation and the value of the yen plummeting, all the while wages are stagnant. It's very difficult for Japanese to even travel or study abroad these days because airline fares have shot up 30-40% in yen.
@Peregrine1989 3 місяці тому
@@j.y.8054 While nothing you have said is incorrect, that usually not what people refer to when discussing Living Standards. Healthcare, accommodation, access to clean and cheap food, water, electricity, all come before luxuries. Its true that the Middle and Upper Class of Japan have a worse living standard then the Middle and Upper Class of the US. But the Lower class, the masses that these metrics are based around, has EASILY one of the most comfortable lives on the planet. Its not the best, I'll admit that. But no other nation on earth could be stagnant for 20 years and not have mass protests due to the living standards collapsing to the point where even basic accommodation becomes unaffordable.
@1wun1 3 місяці тому
@@Peregrine1989 Japan and protests rarely belong in the same sentence. But you have a point.
@nntflow7058 3 місяці тому
@@Peregrine1989 I would argue that poor people in japan doesn't live comfortably in Japan. Unreported homelessness is a big problem in Japan. Underage prostitution, criminal gang debt trap, etc. The reason you think that living standard for lower income people is higher in Japan is because you didn't know about Unreported hidden crimes that usually occurred.
@lomiification 3 місяці тому
It's the same as how people say bad things about the ottoman and eastern roman empires, which just happily existed for hundreds of years
@Frisbieinstein 3 місяці тому
I lived in Japan. Their goal isn't growth, it's a stable society that benefits all.
@hamsterminator 3 місяці тому
It bugs me that the title of this video is something weird is happening in Japan- when in reality something weird is happening with the rest of the world and Japan is actually doing something responsible both for themselves and the planet.
@hugo9846 3 місяці тому
The talk about QoL is owning and buying things, or is it everyone living in a nice place? I saw this video yesterday and it bothered me all day. I get they have their problems but even if they have their problems, it's still nice. No joke, I might prefer being homeless in Japan than lower middle class elsewhere in the world.
@thejuiceking2219 3 місяці тому
i dunno man, sounds kinda woke to me /j
@krissydiggs 3 місяці тому
I find it very comfortable to live here. I don’t really care much about the idea of economic growth as long as I can live a comfortable life.
@krissydiggs 3 місяці тому
@@hugo9846at least in Japan you can afford food on a ¥500 budget if need be.
@JW-dc8hk 3 місяці тому
Japan is not broken. They are not just a country of mere numbers. They are a country of people with very good human values. They will be just fine
@dampaul13 2 місяці тому
Yeah, except for their quickly aging population and racism.
@JohnGAndino 21 годину тому
Right now this didn’t aged well
@JW-dc8hk 3 години тому
@@JohnGAndino I assure Japan is doing very well as in American with a Japanese spouse and have access to Japanese culture daily. What’s not gonna age very well is your silly comment that you couldn’t help yourself from making but that’s okey because 80% are similar to you so at least your not alone ✌️🤡
@noxnox7445 3 місяці тому
From my perspective as a middle-class Japanese family living in Japan, it is true that the economy has been stagnant for 20 years and is slowly declining further. However, prices have not fluctuated much, and salaries have risen slightly in line with the fluctuations. I don't know about other countries, but if I can maintain this situation, no more, no less, I'm fine with it. I believe that long term stability is the only way to have a better outlook on life and to be happy in the future. Life is not a gamble.
@YeahImRose 3 місяці тому
These economics type people seem to get it in their head that if a number isn't going up, it must be bad, and we're all suffering from it despite countries like Japan clearly showing how wrong they are
@Antero94 3 місяці тому
@@YeahImRose If a country is completely self sufficient, then yes, numbers could be stagnant and the way of life would remain the same forever. However, we live in an international world where countries compete with each other for goods and resources, including manpower and the rights to produce goods for companies abroad. This means that if the numbers does not go up within Japan, while the rest of the world goes up, eventually Japanese companies can no longer afford to import goods or compete internationally, which would be crippling.
@RM-ip3ob 3 місяці тому
@noxnox7445 thank you for your perspective! as someone living in the West, may I ask about happiness? I know crime and homelessness are low but you hear about things like jouhatsu and inemuri and see a lot of japanese tv shows and films showing people feeling disillusioned.
@noxnox7445 2 місяці тому
@@RM-ip3ob There are probably a few people in every country who are disillusioned with their country. I believe that happiness is the ability to continue living one's daily life without any inconvenience. It is true that we have become so accustomed to the peace and comfort that we take for granted that it is difficult to feel happiness, but once you travel or live in another country and see it for yourself, you will appreciate how blessed you are to be able to live in Japan without any inconvenience. Of course, other countries have their good sides, but they also have their bad sides. If you want luxury, you need money and time without limit, but whether that will satisfy your happiness is another story. Jouhatsu is for people who are tired of their relationships and want to start a new life in a new place, and isn't that the form of happiness they want? I think there are people in other countries who are living their lives in a new place in the same way, and I don't think it is a problem unique to Japan. I don't know what is wrong with inemuri.... If you change your mindset, you can save time by sleeping on the move. And I've done this myself. I think there are numerous things that people in the west are telling Japan with a different agenda by making it overly staged to disillusion them.
@largelampard3721 2 місяці тому
@@noxnox7445 The Japanese government disagree with you , so is the stats. Japanese economy is a disaster, so they devalue the yen so much that it loses over 30% of the value. If Japan is a isolated country like North Korea, you'll probably pull it off but Japan isn't, Japan relies heavily on imports, especially raw materials. At this moment, Japanese companies are taking the lost, and they will eventually put that on Japanese household if no changes are made. We can see domestic cars are rising about 10% this year, and second cars almost don't devalue. Yes I agree it feels very satisfied living in Japan, but I know it won't last forever. Hat's off to Japan for keeping this throughout past 20 years. But it's a dead end and the government are trying to change it by expanding NISA and criticizing companies with ridiculous PBR ratio. That being said, I've invested heavily in Japan, I hope Japanese won't go against making their companies more competitive.
@sunkuu 3 місяці тому
The zoning in Tokyo is really fascinating. Just walking around it feels so alive and integrated. Even in residential areas you’ll find shops, and in busy areas you’ll find quiet residential houses. I personally love the atmosphere and convenience of Tokyo.
@kanemartin2249 3 місяці тому
So like, there’s no zoning?
@sunkuu 3 місяці тому
@@kanemartin2249 There is but it’s much more loose than western zoning. It feels like the city grows in a much more natural way rather than being confined by government planning.
@BuddyLee23 3 місяці тому
Arguably only tenable in a more or less homogeneous society. In the US, we have tent camps popping up in all sorts of random places anyway (a little too organic, lol), and most NIMBYs would flip out if the wrong people moved too close to their business or similar.
@InvestmentJoy 3 місяці тому
Tokyo is like many areas of Texas : minimal zoning requirements
@fujin09 3 місяці тому
@@InvestmentJoy but then with the abundance of cars and road infrastructure, NIMBY'ism and rednecks taken away, and you get basically balanced neighborhoods where shops install themselves near people, public transport is in plentiful supply and people don't madly need their own house, own pool, own driveway and own bunker full of guns to protect themselves from dooms day. 😄
@huleboermannhule44 3 місяці тому
As a norwegiam who has lived in Japan, there are many good points here. While the slow growth of the economy might look bad on economic figures, it does not matter much to most people in Japan as they are already living quite well and most goods they consume are produced locally. I think many other countries should look to Japan as a way to live with low growth, but still high quality of life. Things like smaller homes might look worse on paper, but Japanese homes are very well built to use to space availible, and it is so cheap to eat out that almost all social gatherings happens outside the home. That was a big differnce coming from western Europe, where workers are paid so well that it does not make economic sense to have very cheap food, but Japan can handle that without larger issues. The work culture in Japan is also changing as alot of the extra hours were not value generating, but part of a culture of staying at work for long, even if you finished all your tasks.
@Snoop_Dugg 3 місяці тому
but also the Japanese working style is less pigeonholed into defined boxes/roles, and workers move more organically from project to project, department to department. So you'd end up with workers with experience in all areas of the business.
@rubandanmusic 3 місяці тому
@Snoop_Dugg can you tell me more? We Americans end up with information silos precisely because of the lack of organic movement.
@kaibe5241 3 місяці тому
Spot on. Infinite growth will run the planet into the ground - we -need- to move to a system where growth is not necessary for a content populace.
@ericng5707 3 місяці тому
@@Snoop_Dugg It is true that, traditionally, Japanese companies are focused on generalists rather than specialists. It's reflected in their lifetime employment hiring practices (this is changing, but the change is glacial), which involves hiring fresh university grads in bulk without regard for what they actually studied or got their degrees in. So Japanese workers are moved around within the company from the very start of their careers to supposedly gain experience on how the entire company operates and be molded into what the company needs them to be. So a worker can experience different departments/projects as you say, but this is entirely because the company assigned/ordered them to do that, not because they have the freedom to explore internal options on their own accord. One of the downsides of this system is that it is designed to have workers accumulate superficial levels of knowledge since they only have a few years at each position. It is especially inefficient when Japanese workers have overseas assignments. For example, just as the local office in the US has taught an expat Japanese worker how things work locally and develop local business relationships they are transferred back home after two years and replaced with another new Japanese expat and the whole introduction cycle has to repeat again.
@churblesfurbles 3 місяці тому
Its a libertarian channel so he will exclude all factors outside free market fantasy, being able to walk outside at night as a woman is not considered.
@user-kg9sr2ev2y Місяць тому
I am now living in Japan lived in Western Europe. As the statistics says, the salary in Europe was higher but didn’t feel a rich country as a citizen. Increase of living costs, high crime rate, e.t.c. On the other hand, except for the salary, living in Japan is like a being in a real home. Delicious and cheap food, reliable public order, low unemployment . It’s true that Japan is struggling with problems though, this nation is still a powerhouse and has a potential to regrow.
@user-wj4fx8vj2z 3 місяці тому
海外の人たちコメントを見てみると、日本のことを過大評価している人と過小評価している人の二極化をしているなと感じる。
@Satomori323 2 місяці тому
そうですね。トヨタがEVを製造しなくて遅れてると言ってる人たちもいるようですが、膨大な電気を必要とするAIが登場して近い将来、一般人への電気の供給が危うくなるかも、と言う話を最近聞きました。 上手く言えないですが、日本って天災も多い国ですから、そんな環境が経済の上昇ばかりみることなく、先を見据えて、慎重なのかもしれませんね。
@seasong7655 3 місяці тому
I think we also have to understand the shortcomings of GDP. It can be made to look larger just by just starting a lot of construction projects, or even taking on debt. It really is not saying a lot about how efficient the economy is operating.
@4Usuality 3 місяці тому
It can also look bigger by just lying, ie China
@jukebox_heroperson3994 3 місяці тому
Anything that makes the line go up must be good. Whether it is printing money, or bringing in other peoples and replacing your own.
@Idiomatick 3 місяці тому
Adding population is Canada's system for adding GDP ... the GDP/capita is shite though.
@alexguolo5872 3 місяці тому
a great example is Canada. GDP growth is increased via money printing and mass immigration to drive up housing.
@jukebox_heroperson3994 3 місяці тому
@@Idiomatick Line go up!
@languist 3 місяці тому
Japan indeed had a rough start in 2024. I wish all the best upon those who have been affected by the earthquake and aircraft accident.
@benedictt.1050 3 місяці тому
What a miracle and testament to great safety standards that all the jet passengers survived though.
@tatsumasa6332 3 місяці тому
and the rampage in the moving train.
@arjunratnadev 3 місяці тому
because their principles haven't yet been compromised and they stand high on it
@NancyYan-wk2ph 3 місяці тому
Honestly, I think, Japan, as a country suffering frequent earthquakes, should not establish so many nuclear plants in the first place, just imagine if there is another 2011 calamity.
@benedicttan6070 3 місяці тому
Japan has been a rough spot for investing into for more than the past decade😂
@galamotshaku 3 місяці тому
Dude I live in Japan and the living standards for the working class are way higher than the U.S on average. It might not be the case if you take a small demographic of rich tech workers in California as an example, but here regular people actually have access to quality public education, transportation, healthcare, affordable groceries, housing and general public infrastructure.
@wingwaabuddha 3 місяці тому
I live in Japan and work in Japan as a foreigner. Foreigners are everywhere now in Tokyo and elsewhere.. obviously still a small percentage ... but convienent stores have foreigners working there, unthinkable 15 years ago. I just don't agree with this video --- I have been trying to move from poorer asian countries all my life as a teacher. I made way more money in Vietnam and China, but I hated it there - pollution, government nonsense, loud, motorbikes, food safety being awful. I know this is an economics channel, but some things are hard to measure by money. Japan is special, it always has been, it attracts people in part for that reason. Of course the irony is, what we all love about Japan simply won't survive if tomorrow 10% or more of Japan were migrants. Japan is a great place, I make far less money, even considered poverty level in US, but I won't get shot, people follow the rules, and its ---- get this crazy idea ---- NICE.
@EzekeilMaxwell 3 місяці тому
"Japan is the country that has been living in the year 2000 since the 1970's" holy...... this is the best quote to describe a country
@MM22966 3 місяці тому
"Greetings from....THE FUTURE!!!!"
@mayfort8573 3 місяці тому
Indian scammers👆
@KhoiruunisaRF 3 місяці тому
That line doesn't make sense...I'm confused.
@jw7268 3 місяці тому
@@KhoiruunisaRF they were ahead in tech, but stayed there unfortunately. They got comfortable.
@signifiantsignifie7535 3 місяці тому
Really? That sounds like opinions from people who has never been to Japan and ONLY seeing economical number of stats.
@thomasrowe3179 3 місяці тому
when the Japanese economy was growing non-stop Japan was pressured by the US into signing the Plaza Accord and thus crippling its own economy and entering into a major recession today known as the Lost Decade. Not happy with that, the US went ahead and simultaneously placed 100% tariffs on Japanese electronics. Tariffs Japan wasn't even allowed to match or even retaliate in any way.
@Panpanuser1748 2 місяці тому
日本能發展起來，背後有美國。它的衰落，也是影響到了美國的利益。日本不像中國有骨氣和美國打貿易戰，不卑不亢，就只能停滯。
@qwertyuiopasdfghjk11111 Місяць тому
If the economic boom like before comes, Japan will no longer need to follow America. This is because there are export destinations such as China, India, and South Korea, not just the United States as in the past.
@MikeB-ev4fh Місяць тому
That's a pretty wild oversimplification
@act-pq1wj 4 дні тому
@@Panpanuser1748👉🐵👈
@Panpanuser1748 13 годин тому
@@act-pq1wj Japan's assets have been harvested by the United States, and Japan's GDP will be surpassed by India next year.👎
@clicheusername7182 3 місяці тому
I can't remember if you brought it up but, in my opinion, an underrepresented issue in Japan is their view on failure. In America, we view failure as a part of the process. Someone starting a company and failing is mocked but not looked down on, if that makes sense. In Japan, failing is viewed much more negatively, and someone is very unlikely to try starting a company or even modifying their own company for fear of failure.
@Itsameamario34 3 місяці тому
This is accurate based on my observations. I think it is the biggest thing holding back innovation in Japan; the fear of failure and therefore fear of taking risks.
@alexanerose4820 3 місяці тому
Another and more likely way of seeing it is not a fear of failure but more of minimizing waste from failure. They have a saying: measure twice, cut once. Why waste money making failed products when the same money could've gone into better preperation and planning? Think someting like the aircvraft industry and how they spend spend billions making sure their planes fly well and not crash.
@krunkle5136 3 місяці тому
This is good, because when you have people blaming the process then you have little or no accountability. Failure needs to hurt because failure affects much more than just that entrepreneur's ego.
@relight6931 3 місяці тому
Yeah, Japan as well as it looks on paper has some culture problems that are absolutely insane.. On top of my head.. They basically don't think mental health is a thing.. Staying on job and appearing busy while also being required to go out to drinks everyday with coworkers is another.. Third they barely speak English at all.
@user-uu5xf5xc2b 3 місяці тому
i don't know where you belong to but this is like the most known fact as i see around the world. it is because east asians like conserving what's good and taking responsibility. you fail without disrupting the order without any visibility then you emerge as someone trustworthy and successful. usa has "i can do whatever i want and i will just put consequences to somewhere far away from myself" mindset, because there is abundant richness in that geography no one cares about waste or how things affect others because people only care about themselves. think about it, if japanese were really afraid of failure how come they're so successful at almost every area ? it's not fear of failure, it's sense of worth and protecting it by showing consequences. because it is kinda unspoken many foreigners can not understand what's going on.
@greatofray 3 місяці тому
You did not mention the tradewar between US, Americans have compressed the Japanese technology advancement in different ways, also the currency rate. These are the true underlying reasons.
@harttdm 3 місяці тому
So Japan’s economy is functioning well despite decades of stagnation, and only having issues because the rest of the world insists on growth for growth’s sake, weakening the Yen. Sounds to me like the problem is the world, not Japan. I hope in my lifetime I can live in a country that isn’t obsessed with constant growth. Growth is the economists’ “turtles all the way down” - always demanded but never truly justified. If anything, continuous growth is causing the decimation of our planet.
@tropinnka 3 місяці тому
Spoken from a very privileged position, it’s easy to be satisfied with what you have when you have a lot, but for many developing countries and poor people in developed economies, growth is the only way for them to live their lives any other way than in abject poverty.
@user-mb2op3ui1t 3 місяці тому
I feel like this is a very nuanced issue, with both arguments making sense, as yes, growth is required to a certain point, but beyond that point, it's a matter of profit. The problem is that this "point" is different for everyone as everyone has their own reasons as to why they think the point lies where it is
@panzerburgerwafflemaker 3 місяці тому
@@tropinnka While I dont disagree with your take , the point is , as of right now not every country needs growth . There is alot of countries that needs growth , some more than others but there are also others that just need to chill out on growth and focus more on being stable and substainable , take care of the enviroment instead of making more junk
@qtdcanada 3 місяці тому
I believe that the worsening US-Dollar--vs-JP-Yen has most to do with currency speculators than any economic fundamentals. These speculators have just been using the ever-increasing Fed rate (necessary to tamp down ever-increasing inflations in the US) to pressure the Bank of Japan (BoJ) to raise its interest rate to make their profits. The BoJ, to its credit, refuses to punish Japanese consumers to satisfy the speculators' greed. The US dollar will come down when the Fed starts to reduce its rate, in 2024 or risks choking the American economy.
@wadeorth2839 3 місяці тому
That is the destiny of those with the helix shaped gene
@daiheadjai 3 місяці тому
Bit of a nitpick or question: is market cap really an appropriate proxy for the "worth" of a company? If we look at the actual value of production and sales, is TSLA really worth more than Toyota?
@richardconway6425 3 місяці тому
Very good point. Tech companies and billion $ unicorns are often ridiculously overvalued, and their market cap can be quite volatile. One stray tweet - and bam! 😂
@gigitrix 3 місяці тому
Market cap in a liquid market is the truest mathematical measure of what people will pay for each share and how many shares there are. Your question is really "are markets right about the worth of companies" which is a wider, somewhat interesting question (and anyone able to answer it would make themselves very rich indeed)
@whannabi 3 місяці тому
@@gigitrixthe answer is obviously "not all the time" given the numerous scams in the past based on hyping a company just to discover it's completely empty and worthless
@Flitalidapouet 3 місяці тому
Nothing can appropriately proxy for the worth of anything. Even more so for companies. Only guesses exists, Market Cap being one of them. If you ever in your lifetime discover and reliable, certain, worth evaluation system, PLZ TELL ME FIRST. you and me will become filthy rich.
@rumrunner8019 3 місяці тому
Basically, that information is given only to those shareholders who are invited to that part of the shareholder's meetings. They often don't divulge everything to most, but just general revenue and profits by quarter. But keep in mind debt can be hidden in the fine print, so are these companies really making a profit? And stock prices have nothing to do with profit. Uber has literally never turned a profit, but their stocks sell right now for $58 a share. A CEO and chairman of the board of a company could be a billionaire on paper, but in reality own nothing more but the largest stake in a company that is drowning in debt and fundamentally unprofitable. He is a billionaire because enough people decided that his failure was "cool" enough to buy for share of, and nothing more. This is just one more aspect of modern economies being built on consensus reality.
@MarkDavidChan 3 місяці тому
I'm a Canadian, specifically living in the bubble economy of Toronto. Just came back from Japan, and it did truly feel like at least 2010s, and maybe even early 2000s in terms of prices of goods. I was in Heaven, because everything felt so affordable! Compare that to Toronto, where prices just go up for the sake of going up (housing, rent, electricity and gas rates, internet and cellphone rates, insurance, food, tip at restaurants...). It made me feel like Canadian/American companies are all just greedy and jacking prices compared to Japan.
@socks_cat356 2 місяці тому
It was just like the typical videos I've seen and I was disappointed. The media often talks about Japan's low production efficiency, but in terms of working-age population, Japan is almost the same as Germany. Japan has continued to implement labor reforms and improvements since the bursting of the bubble economy, and the results of these efforts are reflected in OECD data. Furthermore, despite Japan having the fastest aging population in the world and a declining birth rate, It is a miracle that Japan is ranked among the top economic powers.
@TheBirthdayhat 3 місяці тому
living in the early 2000 doesnt sound so bad compared to now.
@Mr1ManArmy69 3 місяці тому
They still using fax machines in Japan so idk how good that is. Imo its time for upgrade.
@anonmouse15 3 місяці тому
I'd be thrilled to live permanently in 1999.
@simonhenry7867 3 місяці тому
They save stuff on floppy discs. Theres just one company refurbing discs in America (because there isn't enough demand to make new ones)and thier main market Japan. Floppy. Discs.
@deanchur 3 місяці тому
@@anonmouse15 I'll go back to 1999 but only if I can also take SSD's with me. I'm tempted to say broadband as well but that led to social media being way more prevalent.
@anonmouse15 3 місяці тому
@@deanchur Sorry mate, you take 1999 as it was or not at all. No USB or SSDs. On the plus side, you would be oblivious of these things in the first place.
@LSgaming201 3 місяці тому
Interestingly the situation in Japan is fairly normal for the nation. If you look at Japanese history in aggregate, a pattern emerges. Japan tends to stagnate in technology for decades or centuries until something dramatic happens and they rapidly modernize often far faster than anyone else in the world, before stagnating again. The best example of this is the stagnation under the Tokugawa shogunate and then rapid modernization into the Empire of Japan, where Japan got stuck in 1925 until 1945 at the end of WW2. Then they rapidly modernized again and now are stuck again. I suspect here in anothet couple decades something will happen and Japan will again rapidly modernize getting to the bleeding edge before stagnating again.
@Bozebo 3 місяці тому
Isn't that similar in the history of most countries (or long term cultures)?
@whannabi 3 місяці тому
It's only based on one example (or "notable" like you said). I'd like to know about the others especially given that they weren't in the context of a global economy. I want to believe the pattern is indeed a real thing but I'll have to look at more examples.
@LSgaming201 3 місяці тому
@Bozebo Not really. Most countries especially western ones have a very steady progress of technical knowledge. Japan during the 1500's got the knowledge of how to manufacture guns from the Dutch and for awhile were actually making better firearms than the Europeans, but then they just stopped. The rest of the world caught up, invented new types of firearms, and then surpassed them. By the time Admiral Perry showed up in the 1800's the Japanese hadn't innovated on their firearms in nearly 200 years. That's odd. Then they did it again in the 1900's with a brief aberration in the adoption of tanks but again developed bleeding edge tanks in the 1920's and then just stopped innovating. It wasn't until the war was nearly over in 1944 that we see the Japanese even toying around with newer tank designs. It's a notable pattern unique to Japan as far as I can tell.
@KlusaisUldis 3 місяці тому
There's a significant factor to account for - voluntarity. They didn't shift to modernization on their own, but we're forced by dire situation or circumstance. As soon as the pressure was gone, they stagnate again. That's akin to a hardworking person, who's also lazy and tending to procrastinate. Another (worse) analogy is cart. As it get's pulled by good engine, the cargo accumulates and isn't shed (because of inclusivity and tradition). Over time the clutter accumulates and speed drops. It's not that engine is worse. The weight (deadweight?) is pulling it down. Once some accident or external factor breaks the structure, it's setup up from scratch again, with minimalistic specs and requirements. Thus - the cart is fast and efficient again (for a while).
@mi-tm8vb 3 місяці тому
@@whannabi its literally not based on one example lol
@dreamer6737 3 місяці тому
I really enjoyed traveling in Japan. Such a peaceful country and people.
@FrederikEngelmand 3 місяці тому
i wonder why and how. hhmmmmmmm
@caniz80 3 місяці тому
more like they want to left alone from gaijins
@Solarstormflare 2 місяці тому
@@caniz80 depends. I went places not many tourists go and many people i interacted with there were really interested in me and where we came from
@EnglishStoryShared 3 місяці тому
During my time in Japan, I was struck by Tokyo's intriguing urban planning. Just wandering the streets, you feel the vibrant blend of uses. Amid bustling districts, pockets of tranquil homes persist. And shops sprinkle even quiet neighborhoods, creating an integrated mosaic. This organic mix makes the city feel truly alive.
@calorus 3 місяці тому
I spent a year in Japan in 2009/10. GDP growth is nonsense. As a person, there was nothing you could really want for; if someone said Japan will stay as it is forever, most Japanese and the few others in Japan would be intensely relaxed.
@josevilas4927 3 місяці тому
The problem for Japan is that the world will not stay like this forever, so Japan will not be like this forever. They were the kings of tech back in the 80`s. Everything was turning Japanese in the 1980`s : Pac Mac, TVs, boom boxes, walkmans, VCR , Toyotas, fax machines , cameras ( the ones with a film you had to develop). Well, Now almost 35 years later they still are leader in the car industry, the other tech they reigned supreme is obsolete. And new countries have overtaken the new tech. Cellphones, computers, etc. None of that is made in Japan. Even, Chinese and Hindus are producing cars now and exporting them. Besides, Japan is not a country keen to receive immigrants, so USA, Canada and Australia can add more tech savvies from other countries to their I.T. industries to compete with China and to a lesser extent with Europe and India. The Japanese still make good car, though. My car is Japanese.
@themadmallard 3 місяці тому
@@josevilas4927 and all of that will exacerbate as the population growth collapses. If they don't change their immigration policy (not saying they should), then they must take seriously the birthrate problem, and it sure doesn't seem like they are (trying to mitigation social pressures on having families have been limp-wristed efforts at best, nibbling at the edges instead of dealing with roots). Its arranging the deck chairs on the Titanic.
@themadmallard 3 місяці тому
Right up until they realise they're all old and nobody is left to work and pay taxes to keep it that way 'forever...'
@IshtarNike 3 місяці тому
@@themadmallardthat's never going to happen. The birth rate is low but it is not negative. The population will shrink until the birth rate and death rate are equal, but they will not have an increasingly aging population forever. That's not how these things work.
@stephendoherty8291 3 місяці тому
The problem is the aging population. You can't have most of the younger population working to care for the retired mostly funded the state or their pension/ cash savings nest. An aging population as an ever larger share of the voting public drives politicians and companies to serve them over an ever narrow younger population. Japan is also dominated by some large exporting giants (Sony/Toyota etc) to whom its foreign sales dominate its success and where the home market is presumed profit safe and therefore not worthy of productivity attention (bar some local weak competition). Unlike the powerful German mittlesand medium sized companies that compete with other European competitors but who also export to maintain the investment they need to remain a player even at their smaller scale, Japan has lots of insular medium-"small" sized firms that have no foreign competition and therefore they own the home market. Foreign entrants are rare and find it hard to enter what is a conservative buyer (both culturally and due to risk adverse experience in considering a better option). This is true in China but the market is so big that even a sliver of an ever expanding market makes that less important (unless you fail to sell at all due to bad products or the Chinese beat you at your own game or you presume you are too far ahead to be beaten). At the same time many issues can be solved. Presenteeism is not driving productivity and never has (the US workforce is just realising this post Covid), female worker participation rates are still low (and we can presume the gender page gap is no different to the west even in a tight labor market) . State cash can solve that with childcare and tighter labor laws on working hours. At the other end is the lack of emigration of the best young workers to better jobs outside Japan and fewer enlightened firms in Japan offering a view of what a modern employer (not just wages or fostering blind company loyalty). Few workers move jobs for better results (so why would home companies compete for them?), many firms (same in SK) are the attractive employers who garner the best applicants but in reality the SMEs hoover up the rest and rest on the laurels presuming they are the best
@TimeBucks 3 місяці тому
Excellent explanation of real estate
@mdmahmudul3779 3 місяці тому
Good performance
@Part_121_Wannabe 3 місяці тому
so as always, it's the government's fault (for high real estate prices)
@haqeqat7217 3 місяці тому
nice
@MM22966 3 місяці тому
While the Japanese ARE very conservative, they have also had two big off-setting characteristics as a nation: -They are extremely team-driven. They have a sense of greater-good and need to work in groups that is staggering compared to a more independent/me-first attitude like America. Neither is "bad" as such, but it gives them a real edge in complex operations with lots of moving parts like an industrial economy. -They have an almost fetish for precision. There is real pride (or shame) in not making something as good as you possibly can, and taking care of the tools that make it. It shows up in their art, their manufacturing, everything. Definitely a big advantage over China, where the mantra is more like "fake it until you make it".
@anmolagrawal5358 3 місяці тому
tbf I like the different flavours of humanity. It's kinda nice to see the character of a country being reflected in their culture and media that they create. Fake it till you make it has its benefits, good enough is efficient, perfection marks the limit and individualism is more experimentative. And the world's needles cycles through these params based on which approach has the time to shine
@radjalomas8854 3 місяці тому
Definitely the communal aspect is part of it. As someone who is born and partly raised in Japan. I just hate western individualism. As**** everywhere in our society. It's toxic, but we're too dumb to realize. So western society deserves to go down the drain.
@20035079 3 місяці тому
"-They have an almost fetish for precision. There is real pride (or shame) in not making something as good as you possibly can, and taking care of the tools that make it. It shows up in their art, their manufacturing, everything. Definitely a big advantage over China, where the mantra is more like "fake it until you make it"." This is totally not weird or orientalist to say about a country at all.
@MM22966 3 місяці тому
@@20035079 What's weird? Different countries have different national characters. Should we lie simply to prefer some PC ideal?
@Hay8137g 3 місяці тому
First of all don’t say China is fake till you make it, Japanese are indeed very fake if you know honme and tatame. All the great news about Japan is all surface, what really lies beneath this fake country is nationalism and fake smiles. Things that work and work against them.
@DecemberNames 3 місяці тому
I just wanted to take a moment to say how amazing your video was! I was really impressed with the quality of the footage, the editing, and the overall presentation. You did a great job of explaining the topic in a clear and concise way, and I learned a lot from watching your video. I also really appreciated the way you made the video engaging and entertaining. You kept my attention throughout the entire video, and I never felt bored or lost. I would definitely recommend your video to anyone who is interested in learning more about the video.
@itchylol742 3 місяці тому
Japan's life expectancy is 84.62 years, don't fix what ain't broken
@toomanymarys7355 3 місяці тому
It's that high mainly due to the unacceptablility of obesity. Not because it has amazing healthcare.
@NineTnk 3 місяці тому
@@toomanymarys7355tf you on about? jp doesn’t not accept fat ppl, they simply have healthy cuisines, walkable cities with trains as the main transport, resulting in less fat ppl.
@arcturionblade1077 3 місяці тому
That's generally in Okinawa where the vast majority of octagariens live due to high seafood diet, good warm weather, and more relaxed pace of lifestyle. But moreover, you're missing the bigger picture of quality of life, and not just longevity of life. Many seniors in Japan live on limited social pension system despite the decent socialized healthcare, and the lack of young workers to pay into the existing social systems and replace their aging seniors is becoming so much of a problem that importing workers is becoming more and more of a problem but Japan still limits work visas because of existing xenophobia and racism.
@Nope_handlesaretrash 3 місяці тому
@@arcturionblade1077they should be xenophobic and racist. Why should they destroy their country to make magic numbers go up for someone's investment portfolio? It's a tiny island nation. They will wether the storm and have a more reasonable population at the end.
@Idiomatick 3 місяці тому
@@toomanymarys7355 Its a bit of both. Healthcare is decent quality and has high availability. Companies also get tax benefits for healthier employees long term so this encourages preventative health interventions.
@spadegaming6348 3 місяці тому
Japan will be the first to recover from its demographic crisis of any country going through this change. By the time that happens maybe elder scrolls six will be out.
@tann_man 3 місяці тому
Evidence?
@saaszoncasseno5903 3 місяці тому
@@tann_manhe has none, elder scrolls six will never come out
@MusehanaH 3 місяці тому
How?
@JeffCaplan313 3 місяці тому
🙏
@JeffCaplan313 3 місяці тому
So it is written...
@Kirikenz 3 місяці тому
@EconomicsExplained, I think there was a mistake in the currency conversion around 13m0s; 10,000JPY is roughly 70USD today (at a rate of ~ 142JPY:1USD), not 200USD.
@Velexarian 3 місяці тому
Yeah I live in Japan rn. I would be RUINED if that was the case.
@Bing05 3 місяці тому
That's true. I haven't sent my JPY back home to the States for years now since the yen is worth so little.
@7D6-2D7-watch 26 днів тому
Aliexpress product's are more expensive
@pizzadude64 3 місяці тому
great video! the ideas were clearly conveyed, and well thought out. the video itself well edited, and quite concise! i ask as a fan and citizen of this country; could you do a video on canada's economy?
@ta96943 3 місяці тому
Despite the challenges faced by every sector of the Japanese economy and the need for improvement in our work culture (which has improved significantly in the past decade), I believe that we enjoy a stable and prosperous democratic society and I am proud to be Japanese. Thanks for the coverage of Japan!
@francisravenscroft-dw6gi 3 місяці тому
Does it matter to Japan if the population decreases? NO because the development of AI and bots will replace the human labour force. :) I countries import people, then import more social, housing and resource problems.
@phunweng962 3 місяці тому
@@francisravenscroft-dw6gi Well it's much more an economy issue
@noseboop4354 3 місяці тому
@@francisravenscroft-dw6giIn the 60s science fiction and TV promised us robots that would do all the work and give humans more leisure time. I'm still waiting.
@my_pronoun_is_your_excellency 3 місяці тому
Agreed, not being a Japanese, I think Japan has been quite successful in maintaining national economic health and navigating various social issues, and there’s no reason not to be proud of being a Japanese. GDP growth is just one measurement of economic success, an obsession on one number will not be beneficial in the long term.
@256shadesofgrey 3 місяці тому
There is a lot to be proud about in Japan. In the West the politicians are destroying every last ounce of such things in service of the line going up.
@eagleeyez1 3 місяці тому
the younger work culture in japan is shifting. they know that being overworked isn't beneficial to the society at all.
@krissydiggs 3 місяці тому
Your comment on the housing isn’t quite true. Tokyo is full of tiny low cost apartments with no amenities, but anywhere outside of Tokyo has lots of large living space and affordable homes. I don’t even mean countryside. There are tons of great cities in Japan to live in.
@antiacc5715 2 місяці тому
I am in Hiratsuka (arround 300000 habitants ) right now. Appartment for one person with Fuji views for 250 euros per month. In Spain that almost cant get you a room in a 45000 thousand people city .
@Zedprice 3 місяці тому
I lived in Japan for years and was worried going this video would misrepresent the issues in Japan in a way I've seen many times before, or leave things out. But no, you hit everything. Super awesome breakdown. Thanks for providing this crucial information to your audience!
@bobbab5759 3 місяці тому
Agreed. I have worked in Japan since 1998 and this is spot on. Of course there could be depth added to certain points but as an overview it is quite good.
@WesTheWizard 3 місяці тому
@@bobbab5759What advice would you give to a 40 year old guy interviewing with a company in Tokyo right now? Is now a terrible time to move to Japan? I'm married to a Japanese citizen and have lived there before, back in 05. We've been feeling like it might be time to move back but I've started feeling a bit nervous hearing about some of the troubles lately.
@Yannister 3 місяці тому
Everything except the part about rent :p Which is undervalued by around 20% because they don't count the fact that the landlord will keep the deposit, and they don't count reikin neither
@bobbab5759 3 місяці тому
@@WesTheWizard What really matters is your personal situation and whether there is more benefit to you in JP or wherever you are now. While the vid is quite accurate, JP is also a stable, and safe democracy and Tokyo is a wonderful city. Would I start my career here as a US citizen and white collar worker? No. Go to college here? No. Come over as a tech worker on a local salary? No. But I moved back at 42 because I was offered a transfer back on an good salary in a US company and my wife had a job waiting for her in a great automotive company. So, for us it made sense. I would suggest you put thought into your banking and investment sit before you leave the US (if you are American). Good luck!
@afizi1213 3 місяці тому
we know japan also dont like to hear negatif issue like this but its important to know so we can help japan
@LordSesshaku 3 місяці тому
Paul Krugman? Seriously? The guy that in the early 2010s openly praised Argentina and Venezuela economic policies? The guy that openly supported "let's print money, nothing bad will happen, look how great it is in south america"? THAT GUY?
@Draconic_Aura 3 місяці тому
it's a youtube educational video, some editor found a random source that looked credible and added it to the script
@Funkensturme 3 місяці тому
@@Draconic_Aura It wasn't random, this guy is definitely a fan of Paul Krugman. And to be clear, I don't mean it in a good way.
@lum4707 3 місяці тому
Didn't he say that internet will fail?
@Nope_handlesaretrash 3 місяці тому
Not once has Krugman ever been right about a single thing. The man could tell me it's raining and I'm gonna assume he's pissing on me.
@LordSesshaku 3 місяці тому
@@Nope_handlesaretrash As someone that actually has to live in Argentina, everytime I remember his open support to the peronist regime while living from the comfort of New York, I get angry. And let's not even talk about his "star student" that actually served as minister of economy and COMPLETELY DESTROYED whatever was left of the currency, the budget, and the reserves. There's nothing that pisses me off more than a socialist or a MMT imbecil# that preaches for more poverty while living in a first world country. Hate them with a passion. They're mercenaries of poverty and dictatorships.
@jessip8654 3 місяці тому
Whenever these type of videos come out, there's two types of people in the comments: People who think Japan is a perfect utopia, and people who think Japan is secretly a dystopian hellhole, instead of a country that does some things really well and some things not so well. Their housing is extremely affordable, their food culture is amazing and affordable, the public transportation is the best in the world, and affordable. You can actually survive on their minimum wage, even in Tokyo. Everything is also ridiculously efficient. But there's also issues with their horrific work culture, sexism, xenophobia, corruption, and just a general disdain for anything or anyone outside of the box. We can certainly take may lessons from Japan while leaving their worst aspects behind.
@Unimportant 3 місяці тому
When "Their housing is extremely affordable, their food culture is amazing and affordable, the public transportation is the best in the world, and affordable. You can actually survive on their minimum wage, even in Tokyo. Everything is also ridiculously efficient." is what is at stake I can understand if they are protective of that from outsiders who have failed to build the same that might disrupt it.
@my_pronoun_is_your_excellency 3 місяці тому
Well said
@catboyrodeo 3 місяці тому
@@Unimportant That's true, but skilled and highly educated workers are more likely to adopt cultural practices to blend in with society, since that helps them further their career and life prospects. It's not like they would be taking in mass amount of refugees like Europe has.
@jessip8654 3 місяці тому
@@Unimportant lol as a Canadian I get this. We're currently getting crushed by spiraling housing costs, expensive yet garbage food, and borderline non-existent public transportation while the price of cars shoot to the moon. I can see Japan's hesitation to open their doors to our potential issues, even though Canada has some good points too.
@danielhale1 3 місяці тому
I was about to post something similar before I found your comment. Japan's legal system is also terrifying -- people think the Ace Attorney games are a cartoon legal system, but they're calling out actual problems in their courts. And they're mild and sanitized compared to the real thing. I love so much of what Japan does well, and yet I wouldn't want to live there. They have a long way to go, but I do hold out some hope that they could get there. Unfortunately they are culturally so heavily against change that it may take a very serious shock to make it happen, and that's not something to wish for. :( Also not tooting America's horn -- we have a lot of work to do too -- but I'd still prefer living here.
@oys9420 2 місяці тому
Hmmm, not a day goes by without hearing some criticism of the government on a Japanese TV show.
@walfredodellagherardesca1739 3 місяці тому
I’m Italian and I think Italy is not that far as a comparison: We have had an economic boom in the 80s, then flatlined. Today, even if our economy is surely not regarded as a strong one and our GDP is pretty low , our standards of life is above average… No one ends up homeless. Yeah, we complain about salary but we all go for our little “aperitivo” in the evening. During summer no one is in the city but everyone is on a beach , lake or mountain. If rather be a poor in Italy than a lower-middle class in the US
@CaseNumber00 3 місяці тому
For a lowly consumer and worker, some aspects of Japan sound great: almost no interest, cheap property, everything cost the same as 20 years ago, and still a global high quality of life. Sure the economy doesnt grow but it hasnt gotten any worse either. For macro economics and business owners, its sounds like a nightmare, for me, its great. No opportunities for great advancement but no opportunities to failing. I during Covid I was working hard like I always did but I got laid off anyway, couldnt get a job for months, huge life shifts, and a lot of suffering and depression. I rather have what Japan has now to avoid losing it all again. In this race in life only so many people can stand at the podium and the world is ever more created and utilized only for those winners. This just tells me the pursuit of a better economy and growth is not to my benefit as a citizen in a rabidly growing economy of the USA. Its another reason we should start measuring the economy with other metrics, ones that measure the health and happiness of citizens.
@Calzaghe83 3 місяці тому
Go work 80 hrs a week then.
@hello855 3 місяці тому
With one of the highest suicide rates in the world and a notoriously tough work culture, I'm not sure Japan is a good example of that criteria.
@anhnam2660 3 місяці тому
@@hello855you will be surprised, that US has higher suicide rate than Japan 😅
@OffGridInvestor 3 місяці тому
Where did you get the idea the US has a rapidly growing economy? They have big booms and bigger busts.
@CaseNumber00 2 місяці тому
Then what is that number? What is that number compared to Americans?@@hello855
@steggs69 3 місяці тому
One of my best mates works for a Japanese bank in Australia and he says it's the worst job he's ever had. Basically only a few months later he's already looking for a new job. The workaholic salary-man thing may fly in Japan, but not outside... and certainly not in Australia.
@hayleybarbara1589 3 місяці тому
Im an English teacher who works in Asia and i tell anyone who listens to NEVER work in Japan. Literally any other country is better Japan will work you like a dog pay you nothing and tell you you suck t while you're doing it 😂
@pinetworkminer8377 3 місяці тому
Worst job experience mainly because of the terrible(and infamous) Japanese work ethic?
@MM22966 3 місяці тому
@@pinetworkminer8377 unpaid hours expected to be worked, overtime, social hierarchy is a lot stiffer/less forgiving, a lot more yes-man attitude expected from workers, and he was probably getting a degree of "TRY to keep up, gajiin" attitude. (I am guessing)
@noname-dk7ri 3 місяці тому
Surely the Australian way of working and the Japanese way of working would be opposites.😅
@user-se6vg7mr1z 3 місяці тому
The "Australian Way of Life" is getting somebody else to do all the work, and then you take all the credit (and all the salary)
@e2rqey 3 місяці тому
Japan being in the year 2000 since the 1970s and still being there is such a great phrase
@tapera86 3 місяці тому
i loved it too!
@rayscott3373 3 місяці тому
The quality of info graphics on this one is next level
@ichifish 3 місяці тому
Excellent explanation of real estate, but you neglected a couple of important points: first, buildings (houses, apartments, etc.) depreciate instead of appreciate. That is, unlike the US or Australia, buildings depreciate in the same way cars do. While the land itself will retain or increase in value, the building doesn't. This drives down housing prices and makes renting far more attractive. I'm finishing the construction of my own home, and I can tell you firsthand it's not an investment vehicle. It is, however, an amazingly affordable home in great city within walking distance to a major train station, small mountains, and a beach (albeit a concrete-lined one (this is Japan, after all)). My home is tiny (120m2) compared to those in the US, but so is my mortgage: 0.59% percent. The second point about housing is one that you hinted at: public transportation. Convenient, reliable, clean, and affordable public transportation keeps housing prices low because workers have many more acceptable options. The effect of this is increased by the policy that companies pay for their workers commutation. About technology: Japan did NOT adopt computers before other countries and still lags behind in general CS literacy. Japanese COMPANIES led in some areas of technology and produced consumer products (video game consoles, VCRs, phones), but that is not the same as "adopting computers" in the same way that the west did. This, combined with crippling foreign language deficiencies, are a primary cause of the current stagnation. One minute browsing any of native Japanese websites like Rakuten or Merucari will make it painfully obvious that there is no local web design talent. Japan has only one social media company, Line, and the user base is miniscule. I teach in a business school and NOBODY is interested (or capable of) building apps. They all want to work for some conglomerate and let "the computer nerds" do the "computer stuff" because the alternative (starting your own company) means they'll never get the chance to get permanent employment and the benefits that come alone with the long, long hours required.
@sor3999 3 місяці тому
No, the building itself does depreciate in the US too. It's just that land value shoots up faster than building depreciation due to restrictive zoning resulting in artificial scarcity.
@arthurmoore9488 3 місяці тому
@@sor3999 It's a matter of degrees. Apparently it's common for people in Japan to tear down the home on whatever property they buy and build new. As an educated guess houses in Japan have a 20 year expected lifespan, so are likely going to be built with that in mind. Meanwhile, in the US a plumbing fitting* is seen as suspect if it only comes with a 25 year warranty. * Sharkbite.
@poonoo87 3 місяці тому
When it comes to technology Japan has always valued hardware over software. The big companies like Sony were hardware focused while software development is looked down upon in their tech sector and that became an issue when most of the biggest tech companies worldwide are software based. Japan has ignored software despite it becoming more important over the past 30 years (even when Bill gates became the richest man in the world) which is why they are so far behind even though they used to appear so far ahead.
@sonny9054 3 місяці тому
Wow, you guys know your stuff! As a Japanese, I am truly impressed. Not too sure about the web designing bit though.
@huleboermannhule44 3 місяці тому
While the assesment of the japanese being behing in software is generally true (although they have some of the best and largest game companies worldwide), I do disagree abit on the web design. While the web design is very different from what people are used to in the west, this is more of a cultural thing. The japanese could design web pages like the west, but they prefer the more "busy" looking interface where they have everything on one page. This is a design which was more common in the west in early 2000, and as with other things Japan has been stuck with it. Its older population having things like they are used to is also a part of it.
@2FINE4YOUBABYGIRL 3 місяці тому
Japan focused on hardware while the rest of the developed world was focusing on software. Not saying that’s the only reason and not saying Japan doesn’t have great software companies either but it is worth noting.
@9f238 2 місяці тому
ヨーロッパに有名なソフトウェア会社なんてあるのか？お前の認識はかなり間違ってるよ。ヨーロッパや他の先進国は移民を大量に入れてGDPをブーストしてるだけだろ？まるで日本以外のすべての国がソフトウェアで成功をおさめたかのように言うのは嘘つきのすることだ
@graigjanssen9966 3 місяці тому
Excellent video chock full of interesting insights. If I could share one bit of feedback on the production, it would be to SLOW...DOWN! I know we can adjust the playback speed, but for dense information like this, I would suggest a bit of a slower paced delivery, just a bit more pauses to separate thoughts
@Vespuchian 3 місяці тому
'Stagnation', or 'Stabilization'? I think the first takeaway from Japan is that a stable economy doesn't necessarily mean one that grows endlessly but one that can maintain and sustain itself at the same level over time.
@SnarkyMarx 3 місяці тому
bingo, the obsession with growth is a cancer. Capitalism sucks.
@nisabn9934 3 місяці тому
Well talk about their cars, recent daihatsu safety scandal shows japan have some problem as they need to resort to these cost cutting measures that kills people . Not to mention takata airbags, kobe steel, there are tons of these. They do a lot of data falsification. I'm not sure how sustainable it is.
@caralho5237 3 місяці тому
Its not maintaining itself though, its receding.
@ReinoldFZ 3 місяці тому
My Sony Ericsson cellphone is still working today. My Sony iem's sound better than the hyped chi-fi's. My Fujifilm X100S is extraordinary and my family appreciate the memories with it. My Toshiba hard drives work fine. My Vaio laptop is long lasting. My Canon and Fujifilm film cameras are working perfectly. I miss my Sharp SH-06D smartphone, I need a new battery for it. I love my mangas and I don't get many comic books anymore. The thing is that Japan isn't competing technologically, or culturally. but if I get those things working for me through many years, I can only imagine that Japanese people have higher standards of life, not slaved to technological obsolescence as it is usual with Chinese and U.S. products. The only exception maybe is my Kindel ebook which still works.
@Matt-ou7tu 2 місяці тому
Over 250% debt to gdp isn't sustaining itself. It can get away with it at the moment as the central bank of Japan and other institutions own half of the debt but as the population continues to age without allowing mass immigration to replace that working population, the country is doomed.
@GoufinAround_ 3 місяці тому
There was a video made by TAKASHiii from Japan asking people why they think Japan is so cheap. He asked a construction worker "When and why do you think things will turn around" and the construction worker's response was that he didn't think it was declining in the first place. He said that the economy was improving, but not fast. It's very very slow in comparison to other places like China which makes people think that Japan is now poor. I'd rather be in a slow burn increase than a turbulent economy personally
@sor3999 3 місяці тому
That's odd considering a large portion of their homeless are ex-construction workers laid off after the 80s boom. He's probably one of the out of the touch people who's been lucky to keep their job and not notice all their peers being laid off somehow.
@tann_man 3 місяці тому
They're in a slow grind down a demographic/debt suicide
@mekksviews9843 3 місяці тому
its nothing wrong with it, laid it people will either find a career path @@sor3999
@KlusaisUldis 3 місяці тому
Noticeable fact in that video - that person was the oldest male responder. He's the winner of birth lottery (gender and year). It's not verified, but there's a high probability that he was a full time (lifetime) employee, with seniority based salary (higher for longer employment, non-representative of performance) in a classical 70s working environment. That guys answers are as relevant to average YT viewer, as 1%-ers or legacy Ivy league students views an career and company loyality.
@kageyamareijikun 3 місяці тому
Of course, let’s always just compare to China while ignoring Taiwan, South Korea and Singapore next door and then keep praising Japan’s economy, lol.
@DarkMeyer777 3 місяці тому
In Japan, some of the smaller cities, you can see young people working in relaxing jobs, slow driving and they don't earn much. These people are just living the moment, chill weather, low stress, affordable food, healthy and fresh seafood
@philipt12345 3 місяці тому
Low T
@SpecialKapson 3 місяці тому
japanese food is not necessarily healthy, monosodium glutamate (aji no moto), preservatives, animal feed full of chems
@firastorm 3 місяці тому
I am surprised you did not mention the Plaza Accord's impact on the stagnation of the Japanese economy
@Benisbucker 3 місяці тому
Quality of life is way better in Japan than in America. I think some points in the video are off, it really just does come down to salary and more importantly language as the main reason migration here is out of whack. Affordable public transportation in a CLEAN, SAFE, and quiet area is available to most in the country. It is shockingly quiet compared to places like NYC where you have people blasting bass and everything is horribly overpriced. Anywhere else, you need a car to travel in the US too. An average person can afford a new home in their 30s in central Tokyo, but good luck on an average salary affording to buy ANYTHING let alone rent in Manhattan, lol. Salaries are lower overall, but the cost of living is like half of what is back in the states somewhere like NYC. It's also much more friendly to foreigners these days, it's very easy to make friends compared to 10 years ago.
@rumrunner8019 3 місяці тому
The real issue with Japan is this: every time they seem to be getting their footing and experiencing solid GDP growth and a healthy birth rate, a kaiju shows up and smashes half of Tokyo. They are dealing with a shortage of Oxygen Destroyers and hence this problem won't be solved anytime soon.
@jasonhaven7170 3 місяці тому
This is so weeby and gross.
@SigFigNewton 3 місяці тому
@@jasonhaven7170did he get some facts wrong?😐
@jasonhaven7170 3 місяці тому
It's weeby and gross. @@SigFigNewton
@rumrunner8019 3 місяці тому
@@jasonhaven7170 you are so humorless and stale
@orangejulius8366 3 місяці тому
@@jasonhaven7170ok you got to use those descriptors twice in a row.
@B8ffakaduck 3 місяці тому
Japan definitely is having a rough start to this new year....
@tekh_ops7855 3 місяці тому
That's what they get for being in denial of holy lord Jesus himself. The doom's day is inevitable.
@jpheitman1 3 місяці тому
Don't you mean, a shaky start?
@vooteimer1234 3 місяці тому
@@tekh_ops7855What would it mean if Japan was having a stellar start to '24? False prophet?
@PXAbstraction 3 місяці тому
@@tekh_ops7855Jesus, the only thing less real than infinite growth
@LordManhattan 3 місяці тому
First an earth quake, then crashing airplanes and now this video! WHEN WILL IT STOP!
@user-ku2xi6uh7q Місяць тому
実際、日本経済の絶頂期から今まで不景気やら好景気やらあったけどいつでも貧しいと感じたことはないし、とてつもなく安定してるってのはいいことかもしれないけど、それは国内だけの話で、海外は物価が上がるからその分海外製品がどんどん高くなっていくのはつらいね。 あと、恥の文化だとか失敗を恐れるとか言われるけど、全くそんな空気は感じないし、1980年台の日本経済を妬んだ評論の名残に過ぎないと思う。 それに、同調圧力とかいうけれど、例えば個人主義が強いアメリカでも個人をより強く主張しなければならないという同調圧力に屈してるに過ぎないから、全くそんなことはないね。
@JIRO-FX3150 2 місяці тому
I'm a Japanese person living in Japan, and I feel that it's safer now than it was in the 80s and 90s, and it's more economically and culturally affluent. It is wrong to judge only by economic numbers. Until 30 years ago, Japanese people worked hard from morning until night, but now they have fewer working hours, less time to study, and more freedom. It is natural that GDP will increase if the number of production workers increases, and Japan's elderly have money and receive pensions, so I think it is only a small number of young people who have become poor.
@windsky1037 2 місяці тому
yeah I also have made up mind to move to Japan. I think Japan is now in the new phase of transition where they are expected to proceed to next phase in terms of many ways
@maegalroammis6020 22 дні тому
the 80s was the better japan
@Eastmarch2 3 місяці тому
You've missed that Japan's employment laws basically prevents firing employees who don't produce, and COULD produce in a different job. I work for a Japanese company and they throw labor at the most simple and automateable tasks because they can't shed nonperforming employees by law. The flawed idea of lifetime employment has clipped the wings of the Asian juggernaut.
@ericng5707 3 місяці тому
While Japan shouldn't be so quick to allow companies to lay off people willy nilly like in the West, they definitely need to relax the labor laws to allow companies to get rid of obvious dead weight who are unwilling or unable to reskill, or were the result of bad hiring decisions. This would go a long way to also getting rid of "banishment rooms" and other unhealthy practices that are designed to break workers mentally so they would voluntarily resign.
@disinfect777 3 місяці тому
@@ericng5707Like America*. Most western countries have strong labor laws or unions.
@MM22966 3 місяці тому
Huh. Is that where part of the "making tea for the office" meme comes from in certain anime series?
@SigFigNewton 3 місяці тому
@@ericng5707banishment rooms?
@user-xl5mh9qj5l 3 місяці тому
clever comment😊
@juliansebastian 3 місяці тому
I‘d love to see a deeper dive into post-growth economies on this channel!
@Parssel 3 місяці тому
If this channel has taught me anything it is that nobody can predict the future, least of all economists.
@wertywerrtyson5529 3 місяці тому
I recently saw a video from the 1960s about Japan where they mentioned Japan invests more back into their industry than any other nation in the world. Things really have changed. That said high salaries aren’t necessarily better if housing and other things are more expensive too. And how is quality of life better by buying a new iPhone or Mac each year? Or renovating the kitchen every few years despite it working fine. There are things in life more important than making as much money as possible and spend it on things you throw away in a year or two. And it’s kind of hard to celebrate that Japan has inflation when it’s hit us Europeans so hard. I just read about heating costs going up 30% in one year in a city where it is currently -43 centigrades. In that temperature heating isn’t a luxury. You’ll day pretty fast without it.
@Demmrir 3 місяці тому
I am speaking from the perspective of a quasi-outsider as someone who has been to Japan for prolonged periods and has friends who have lived in Japan in the past, but part of the problem is that Japan doesn't WANT migrants. They love tourists but they don't want outsiders coming and setting up permanent residence in their home. I was only ever treated well because I was very visibly an outsider and spoke broken Japanese but Americans I've known who've lived there for more than a year report a different experience with neighbors and coworkers.
@jasonhaven7170 3 місяці тому
And? You're a White American, you're likely racist. It's karma.
@user-GTTW 3 місяці тому
Not all countries are made up of immigrants like the United States. Japan, like most other countries, is a nation-state.
@TheNewRobotMaster 3 місяці тому
I've lived in Japan for 10 years. I've never experienced any hate in Japan. I do get weekly reminders that I am not from Japan however. 95% of people are actually very normal and will treat non-Japanese people in the same way as they treat Japanese people if they feel they can communicate with them. The problem is that Japanese society is very "discerning" and that everyone looks at every person and immediately attempts to fit them into a social group so that they know how to interact with them. Gender, age, disability, dialect, etc. are all a part of how people immediately try to identify you. People from Osaka are considered "funny" for example. Tokyoites are considered "cold and unfeeling". Burakumin and Yankees are far more discriminated against than foreign people, but foreign people get lumped into the same category as children, the very elderly and disabled people
@mckendrick7672 3 місяці тому
Nor should they want migrants. Western nations who were not all that culturally dissimilar to Japan in the past have all learned how dangerous it can be to introduce cultural tensions into your nation by importing massive amounts of immigrants. Now it's too late for them to reverse the trend, and their cities become more foreign every year while they wrestle with the political mayhem it has caused.
@markigirl2757 3 місяці тому
Makes sense considering how small Japan is compared to America
@harrybuttery2447 3 місяці тому
While it's true that the wages of Japanese workers has stagnated over the years, so have the wages of Australians and many other nations, but the difference here is that Japan had low inflation so that lack of wage growth was not as bad comparatively. This is similar with GDP, it's again true that the Japanese economy has been stagnant but GDP per capita has grown by about as much as most developed nations and more than some other developed nations. Japanese overworking is also misunderstood. It's true that it happens but it's not the norm, on average the Japanese actually work fewer hours per year than the US and Australia do.
@EngkuIhsan 3 місяці тому
Working in a public IT company in Japan, I'm concerned about the country's trajectory. Policy decisions favor older demographics at the expense of the younger generation essential for future economic growth. Our IT sector lags behind the US, UK, Australia and China, limited by a localized focus on Japan's declining population. Encouraging young professionals to work here remains challenging due to language barriers, bureaucracy, a weakening yen, and low salaries compared to developed nations like Singapore, the UK, the US, and China. Nevertheless, Japan's unique culture and high quality of life keep me here, but I hope for a brighter economic future before I lose my patience and move to the US.
@user-xk3ff5ld3m 3 місяці тому
language barriers, bureaucracy, a weakening yen, and low salaries compared to developed nations like "China"? Hmm...
@EngkuIhsan 3 місяці тому
@@user-xk3ff5ld3m the average salary in China now 2023 is around $4,214 and the average salary in japan 2023 is $3564 so yeah lower than china if you google it
@ciello___8307 3 місяці тому
@@user-xk3ff5ld3mthe big cities in china are very developed and have world class amenities and transport. China definitely is developed
@yabaimodding3716 3 місяці тому
I wouldn't even consider moving to the US, there are far better countries to go to if you want to leave Japan. Going from Japan to the USA Is like going from a decent house and good neighborhood to living in a trash can.
@EngkuIhsan 3 місяці тому
@@yabaimodding3716 Indeed, if we’re talking about quality of life, the U.S. can be quite challenging, especially with a low salary. However, working in the IT sector there would be a significant advantage, given their pioneering role in many of the latest technologies that are revolutionizing the human race. To me, the U.S. seems quite bipolar, being extremely good in some aspects and very bad in others. I hope that if I move to the U.S. in the future, I’ll find myself on the better side of this spectrum. We’ll see. I still love Japan, though. Haha.
@cnotation 3 місяці тому
My wife is Japanese. I work remotely in the US and make about 90man/month take home. We decided to get a next to nothing home in Japan and live the simple life. Only problem is I stand out like a sore thumb but atleast the internet is fast. BTW everything mentioned in this video is accurate.
@user-to1gv7we5m 3 місяці тому
Would be interesting to see how Japans wealth is distributed across the country and how quality of life differs between regions. Although Tokyo might be a shoe box, I have heard people get big properties elsewhere.
@guamson8946 3 місяці тому
There’s no amenities or jobs in the rural areas though, which is why everyone ultimately leaves for the cramped cities.
@aetranm 3 місяці тому
@@guamson8946 Cities like Kyoto, Hiroshima, Fukuoka, etc. (Really anywhere besides Tokyo and Osaka) have much better have significantly larger housing avaliable, while also having job opportunities and even a high demand for young workers.
@din3832 3 місяці тому
I live in the Japanese Rural area, The price of a BIG used house is very cheap here, However the newer houses are all small and ugly, The Japanese traditional arquitecture is getting lost to Cheapo house boxes that are ugly and small. Is quite sad really, but you can get a very nice looking old house for cheap, but those need serious renovations and have poor insulation. Japan is getting poorer and poorer and its very clear to those paying attention.
@ciello___8307 3 місяці тому
Outside of the cities, bigger properties are cheap. Problem is, work opportunities. Thankfully, with remote work, thats becoming more feasible
@rjmaxx1258 3 місяці тому
@@din3832 This seems to be happening to every developed nation. Like the mass production of ugly buildings for efficiency sake.
@whatthepick 3 місяці тому
On another point the housing bubble seems very similar to what is happening in Canada the USA and other developed countries it may be our turn to face the Asian Financial Crisis of housing, Japan has a distinct advantage in it's stagflation as a relative cheap affordable alternative with lower risk of downside growth and more upside potential. I give Japan an 8/10 on the development index and 10/10 on the potential recovery
@fdhahaehetehtet163 3 місяці тому
The problem is that GDP is a very poor indicator of wellbeing: $1000 in computers from the 1980s bring much less benefits than $1000 in computers from the 2020s. GDP brings the false impression that goods and services values stay "the same" no matter how much time passes. One better way to measure wellbeing would be how many hours of work are needed to afford for rent, taxes and daily expenses.
@matsalvatore9074 2 місяці тому
They'll forever be ok. That culture can handle anything
@RetroZelda 3 місяці тому
as a cr-z enthusiast, it hurts to see it called a civic
@acupofwhat 3 місяці тому
@ecomics explained. Great vid man! Got notifications as soon as you upload 🎉. Lets not forget that in Japanese business culture, managers and leaders rarely listen and have huge egos. The criminal system is corrupted with conviction rate is 100%. These two factors decrease motivation and increase less feedback loop, which creates less good products and company culture.
@dameazize 3 місяці тому
Two thoughts: 1. I think the issue with Japanese migration is less that people are interested, and more that Japan is culturally highly resistant to migrants. I have had highly educated friends (even some with Japanese spouses) who have had to wait years to get documentation (if they even do), and it's even worse for unskilled laborers (like people that could look after and elderly population). Japan has a lot of cultural strength that makes it an appealing place to live, but it can be incredibly isolating to foreigners on both a social and policy level. 2. I wish you had touched more on why nearly 40% of working age adults aren't working, because it feels like it's framed in the video as a luxury or choice, while (at least in my experience) a large chunk of that is either people who are unable to find a job (including groups like those with disabilities that you did touch on) or people who are care takers (for children, older people or disabled family), which is a huge amount of work and adds a great amount of stress to a family unit.
@youngfew834 3 місяці тому
Foreigners do not need to live there. This is because the country is 98% Japanese, unlike the United States. As for tourism, it is OK. Kawaguchi, Saitama is getting worse due to Kurdish immigrants. If the number of immigrants increases, it will surely worsen the security situation and Japan will be finished. We must not do the same thing as Europe.
@dreaminginjapan 3 місяці тому
So hard to migrate! My husband is Japanese and we have a son together but I still have to renew my visa to get permission to live with them in Japan. Naturalization is a long process and I need a high level of kanji to pass their “exam”
@cancanjaker1620 3 місяці тому
On the other hand, as a frequent traveller to Japan. I do find the Japanese identity diluting with the increasing number of foreigners I encountered working in Japan. Sure, it is convenient for a non-Japanese speaking foreigner, but it is also killing the charm of Japanese uniqueness. A lot of foreigners choose to relocate to Japan because they love the Japanese culture, but they are visibly resistant to assimilate into the Japanese culture, especially when it comes to the non-appealing part of Japanese culture. To use an analogy, it is like saying they love a pie, then scope out all the chicken fillings, left the pie crust on the tray and then complain about the crust. That probably didn't make sense, but I find all these foreigners complaining of Japanese refusing to accept foreigners could be rather superficial.
@episode6691 3 місяці тому
@@youngfew834 saw this recently, why are they accepting kurds? Kurdish migrants are some of the absolute worst you could ever take in. Surely they could at least find SEA migrants.
@iemjay 3 місяці тому
I was just in Japan for three weeks in around Tokyo and Nagoya, and if it wasn't for the language barrier (which admittedly I could learn if I had the dedication to actually study, which I'm too lazy to do, to be honest) I would much prefer living there over the US. I mean, you can still get around just fine without knowing any Japanese, especially in larger cities like Tokyo, but the people of Japan are very polite and by speaking to them in their language, even if they understand English and you don't speak Japanese well, they will genuinely appreciate your effort to do so and help you.
@mr.chicken9085 3 місяці тому
How true could u say that the ppl in hapan is so racist with foreiners and they can't speak well the english I think is so wrong
@bighatastrea 3 місяці тому
Yeah the "racist Japanese" thing is such a weird trope, it's never that extreme. I'm from Germany and people here are worse, but it depends on the area. Rural Eastern Germans are absolutely obnoxious and tend to be pretty straightforward shameless racists. When I was in Japan for half a year everyone was very nice even though I could only speak German and English and some very basic Japanese phrases. And I'm a pretty weird Westerner with slightly dyed hair, but usually smiling and being friendly, no one really cared
@666Tomato666 3 місяці тому
@@bighatastrea the primary reason why they don't accept immigration is the racism. Ask any expat living there if they have permanent residence: 100% will tell you they don't. The only way to get that status is to marry somebody with a Japanese passport. There are different kinds of racism, not every one is of the "burning crosses and people" kind.
@user-tf1cm9ks1l Місяць тому
@@666Tomato666日本は何千年もずっと単民族国家なのでね。 あとは日本人の守ってきた文化や風習を知らないで日本に来る外人が多い印象だ多少あります
@tayloreverard2039 3 місяці тому
It was quite relevant to this video - I feel like we often gloss over a massive part of this story - about the details of how women working changed growth... We keep bringing up the idea of a period of sustained stagnation after a period of growth, but we don't address where this growth is coming from enough. It would be easy to say that we got more productive and our GDP's grew because of advancement in technology, new raw material discovery etc. but it's rarely if ever acknowledged that in a single decade during my grandmothers generation, we went from half the population being expected to work, to using a stat like "workforce participation" which counts everyone as you've done here. Begs the question - have boardrooms just been taking credit for growth that had nothing to do with business, but in fact cultural expectations?
@alastairleith8612 3 місяці тому
board rooms take credit for anything they can. even in years of complete failures they often find ways to pay themselves bonuses through some BS logic. they still need to compare themselves to competitors, though the idea of level playing fields is just that, an idea that increasing consigned to deluded neoclassical economic theory.
@markigirl2757 3 місяці тому
I think it’s the people that have a huge pull on the market that is at fault and continue to want growth in expense to what’s best for their societies at a whole.
@rahn45 3 місяці тому
That things remain stable in Japan is pretty much a testament to their culture and ethics around work. If things take a downturn the executives are more likely to take a pay cut than having the workers fired. Even though there are homeless Japanese it's still easy for them to retain their dignity as it's easier for them to get access to facilities were they can get cleaned up than compared to most other countries. The flexibility of the people from top to bottom ensures that on a societal level the people remain mostly content regardless of what happens economically to them. A stark difference from the countries that have a lot of welfare programs that encourages people to beg and feel entitled to things.
@avroarchitect1793 3 місяці тому
The benefit of their racism is a One Nation One People outlook on life. They feel a massive societal obligation to one another as well as massive personal responsibility to their society, country, and therefore each other.
@zzBaBzz 3 місяці тому
There are facilities everywhere in most countries, but most homeless just want to keep doing drugs. Even in Japan. And yet, jp has the same leeches that refuse to work because they can get by on welfare fueling their porn addiction.
@stevejones8660 3 місяці тому
Racism? Try nationalism.
@ruysig3193 Місяць тому
Long working hours and high suicide rates have improved considerably over the past decade, and both are now on par with European levels. The war in Ukraine and the U.S.-China conflict have brought capital that had been flowing out to China back into Japan. The pandemic has also provided an opportunity to spread modern information technology within Japan as well as to sell content industries such as anime and manga outside of the country. I predict that the 2020s will be a bright time for Japan. The downward trend again will be when the political situation in China changes and capital starts to flow out again.
@gideonotashu 3 місяці тому
Japan has a rather high technological adaptation. They have the best railways, intercity transportation and generally, Japanese electronics have been at the forefront of innovation. Not to mention their devices are better and longer lasting than most produced anywhere else. Perhaps, it may be some sort of technological advancement like state of the art microchips that has kept them where they are.
@blunderingfool 3 місяці тому
I wouldn't trust Sony, though. The power brick included with my phone cooked the fingerprint sensor to death.
@afizi1213 3 місяці тому
yeahh ofc japan is asia future ,even know china are trying to pass japan and then usa ,japan still need to find they line and spirit
@andyr00d 3 місяці тому
I live in Tokyo - you were spot on about the inheritance tax, my friends mention it often how much of a burden it is
@jokuvaan5175 3 місяці тому
I don't know. It's a decent way to combat wealth inequality by not allowing some rich elite families to form. Assuming the tax money is invested in social programs and/or schooling etc.
@DevilsRadvocate 3 місяці тому
@@jokuvaan5175 maybe it is, but its way too high. If we implemented something like that in the US, if somebody wanted to give their children a house the inheritee would owe around 80 thousand. I agree with an inheritance tax, but it should only be very high for people who are centimillionaires+. If an inheritance tax makes it so I am forced to sell said house if i don't want to go into debt, it should be lowered.
@drgenio2006 3 місяці тому
@@jokuvaan5175 it's a stupid argument. inheritance tax is the same as if we burned all books and universities and everyone had to reinvent the wheel constantly, instead of building on top of centuries of knowledge.
@jokuvaan5175 3 місяці тому
@@DevilsRadvocate Usually countries have monetary limit for the inheritance tax. And it's usually high enough that most inheritance getters won't have to pay anything or very little for the amount going over the limit. Idk how it's in Japan though. I wasn't paying attention if it was even mentioned.
@keikotunoda426 3 місяці тому
@@DevilsRadvocate I'm afraid your comment is quite different from current Japanese inheritance tax law. The ones who are supposed to pay the Japanese inheritance tax is only top １０％ rich of the Japanese population.
@CastBeetle 3 місяці тому
10k yen is less than 100 usd (about $70). Maybe you mistook the value of that note to be what it was during the housing bubble?
@thebryceman 3 місяці тому
Yes, you are correct, I was going to say the same thing.
@Evangelinerocks 3 місяці тому
I was about to comment the same thing. The yen has dropped a lot over the last two years, it hasn’t even been 100 yen to a dollar since around 2013.
@visceralpsyche 3 місяці тому
Japan has sky high real inflation right now. I live here and what most people don't seem to understand is that while prices don't appear to be rising, it is actually SHRINKflation that is happening. Package contents for everything are getting ever smaller. What used to contain 70g for example now contains 50g. But the price is the same as it was, so most people don't notice the 40% real inflation.... Any business trying to maintain pricing AND quantity/quality is finding it impossible to do.
@BradAckerman 3 місяці тому
We have plenty of that in the rest of the world; Consumerist (US) referred to it as the “grocery shrink ray”.
@HealyHQ 2 місяці тому
Infinite growth is unsustainable anyway. Nothing wrong with a stable economy.
@Obbliteration 3 місяці тому
One can talk forever about their stagnation but if you really know japan you would know they have a very high quality of life and not having inflation is amazing.
@ToriZealot 3 місяці тому
Oh no the Channel just explained that life quality is low in Japan. Maybe it is a BS Channel
@Obbliteration 3 місяці тому
@@ToriZealot Statistic often fail to describe reality
@ToriZealot 3 місяці тому
@@Obbliteration especially when statistics are arbitrary
@MariaRodriguez-dx6sm 3 місяці тому
The fox spirit that was trapped inside the rock, Tamamo-no-Mae, is really coming back full force
@HM-kc4ky 3 місяці тому
Japan is really the best and ideal country that human race should follow. Economic growth doesn’t make us happy anymore. Already so much goods everywhere and we are tired of it. The quality of life is important and Japan’s QOL is insanely good.
@arisaga822 3 місяці тому
One of the things that brasses me off the most about the productivity paradox is that better technology was supposed to make us more productive and therefore we could have more leisure time. Can anyone genuinely claim that they are working less than before?
@royston6033 3 місяці тому
Average wages need to incorporate that many over 65s still work in Japan (and there are a whole lot of over 65s). This can often be low pay and/or part time work, skewing the median and average. There are many reports of not enough young employees to hire, so such competition is helping bid up their wages.
@Idiomatick 3 місяці тому
Japan's overwork was a 80s problem. Not today. Though the legend persists. Statistically, the number of hours worked in Japan has fallen the past 20 years to 1740hrs/yr/worker and is below USA at 1760hrs. Not that I think raising hours a ton is a sane path. Germany sits at a mere 1350hrs. Investment in productivity increasing tech is the way forward.
@randomlycasual4941 3 місяці тому
I think a major problem is wage stagnation which hasn’t moved in 30 years
@noseboop4354 3 місяці тому
Germany was productive thanks to its access to cheap russian gas. Now that it has lost that (and made the idiotic decision to completely get rid of all its nuclear power plants), expect a massive recession and a significant fall in productivity.
@Idiomatick 3 місяці тому
@@noseboop4354 Killing the nukes was stupid but I doubt that causes a recession.
@Idiomatick 3 місяці тому
@@8qk67acq5 I used the PWT data for "Average Annual Hours Worked by Persons Engaged". Couldn't find details on their methodology but it is very unlikely that Japan got steadily more misleading data each year for several decades. And there hasn't been some explosion of under the table work in Japan. I wouldn't be surprised if there were a 5% underreport, even 10%. But that still is way under the 2100hrs south korea does today ... or the 2900!!!hrs they did in the late 80s.
@Idiomatick 3 місяці тому
@@randomlycasual4941 Wages are stagnant but cost of living has fallen a ton. Compartively, in Canada, wages have gone up a tiny bit but cost of living has doubled.
@The_NJG 3 місяці тому
I hope Japan does well. I pray their work culture gets a major update (especially in the anime industry, which has a major crisis with how terrible the working conditions are) so people can make a proper living and can have relationships again. It's unfortunate what's happened there, but in some ways, it's on them. They're going back to old habits of centuries past.
@lessfriendlyJordies 3 місяці тому
the anime industry is not special, it's just easier to hear about in the west as the product is so present in other countries. That kind of overworking is standard among a wide range of industries. It's just a lot quieter when you're an overworked office worker.
@LewisAtonn 3 місяці тому
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living..
@tomaszcz_k 3 місяці тому
A recession as bad as it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short-time buy and sell opportunities too. This is not financial advice but get buying, cash isn't king at all at this time..
@TiGGowich 3 місяці тому
I've never quite been convinced by the argument that the economy needs to grow constantly to sustain us. I mean why? If we have enough food and products and services... where is the need? Given the population remains the same size, why more?
@RC-rg3vz 3 місяці тому
Low birth rate is the doom of a society after that there is an exodus which makes it worse and the entire thing collapses. China is near that which is another reason they want taiwan for the women. An entire new population to test and try policies out. That one child policy failed them badly.
@jackjones4824 3 місяці тому
Because greed knows no bounds and a lot of growth is debt driven.
@user-ty4em9pd8x 3 місяці тому
because despite growth is not cure-all, stagnation is kill-all. long-term stagnant economies like Japan or Europe are set to be rendered irrelevant, which will make them experience the same effects like middle-income-trapped countries do: brain-drain, increasing dependence on neighbours (not only those that outproduce them, but also resource-rich developing economies) and thus slow decline in comparative standard of living. Truth is that the oldest post-growth economy is Argentina, and you can't overlook it if you try to predict how this trend will affect the population. Those promoting pro-stagnation mindset just handle the future of your country to others. TL;DR: degrowth is a death cult
@Catniklau 3 місяці тому
Maybe perpetual growth isn’t something to shoot for… just a thought
@karnubawax 3 місяці тому
I know, right? Maybe stability ISN'T a BAD THING!
@terenceblakely4328 3 місяці тому
Krugman is the classic example of a broken clock being correct twice a day.
@SebastianBlix 3 місяці тому
@14:45 I felt this in my soul. I’m a skilled worker living in Japan and this vid is EXACTY spot on.
@trapskilla 3 місяці тому
growth for growths sake isn’t necessarily a good thing. Producing anything has to take from something. No one is gonna be laughing at Japan when in 50 years they still have an abundance of nature, a low population & clean air
@TheKlaun9 3 місяці тому
That's a funny thing to say about Japan, isn't it? I mean they are the prime example of growth for growths sake which led to the bubble which led to today
@SigFigNewton 3 місяці тому
The first generation of American investors who experience no real estate appreciation are going to feel so lied to
@d.h.negreiros4675 3 місяці тому
I live in Japan and I tell you we are not doing that bad
@RavarsenBlogspot 3 місяці тому
Honestly stagnation should be the end goal of every economic model. Stability is all that matters
@feylights166 3 місяці тому
As a Japan nerd who is interested both in its history and its current social issues, this was interesting.
@chrisaguilera1564 3 місяці тому
I was in Japan last year, and the majority of people were using outdated smartphones and technology while it looked advanced it was woefully outdated in context. I think living in the early 2000s is pretty spot on.
@jomontanee 3 місяці тому
Compared to China where the modern technology is everywhere and affordable. I love Japan so much so I am worried.
@whitygoose 3 місяці тому
japan have been living in the 2000 since 1975..
@whannabi 3 місяці тому
@@whitygoosethat's what the video said
@rythmesora 3 місяці тому
Where in Japan were you? I'm living in Japan right now and literally everybody in their 20s is playing CPU-consuming smartphone games. Outdated smartphones surely can't do that.
@ytanaka257 3 місяці тому
The share of iPhone is high in Japan.
@soonny002 3 місяці тому
We shouldn't forget that Japan, as an island nation, was also an isolationist country, until the US forced them to open their ports. Their culture is insular because they just want to be left alone for the most part. I doubt the Japanese will move overseas for better opportunities unless they send their children abroad.
@v44n7 3 місяці тому
"want to be left alone for the most part" expect those parts of history where japan where the one knocking people's doors.
@soonny002 3 місяці тому
@@v44n7 who do you think taught them that?
@v44n7 3 місяці тому
@@soonny002 humanity. Japanese are humans AND humans can do evil.
@hf32jkm5 3 місяці тому
@@soonny002 England? Spain? Hitler? Also, Ohtani found himself a nice little chunk of opportunity recently abroad.
@whatthepick 3 місяці тому
Na exchange programs are popular in terms of building friendships abroad
@fen1x_64 Місяць тому
Japans' problems are numerous, but it's still the place I want to live. Life is one of tradeoffs and I think the benefits of living there outweigh the problems. I value stability, safety, and public transport a lot more than I value a stupid high salary
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