Japan was never normal — and it’s not going to be now - Financial Times

Subscribe to read

* Sign In
* Subscribe

Open side navigation menuOpen search bar

SubscribeSign In

Popular Searches

* What is the latest news on the UK economy?
* Western support for Ukraine
* How will AI be regulated?
* UK inflation vs the world
* How will the UK economy fare in 2026?

* Home
* World

Sections

+ World Home
+ Middle East war
+ Global Economy
+ UK
+ US
+ China
+ Africa
+ Asia Pacific
+ Emerging Markets
+ Europe
+ War in Ukraine
+ Americas
+ Middle East & North Africa

Most Read

+ Trump considers ‘terminating’ campaign advisers after Balkans trip
+ The online life of the Flydubai attacker
+ How a trillion-dollar hedge fund borrowing spree became Wall Street’s cash cow
+ Burnham to press ahead with Oxford-Cambridge corridor
+ China races to build data centres in bid for AI supremacy
* US

Sections

+ US Home
+ US Economy
+ US Companies
+ US Politics & Policy

Most Read

+ Trump considers ‘terminating’ campaign advisers after Balkans trip
+ How a trillion-dollar hedge fund borrowing spree became Wall Street’s cash cow
+ SpaceX credit risk jumps on worries over its borrowing spree
+ US government bonds steady after strong 10-year Treasury auction
+ Chrysler Building taken over as New York luxury office market booms
* Companies

Sections

+ Companies Home
+ Energy
+ Financials
+ Health
+ Industrials
+ Media
+ Professional Services
+ Retail & Consumer
+ Tech Sector
+ Telecoms
+ Transport

Most Read

+ The online life of the Flydubai attacker
+ How a trillion-dollar hedge fund borrowing spree became Wall Street’s cash cow
+ French bond sell-off prompts ‘bottom fishing’ across Europe
+ China races to build data centres in bid for AI supremacy
+ Higher mortgage rates inflict ‘pain’ on UK housing market
* Tech

Sections

+ Tech Home
+ Artificial intelligence
+ Semiconductors
+ Cyber Security
+ Social Media

Most Read

+ China races to build data centres in bid for AI supremacy
+ Wise to pay customers’ tax bills after errors
+ AI upends Singapore’s ‘quant Olympics’
+ SpaceX credit risk jumps on worries over its borrowing spree
+ Norway lays down a line for EU on AI glasses
* Markets

Sections

+ Markets Home
+ Alphaville
+ Markets Data
+ Private markets
+ Equities
+ Bonds
+ Currencies
+ Commodities
+ Crypto
+ Monetary Policy Radar
+ Wealth Management
+ Moral Money
+ ETF Hub
+ Asset management

Most Read

+ How a trillion-dollar hedge fund borrowing spree became Wall Street’s cash cow
+ French bond sell-off prompts ‘bottom fishing’ across Europe
+ Oil prices jump on tanker attacks and slowing flows through Strait of Hormuz
+ Wise to pay customers’ tax bills after errors
+ How much longer can the world absorb the Iran shock?
* Climate
* Opinion

Sections

+ Opinion Home
+ Columnists
+ The FT View
+ The Big Read
+ Lex
+ Obituaries
+ Letters

Most Read

+ Real men don’t do climate change
+ Kemi Badenoch’s European nightmare
+ How much longer can the world absorb the Iran shock?
+ Badenoch’s punchy plan to reunite the right
+ Norway lays down a line for EU on AI glasses
* Lex
* Work & Careers

Sections

+ Work & Careers Home
+ Business School Rankings
+ Business Education
+ Europe's Start-Up Hubs
+ Entrepreneurship
+ Recruitment
+ Business Books
+ Business Travel
+ Working It

Most Read

+ FT and Standard Chartered Business Book of the Year Award 2026 — the shortlist
+ Could postwar Span housing offer a template for tomorrow?
+ Cold beer and cash only — Chicago’s dive bars are the real deal
+ FT ranking: Business school research with impact
+ Four Seasons Hotel at The Surf Club review: the glamour of Miami’s golden age
* Life & Arts

Sections

+ Life & Arts Home
+ Arts
+ Books
+ Food & Drink
+ FT Magazine
+ House & Home
+ Style
+ Puzzles
+ Travel
+ FT Globetrotter

Most Read

+ Chrysler Building taken over as New York luxury office market booms
+ Facebook sequel The Social Reckoning is Jaws if the shark just ate everyone and kept swimming
+ How AI tempts the lazy mind
+ Italy’s wine harvest is creeping ever earlier
+ Which design classic trumps them all?
* How To Spend It
* Stocks Game

MenuSearch

* Home
* World
* US
* Companies
* Tech
* Markets
* Climate
* Opinion
* Lex
* Work & Careers
* Life & Arts
* How To Spend It
* Stocks Game

Financial Times

SubscribeSign In

Popular Searches

* What is the latest news on the UK economy?
* Western support for Ukraine
* How will AI be regulated?
* UK inflation vs the world
* How will the UK economy fare in 2026?

Japan was never normal — and it’s not going to be now

Subscribe to unlock this article

Save over 40% on Standard Digital

was $540 now $299 for your first year.

Save now on essential digital access to trusted FT journalism on any device. Savings based on annualised monthly price.

Subscribe for $299

* Global news & analysis
* Expert opinion
* FT App on Android & iOS
* FT Edit app
* First FT: the day’s biggest stories
* 20+ curated newsletters
* Follow topics and set up personalized alerts
* FT Videos & Podcasts
* 10 monthly gift articles to share

Explore more offers.

Trial

$1 for 4 weeks

Then $75 per month. Complete digital access with exclusive insights and industry deep dives on any device. Cancel anytime during your trial.

Select

* Global news & analysis
* Expert opinion
* FT App on Android & iOS
* FT Edit: Access on iOS and web
* FirstFT: the day's biggest stories
* 20+ curated newsletters
* Follow topics & set alerts with myFT
* FT Videos & Podcasts
* 20 monthly gift articles to share
* Lex: FT's flagship investment column
* 15+ Premium newsletters by leading experts
* FT Digital Edition: our digitised print edition

Premium Digital

Complete coverage

$75 per month

Complete digital access with exclusive insights and industry deep dives on any device.

Select

* Global news & analysis
* Expert opinion
* FT App on Android & iOS
* FT Edit: Access on iOS and web
* FirstFT: the day's biggest stories
* 20+ curated newsletters
* Follow topics & set alerts with myFT
* FT Videos & Podcasts
* 20 monthly gift articles to share
* Lex: FT's flagship investment column
* 15+ Premium newsletters by leading experts
* FT Digital Edition: our digitised print edition

Print

Save over 65%

was $409 now $129 for your first year

Save now on our curated print edition delivered Monday - Saturday\* plus our digitised print replica. Savings based on annual price.

Select

* Weekday Print Edition
* FT Weekend
* FT Digital Edition: our digitised print edition
* Global news & analysis
* Expert opinion
* Special features
* Exclusive FT analysis

Check whether you already have free access via your university or organisation.

Terms & Conditions apply

\*Hand delivery availability confirmed when you enter your address.

Explore our full range of subscriptions.

For individuals

Discover all the plans currently available in your country

DigitalPrintPrint + Digital

For multiple readers

Digital access for organisations. Includes exclusive features and content.

FT Professional

!Over one million readers pay to read the Financial TimesFind out why

Useful links

Support

Help CentreContact UsAbout UsAccessibilityCareersSuppliers

Legal & Privacy

Terms & ConditionsPrivacy PolicyCookie PolicyDo Not Sell My Personal InformationCopyrightSlavery Statement & Policies

Services

Share News Tips SecurelyIndividual SubscriptionsProfessional SubscriptionsRepublishingExecutive Job SearchAdvertise with the FTFollow the FT on XFT ChannelsFT Schools

Tools

PortfolioFT AppFT Digital EditionFT EditAlerts HubBusine