Even as it gently declines, Japan has plenty of pockets of growth
TWO decades ago Japan accounted for 14% of the global economy. It is now worth just 8%. In 1988 eight of the top ten companies by value, and eight of the top ten banks, were Japanese; today none makes either list. Once the powerhouse of the world economy, Japan is now in genteel decline. By many indicators, the country is in the doldrums: its population is shrinking, economic growth has long been stagnant, property values and share prices have tumbled for years.
The grim national picture has provoked the government to unveil an exhaustive growth strategy. Yet amid the overall decline there are hidden growth markets. Companies that have targeted these niches are prospering nicely. …



