Title: Lost Decade (Japan) - Wikipedia
Headings: Lost Decade (Japan)
Lost Decade (Japan)
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Causes
Effects
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Content: For the wider Japanese workforce, wages have stagnated. From their peak in 1997, real wages have since fallen around 13% —an unprecedented number among developed nations. Surveys by the Ministry of Health, Labour and Welfare showed that household income in 2010 had fallen to 1987 levels. According to Teikoku Databank, Japan's largest credit rating agency, the aggregate sales all companies in Japan decreased by 3.9% in 2010 compared to 2000, or a decrease of 13,848.2 billion yen. The wider economy of Japan is still recovering from the impact of the 1991 crash and subsequent lost decades. It took 12 years for Japan's GDP to recover to the same levels as 1995. And as a greater sign of economic malaise, Japan also fell behind in output per capita. In 1991, real output per capita in Japan was 14% higher than that of Australia, but in 2011 real output had dropped to 14% below Australia's levels. In the span of 20 years, Japan's economy was overtaken not only in gross output, but labor efficiency, whereas previously it was a global leader in both. In 2018, labor productivity of Japan was the lowest in the G7 developed economies and among the lowest of the OECD.