Japan’s mind-bending bento-box economics

For much of the past three decades Japan’s economy has been defined by deflation, stagnation and fading global relevance. That is no longer the case. Between 1991 and 2021 Japan’s annual inflation rate averaged 0.35%. Inflation has been above 2% every month since April 2022. In March the Bank of Japan (BoJ) raised rates for the first time in 17 years, doing away with the world’s last experiment in negative interest rates; it will debate another rise at its next meeting at the end of this month. The blue-chip Nikkei stock index broke its bubble-era high this February; the Topix, a broader benchmark index, hit its highest level since 1990 last week. It seems that the lost decades are over.