The Importance of Rebalancing Domestic Japanese Consumption

Japan is an underappreciated story when people talk about what's happened in Japan for the last two and a half decades usually it's one of a couple of lost decades right. But from what Michael saying this rebalancing was necessary and actually for domestic Japanese households it hasn't been as bad as the numbers might indicate that's right. If you actually look at household consumption per person adjusted for changes in prices in Japan against all the major western countries what you see is they've actually done reasonably well since 1990.