William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."
Singapore the only bright spot as markets punish complacency


A woman receives a shot of the Sinovac vaccine at the Patriot Candrabhaga Stadium in Bekasi on the outskirts of Jakarta on July 1: a government's success or failure in delivering vaccinations seems a better economic indicator than GDP. © AP
William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."