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The "Enigma" of Japanese Policy Ineffectiveness

Japan's economic performance has been disappointing since the early 1990s. Actual growth largely has remained below potential. The economic loss, in the form of lost output and national income, amounts to trillions of yen.1 Unemployment is one indicator of the degree of social dislocation. Another may be the suicide rate, which rose to postwar record highs in the 1990s, apparently largely recession induced.