After falling in 1996, the trade gap between America and Japan is now rising rapidly again.
Mr Takenaka hinted that he and his team needed to co-ordinate with the Bank of Japan, since rising prices would be more helpful than falling ones.
But the risk is rising that Japan will not stay normal forever.
But analysts said that many of Japan's leading exports has been shifting production overseas over the past years, and as result, their shipments from Japan had not been rising.
Western Europe and Japan were seen as rising powers in the 1970s, and the assumption was that the trilateral partnership would become more powerful and effective as time passed.
Exports to Japan recovered somewhat, rising 2.2 percent from a -6.7 percent in August, and exports to southeast Asian countries rose to 25.5 percent year over year from 10.3 percent in August.
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Major equity indexes across the region jumped 3% to more than 5% Monday, led by financial stocks, with Japan's Nikkei 225 rising 3.6% and Hong Kong's Hang Seng gaining 4.3%.
As for the Shanghai building itself, a giant circular opening at the top had to be changed to a rectangle in 2005 after the Chinese public objected that it looked like the rising sun of Japan's imperial flag.
Asian markets were mostly higher, with Japan's Nikkei Stock Average rising 0.7% and China's Shanghai Composite adding 0.1%.
The fears were that it would result in the yen rising again and hurt Japan's plans to spur growth.
Asian bourses also finished mostly higher, with Japan's Nikkei Stock Average rising 0.6%.
Asian bourses finished mostly higher, with Japan's Nikkei Stock Average rising 1.4% and South Korea's Kospi Composite gaining 0.6%, but China's Shanghai Composite fell 1.3% to post a third consecutive loss.
Japan's exports also moved swiftly up the value chain, but whereas this was not enough to support durable gains in its market share, China has the advantage of capital controls that will prevent its exchange rate rising as abruptly as Japan's did in the 1980s.
Some companies have been shifting production outside of Japan to lessen the impact of the rising currency.
Now Japan is stumbling and China is the rising power, though its prime focus is internal stability.
It should be obvious which poses a greater threat to regional peace, a rising China or a revived Japan.
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Day after day in the headlines, there it is once more, like an old warrior rising in the mist: Japan!
Pessimists compare China to Japan in the 1990s, when a rising economic power, gaining ground on America, suffered an asset bust that has haunted it ever since.
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John Richards, of the Royal Bank of Scotland in Tokyo, points out that since inflation is almost entirely due to dearer food and energy, both of which Japan imports, rather than because of rising domestic demand, it reflects an unwelcome worsening of the country's terms of trade.
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As Japan moved into higher-value exports, rising productivity pushed up wages, making old industries, such as textiles, uncompetitive.
Kagan may well be correct to argue that the Chinese see themselves as a traditional rising power, like Germany and Japan in the nineteenth century, both of which stressed military as much as economic strength.
Japan's Nikkei has continued its surge, rising above the 14, 000 mark for the first time since June 2008.
Since Mr Abe's election, Japan's stock market has taken off, rising by 30% in the last three months.
In fact, the risks are multiplying as the main driver of welfare costs old people receiving state pensions, medical care, and nursing care is ballooning in a demographic collapse and relentlessly rising proportion of old people in which Japan is a harbinger for rest of the developed world.
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Ishihara said Japan was not alone in a territory dispute with a rising China, pointing to Vietnam and the Philippines.
Its industrial-growth model has closely resembled Japan's in its post-war boom, rising on the same tide of an expanding workforce and export-led productivity gains.
With surveys showing that more than 80% of households feel inflation is rising, it is hard to argue that Japan any longer holds a deflationary mindset.
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