The question then becomes, are they moderately performant? Japan’s bubble resulted in deflation because a bunch of zombie firms spent decades paying down balan

The question then becomes, are they moderately performant? Japan’s bubble resulted in deflation because a bunch of zombie firms spent decades paying down balance sheet debts rather than resolving things quickly through bankruptcy. And the Japanese keiretsu structure mostly disadvantages businesses outside of the massive conglomerates, particularly small and medium enterprises.