How deep will Japan sink?

   30 years of decline already and the fall is still going strong. If you live in Tokyo, within the Yamanote train line you'll probably notice nothing at all. The bubble of the 1980s has been replaced by a new one. Speculation is "healthy" (if that's the right word!) with hundreds of towers being built yearly to the point of transforming the city into a forest of high-rise buildings. Who will work or live there is of no importance. The yen is cheap so relatively easy to invest in. Public deficits and carry trade help create tons of money which somehow has to go somewhere. Luckily or not, depends on your point of view, not into inflation since salaries are kept under control by fierce competition.

  Likewise, the debt is mostly domestic, or rather was, since by now most of the JGB (Japan Government Bonds) have been bought by the central bank to the point that trading is almost completely gone! So Japan could (and actually does) go down year after year into the abyss (which strangely sits not too far from the country geographically.) 

  But stray away from central Tokyo and under the water, all is not well. Japan is becoming poor, literally and practically. Here's one obvious symptom beyond the empty cities and shrinking birth rates: The decline of fish consumption which is crashing thanks to exploding prices.

Fish Consumption Hits Record Low in Japan

TOKYO, Jun 18 (News On Japan) - Fish consumption in Japan has hit a record low, with annual per capita intake dropping from about 40 kilograms in 2001 to roughly 22 kilograms in 2022. This decline is particularly notable among seniors, who are increasingly opting for meat over fish.

Factors contributing to this trend include family preferences for meat, high fish prices, and the inconvenience of fish preparation. Local fish shops' disappearance also plays a role.

  But here's another more insidious factor: As the yen keeps falling and resentment grows, Japan, like other developing countries (Thailand comes to mind) is brain-storming how to milk foreigner tourists for all they're worth. 

Foreign Tourists to Pay 4 Times More for Himeji Castle?

Himeji Castle, a popular tourist destination and UNESCO World Heritage site, is currently considering a significant increase in admission fees for foreign visitors. The admission fee for adults is presently 1,000 yen, but the mayor of Himeji City has proposed raising the fee to 30 dollars for foreign tourists, a move that has sparked considerable debate. 

 

 It is said that beggars have no shame since they can't afford it. So how far down the path of bankruptcy Japan really is? Hard to say. For countries as for people, as Hemingway once said, bankruptcy comes very slowly at first then suddenly. Left to its own demise, Japan could likely go on another decade on this road to Zen nothingness and probable misery. More likely, international events will decide differently sooner than that!