It's a far cry from 1989, when Japan briefly saw its economic output and its stock-market value surpass the United States. News of Japan's beleaguered banks and its declining trade surplus, off 60 percent, are just the latest in a stream of negatives out of Tokyo. The country remains the second-biggest economy in the world. But the giant fell long ago. It has spent a decade failing to get back up.
Experts call for wholesale reform.
And they say any turnaround will be painful. They also say a change in Prime Minister will not be enough to solve the country's deep-rooted problems. None of the problems are new. None of the problems are a surprise. Japan's ruling Liberal Democratic Party last week produced a series of reforms for Mori's approval.