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There's very little reporting on Japan. One thing that gets lost hear is that it is a pretty large market itself. Now maybe it has "only" 1/10th the population of China or India, but being a rich country, people generally have more money. You would think that there would be a certain room to maneuver. However,
one of the problems here is that Japan has been following a de facto policy of de-industrialisation, much like the US did in the years after the oil shock of '73. More and more production is off shore, especially in China. Agriculture was wiped out by free trade agreements, and a lot of foodstuff comes from Asian neighbours and even further afield.
We have a fairly good idea about effective responses to unemployment and depression in functioning industrial economies. I'm not sure we have a clear idea of what to do about a depression in a largely de-industrialised economies.
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