, Columnist
America Is Becoming Japan, Not in a Good Way
The country could be on the brink of its own deflationary era.
Trading places?
Photographer: JOHANNES EISELE/AFP/Getty Images
This article is for subscribers only.
This is Bloomberg Opinion Today, a dystopia of Bloomberg Opinion’s opinions. Sign up here.
In 1992, Michael Crichton followed one of his best novels, “Jurassic Park,” with one of his worst, “Rising Sun,” a Japanophobic cautionary tale about America being swallowed by Japan’s booming economy. He should have stuck to sci-fi: Japan had already entered a lost economic decade by the time of publication, becoming a cautionary tale itself. But now America risks being Japanified in a different way, thanks to the coronavirus.