罗兰贝格：2026日本大有可为：日本经济价值重塑与潜力洞察报告（英文版）（19页）.pdf

1、JUNE 2026Japan,Yes JAPANAUTHORYUZURU JOE OHASHISenior Partner Head of JapanRoland BergerIntroductionThere was a time when the world looked to Japan as the ultimate economic and social blueprint,an era immortalized by Ezra Vogels Japan as Number One.During those peak years,Japans high-growth model wa

2、s the global gold standard,yet the subsequent collapse of the asset bubble left behind a narrative of persistent decline that proved difficult to shake.For much of the past three decades,the international perception of Japan has been centered on a collection of discouraging clichsthe byproduct of a

3、shrinking population,a slipping GDP ranking,and a domestic market that appeared trapped in a deflationary cycle.To view Japan solely through this static lens of“lost decades,”however,is to miss a profound structural metamorphosis.What we are witnessing today is the steady healing of the psychologica

4、l scars from the 1990s,driven by a rare alignment of internal catalysts:the definitive return of inflation,a historic breakthrough in wage growth,and the normalization of monetary policy.This internal recovery is underpinned by the formidable reality of“External Japan”a global industrial empire with

5、 nearly one-third of its manufacturing capacity located overseas and a net international investment position equivalent to two-thirds of its GDP.Japan is no longer merely surviving;it is leveraging its globalized wealth to fund a domestic normalization.Crucially,these macro shifts have culminated in

6、 a systemic restoration of liquidityboth in capital and human resources.The financial market governance reforms initiated around 2016 have reached a tipping point,as the Tokyo Stock Exchanges aggressive mandates dismantle the old defensive model of cash hoarding in favor of record-breaking sharehold