There are quite a few other bright red flags here. For example: - the author claims that the growth of net exports is incompatible with a stagnating economy, b

There are quite a few other bright red flags here. For example: - the author claims that the growth of net exports is incompatible with a stagnating economy, because the economy is "export-centered." In 2012, Japanese exports were worth around $800 billion; Japanese GDP was almost $6 trillion. I don't find it particularly unbelievable that 15% of the economy can do better than the other 85%. - the author claims that "although a declining Japanese economy would imply a declining yen, the reverse has been the case." This is one of those things that drives economists crazy. Non-economists associate "strong" currency with economic "strength" essentially because it feels right. But there is no reason to expect this relationship in reality. The USD became 30% more valuable between 1930 and 1932--that was not an indicator of economic strength. Inflation expectations for the USD fell dramatically during and after the financial crisis--that was not an indicator of economic strength. (In fact, the persistently low rate of inflation in Japan is a sign of low aggregate demand.)