It's interesting to note how fortunes change. While China's economy appears to be on the rise, Japan's is clearly on the decline. I read an article recently that detailed how Japan's economy saw its first annual trade deficit in 31 years. No doubt the precipitous fall can be attributed to the recent tsunami in Japan. Consequently, Japan has had to import a lot more crude oil, natural liquified gas, and petrochemical products. At the same time, Japanese automobile and electronic parts exports have fallen off significantly. Indeed, Japan's trade deficit with China is five times larger than a year ago. Perhaps it's time for Japan to put a positive spin on this disaster and market it in a way that is economically profitable. Japan could well create its next soft power craze in the form of a new Godzilla like creature or some other adorable Hello Kitty-like phenomenon to ride the tsunami wave. Just a thought.
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