Golly Gee, the timing of Japan’s crash coincides with when China started manufacturing more and more things at low wages and low costs. Japan invested heavily in China’s industrial growth. As in the US, globalist investors received great returns on capital, while the wages of their own working class were driven down by competition with extremely low wages and state subsidies. (Chinese wages have risen since and the Chinese have to compete with even lower wage areas like Bangladesh and Africa). Odd that Krugman forgot the word “China”.
Yes, that. Plus S. Korea -- you could name the brands -- came in with quality, and at lower prices than Japan -- steel, Kia, Samsung, GoldStar, LG, Hyundai, big ships. Those guys really jumped in big during that period.