Has Japan Peaked? Don't Bet Your Lexus

To some, Tokyo's financial woes seem an awful lot like the vital signs of a dying patient. The stock market has dropped 45% since its 1989 peak, robbing Japanese companies of one of their big competitive advantages: cheap cash. Tokyo real estate values have plummeted. Bankruptcies have soared. By 2000, the country faces a shortage of a million skilled software engineers. And the government is consumed by a new political scandal nearly every week. Could it be that mighty Japan has peaked?

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