Is Britain going the way of Japan? Having just returned from Tokyo, I find the question uncomfortably relevant. The Japanese have struggled for more than 20 years to recover from the consequences of a credit bubble that burst in 1990 and to stave off a deflation that is now seemingly endemic. As with the UK today, much of the damage was inflicted by the collapse of the real estate market, although in Japan's case there was an even more savage stock market decline than in the UK, from which share prices have never fully recovered.
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