Economics a la Tokyo

Many economies are in trouble, perhaps none more than Japan’s. It is the economy that Robert Rubin, U.S. secretary of the Treasury, loves to hector. While spearheading salvage operations in Thailand, South Korea, Indonesia, Russia, and Brazil with the seeming benevolence of a rich uncle, he scolds the Japanese for not pulling themselves out of the doldrums.

Of course, it is more than a curiosity that the miracle economy of the...

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