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The real lessons of Japanification are getting lost

Need for structural reform simply cannot be avoided

| Japan
Commuters in Shinjuku, Tokyo: The real lesson of Japanification is that government intervention purchases time for deleveraging and economic reforms.   © Reuters

Satyajit Das, a former banker, is author of "A Banquet of Consequences: Reloaded" and "Fortune's Fool: Australia's Choices."

Alongside cars, electronics and pop culture, Japan these days is associated with a glib template for the problems experienced by advanced economies since the global financial crisis and, more recently, by China.

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