日媒：创新缺失是日本经济停滞的“病根”

Core Viewpoint - The lack of technological innovation is a primary reason for Japan's prolonged economic stagnation, as evidenced by recent electoral outcomes reflecting public dissatisfaction with the economic situation [1][2]. Group 1: Economic Performance - Japan's economy has been in decline since the bursting of its bubble in the 1990s, with its global ranking in per capita nominal GDP dropping from second place in 2000 to 38th by 2024 [2]. - The government has long promoted policies aimed at escaping deflation, with the Bank of Japan implementing unconventional monetary easing since 2013 [2]. Group 2: Inflation and Deflation - Deflation is not the true cause of Japan's economic stagnation; rather, it has experienced benign deflation, which does not pose a significant threat to the economy [3]. - Historical examples show that economies can thrive even during periods of deflation, primarily due to strong innovation [3]. Group 3: Innovation and Corporate Behavior - The absence of innovation is a critical factor in Japan's economic stagnation, as many companies have avoided risk and neglected innovation over the past 30 years [4]. - Despite low levels of innovation, Japanese companies have managed to increase productivity, but they have prioritized shareholder dividends and cash accumulation over capital investment and R&D [4]. - The lack of wage growth has been a significant issue, with recent electoral promises to increase real wages resonating with voters, yet merely focusing on wages does not address the broader economic challenges [4].