Shares in Japanese banks fell precipitously when Yamaichi Securities, then Japan's fourth-largest securities firm, went bust in November.
Then Japan could focus on deregulation and trade opening so businesses are forced to invest in becoming more productive.
But everything changed in 1941 when Germany invaded Russia and then Japan attacked the American naval base at Pearl Harbour.
Only then will Japan's food production become competitive and its notoriously high costs fall.
Since then, Japan has been reliant on imported fossil fuels to meet its energy needs.
Then, Japan's government was slower than South Korea's to set up an emergency relief operation.
Since then, Japan's prime ministers and the emperor have offered official apologies on many occasions and the government has continued to offer development aid to China.
England will then play Japan High Schools at Plymouth Albion on 22 March ahead of their opening game in the AER Tournament against Georgia in Toulon on 5 April.
Since then, Japan has made almost no progress economically.
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Since then, Japan's economy has suffered stop-start growth and chronic mild deflation, with many companies struggling to rebound from the impact of the Lehman crisis and the March 2011 earthquake and tsunami.
England play Mexico in a friendly on 24 May at Wembley, then against Japan in another friendly in Graz in Austria on 30 May, with their first World Cup match on 12 June against the USA in Rustenburg.
Suppose then that Japan does what it should spurring demand with monetary and fiscal policy, cleaning up the banking mess and vigorously pursuing reform elsewhere in the economy will that be enough to make the world economy a safe place?
It concluded that an antimissile shield could protect Japan but then gathered dust until the U.S. pressed Japan to commit to the program during talks in 2003.
If it does, then, like Japan, it is likely to suffer a lost decade.
The comparison is inevitable because the same shortcomings attributed to Japan then are attributed to China now.
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My late father was born in Hawaii, and then raised in Japan, returning to Hawaii before the War.
Japan then showed the world you didn't need natural resources to become one of the richest countries in the world.
Japan then hastily formed a loose alliance of anti-reform countries including South Korea, Switzerland and Norway known as the Group of Ten.
To restore public faith, then, perhaps Japan needs someone it can trust a tough, disinterested public servant, say, whose motives are beyond reproach.
Salt Lake City (Winter Games, 2002) was the first to be uncovered, followed by Sydney (Olympics, 2000) and then Nagano, Japan (Winter Games, 1998).
The team from the US and Japan then transferred this gene, along with the one for GFP, into feline eggs - known as oocytes.
Like Japan then, China today has a strong demand for housing, fuelled by fast growth and rapid urbanisation, and a tolerable exposure to debt.
And, as one might have guessed, it was described in Sci-Fi novels first, then built in Japan and, finally, brought to California for inspection by the digerati.
Delegates from the UK, South Korea, Bulgaria, Ireland, China and Japan then participated in a series of collaborative workshops, which gave an opportunity to share ideas about using film for regeneration.
Then there are Japan's brokers and salarymen, who in addition to mixing gold flakes into their coffee, also used slithers of gold to liven up sashimi and sushi rolls.
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Japan's foreign ministry said two Russian Su-27s violated airspace for just over a minute Thursday near its northernmost main island of Hokkaido, and that Japan then scrambled four F-2 fighter jets.
Then up comes Japan's Prime Minister Koizumi, also laughing.
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