The “lost decade” following the bursting of the bubble economy has unfortunately turned into “two lost decades.” It is necessary to consider what can be done to avoid a third lost decade. A.  Japan’s process of economic development  Let us look back on Japan’s process of economic development in the past.
Right after the end of World War II, Japan looked to the affluent advanced economies of Europe and the United States. At this point, Japan enjoyed a latecomer advantage and, with hard work, was in a position to aim at catching up and even overtaking these economies relatively quickly.