Japan may see another economic miracle

Japan is on the verge of major economic shifts that could ignite robust economic growth. Economists predict that the ongoing reforms will likely boost the country’s GDP in the long term. Thus, Japan may see another "economic miracle." Larry Fink, the head of the global investment firm BlackRock, sticks to an optimistic outlook for the Japanese economy. He sees echoes of Japan’s 1980s "economic miracle." "Japan is undergoing a series of extraordinary economic transformations. And from there echoes of that ‘80s miracle. I expect this miracle to last much longer," the BlackRock chief stated. Notably, the so-called Japanese economic miracle began in the mid-1950s and concluded in the early 1990s. In a relatively short span, Japan emerged as the second-largest economy by nominal GDP, trailing only the US. This growth included flourishing trade unions, prosperous government-business relations, integration of manufacturers, resource providers, product distributors, and banks into cohesive units, and the assurance of lifetime employment in large corporations. "History is repeating itself. I expect this miracle to last much longer," Fink remarked during an event at the residence of Japan's Prime Minister Fumio Kishida.