it's a good piece but I think there are other issues; wage inflation will be a key fundamental driver of inflation, but assumes workers have a marginal propensity to change jobs for more money. I don't know enough about Japan to comment but the general impression is a culture of
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loyalty to employers that doesn't exist elsewhere. Another is housing inflation as growing economies usually have growing populations, forcing price competition - if you know there are serious population declines coming, likely followed by property price drops.
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I'm not claiming to know what impact this has on general inflation, but it's unlikely to be positive and therefore is a barrier to generalizing the Japanese case to Europe & US.
End of conversation
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Cheap,But it's a Unpalatable
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