A renowned Japanese economist has drawn attention by pointing to 'equality' as the cause of Japan's economic crisis. The analysis suggests that Japan's weakness lies in its failure to produce outstanding celebrities or billionaires in fields such as industry and entertainment.

Economist Yusuke Narita. CyberAgent Capital homepage

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Economist Narita Yusuke argued on his X (formerly Twitter) account on the 5th (local time) that "Japan is a country without people in power." Narita is a prodigy who graduated at the top of his class from the prestigious University of Tokyo, earned a PhD from the Massachusetts Institute of Technology (MIT), and served as a visiting assistant professor at Stanford University. In 2023, he sparked controversy by suggesting 'assisted dying' as a solution to Japan's aging population problem.

On this day, he pointed out, "(In Japan) there is no 'boss' who dominates politics. Even the prime minister is ridiculed by ordinary people for the way he eats rice balls."

Japanese Prime Minister Shigeru Ishiba eating a meal with Japanese-style rice balls. YouTube capture

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Last November, Prime Minister Ishiba Shigeru was spotted eating onigiri, a Japanese rice ball, as a meal, which became a hot topic in Japan. Some pointed out that such a simple menu was unbefitting for the prime minister, the pinnacle of Japanese politics.

Even when the video of Prime Minister Ishiba eating the rice ball was uploaded, there was much controversy in Japan. As the scene of Ishiba stuffing his mouth full with onigiri spread on social media, criticism arose that he lacked dignity and did not observe proper table manners.

Narita went on to say, "Even those at the top of the entertainment industry are brought down by a single weekly magazine article," and "there are hardly any truly wealthy people. The number of billionaires per capita is the lowest among the G7 countries." He continued, "Japan is a country where everyone is powerless and everyone is equal."

The post sparked a strong reaction among some local netizens. Comments poured in, such as "It's sad. Do we have no choice but to live in search of happiness?" and "Sometimes I feel this country has become too lethargic."

Masayoshi Son (Japanese name: Son Masayoshi), Chairman and CEO of SoftBank Group (SBG). Photo by Yonhap News.

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Some agree that Japan's experience of the 'Lost 30 Years' is due to this lack of dynamism. One netizen argued, "At one time, Japan was obsessed with the idea of '100 million all-middle class.' But because of this, people became too concerned about fitting in with those around them, and this led to a national character overly conscious of others. In the end, I think Japan became the most successful socialist country. Unlike other G7 countries, wages haven't increased in 30 years."

'100 million all-middle class', also known as '100 million all-middle', was a popular phrase in Japanese society during the 1970s and 1980s. It meant that 90% of Japan's total population considered themselves middle class. Before the bubble economy peaked, Japan experienced rapid growth and became a giant nation that threatened the United States' position in GDP. Most Japanese owned large houses, color TVs, and cars, enjoying a high quality of life.

Decades later, in 2015, when Shinzo Abe's cabinet was reshuffled, the term was revived as '100 million all-active.' The '100 million all-active society' was a key slogan of former Prime Minister Abe, representing a social vision for Japan to maintain a population of 100 million for the next 50 years, with all 100 million enjoying high productivity and quality of life. In this way, the idea that everyone in Japan lives an equal and affluent life was a source of 'national pride.'

Japanese office workers. Photo by Yonhap News

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However, as the economy has stagnated for a long time, it seems more people have begun to question the '100 million all-middle class' concept. Forty years ago, Japan's per capita GDP was comparable to that of the United States, but now it lags far behind advanced Western European countries like Germany and the United Kingdom.

When converted to dollars, nominal wages and household disposable income (the amount of income available for discretionary use after taxes) have also dropped significantly, now similar to levels in Italy and Korea according to OECD standards.