Comment by missedthecue

Japan is getting poorer. People online love to talk about American stagnant wages, but Americans are considerably richer than they were 20 years ago. The median American earns 20% more in real terms, and even the bottom quintile of earners in America has increased their inflation adjusted earnings by 15%. In the same time period, the median Japanese inflation adjusted earnings is down 2.8%.

Compared to 20 years ago, Japanese people travel much less (millions fewer can afford to go overseas). Residential energy is 35% more expensive per kwh, compared to only 5% in the US. Food as a portion of monthly Japanese spend is 48% more expensive than it was 20 years ago. Despite millions of vacant dwellings, the home ownership rate is slipping. They earn less and they spend less.

Tokyo may seem quaint to American visitors clanking down their metal Chase travel credit card for more sushi, but for the typical Japanese, although they take it with grace and in stride, they have mired in stagnation and degrowth for a generation.