Each country, including the United States, those in Europe, and those in emerging economies, also faces respective challenges. Japan is by no means an exception. There is commonality among the challenges each country faces, but there also are differences.
Over the past quarter of a century, Japan has gone through a number of challenges: the emergence and bursting of the bubble, the outbreak of a financial crisis, corrosive deflation, and the rapid progression of an aging population. Japan has faced these challenges much earlier than any other leading economies.