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U.S. Heads Toward Japan's Dead End

By Howard Simons

 About this article:
 Well, it's happened, Alex boy, yes. Just as I thought it would, yes. Dear, dear, dear. Well, this is the end of the line for me ... the end of the line, yes. -- From A Clockwork Orange No gambit lasts forever, as the delinquent thug Alex found out in Stanley Kubrick's 1971 classic. He reached, yes, the end of the line. Or, to mix time and place to the Marshall Tucker Band's "Can't You See," you will take a southbound, all the way to Georgia, till the train runs out of track. This is where Japan finds itself today. The Nikkei 225 hit its all-time high of 38,957 at the very end of December 1989, and it has spent the next 20 years suffering through Japan's Lost Decade (you may wish to check the math here). Japan has tried everything to jump-start both its economy and its...

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