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Tokyo circles the wagons around Toshiba

Latest corporate scandal shows Japan Inc still answers to nobody

| Japan
Toshiba Vision Screens high atop One Times Square in New York, pictured in July 2014: the ways of old Japan were thriving under the surface all along.    © AP

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Japan arguably invented the modern idea of the "lost decade." This created a cottage industry of analysts distilling the lessons from the paralysis and missed opportunities holding Tokyo back.

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