Cross-posted from The Narrow Corner.
I spent a total of about three years in Japan, including a recent stint in Tokyo. As such, I think I’m in a position to offer some comments about the reality of life there, beyond the stereotype of bullet trains, neon signs, girls in weird clothes and workaholic ‘salarymen’. Here’s an honest take on the place.
Japan faces two monumental problems. First, the country will, sooner or later, find itself in the grip of an economic crisis. Its debt level is staggering, dwarfing that of supposed economic basket cases like Greece or Portugal. Indeed, it is the world’s biggest debtor, its public debt reaching 226 percent of GDP in 2013, according to the CIA. So far as I can see, there is no realistic way that this money can be paid off. Even worse, the debt mountain is just going to keep expanding. This is due to the shrinking and ageing Japanese population, a deep-rooted suspicion of immigrants, and Japan’s vulnerability to natural disasters.