Asia Staked Too Much On High Priced Real Estate
"Last chance for the yen?" (Asian Business, July 6) underscores one fact: The leading Asian economies may become the Humpty Dumpties that lost their balance by perching on high-rise buildings. The Asian success story hinged on providing world-class goods at world-beating prices. Underlying this phenomenon was the ability to keep ahead of Western manufacturers--an ability increasingly threatened by U.S. productivity gains. Hence, Asian investment turned toward a "product" that was outside the U.S. competitive capability: domestic real estate.
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