Table: Japan's Wealth Illusion

                                              OVERVALUATION
      STOCKS Market capitalization of the             $448
      Nikkei's first section is $3.2 trillion,        billion
      about 14% above where it should be.
      
      REAL ESTATE Property is worth about             $6
      six times GDP, or $30 trillion. Prices          trillion
      probably have 20% more to fall. 
      
      PENSION FUNDS If their assets of                $178
      
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